How do your customers stack up to national banking trends?

• 80% of American households with internet access use Online Banking
• 64% of Americans use Online Bill Pay
• 58% are enrolled in Paperless Statements

Each of these statistics show a sizable jump over last year’s numbers. More and more, bank customers are looking to make their lives easier.

We can talk about saving money on postage with online bill pay and saving a tree with e-statements, but the truth is that we really want to simplify!

The bonus? e-Customers are typically more loyal, more profitable and have a lower attrition rate.

Share these statistics with your customers and let them know that your online capabilities are secure and will simplify their lives.

Take care,

Eric

Competing With Internet Banks

We recently completed an RFP to rebuild a website for a prominent internet bank. Folks, if you're not including these banks in your competitive review, you should be. In a 2010 Forrester study, 2 major internet banks (USAA & ING Direct) ranked 2 & 3 (only behind credit unions) in "trust" when 4,500 banking customers where asked to rate institutions against, "My financial provider does what's best for me. not just the bottom line."

(I'll touch on this again in our FREE Brown Bag webinar on Friday, Sept. 17th)

For the internet banks, the website is everything ... it's their entire branch network, their sales force, their marketing material, etc. You need to be looking at your website in a very similar manner:

• Is your site easy to navigate? Can a customer get to where they need to be in 1-2 clicks?
• Do you make it easy to transact business?
• Does your site allow for an engaging customer conversation? You can accomplish this with online chat, but also with well thought out FAQs, Benefit oriented product bundles, video learning, electronic or personal follow-up to online triggers or forms, etc.
• Is your product information benefit oriented? How can you take product information beyond being an electronic brochure?
• Does your site cross-sell?

In 2010 and beyond, customers are looking more and more to easy, online access. Especially if you're looking to diversify your 50-60 year old demographics with some 20-somethings.

Take a closer look at your website as it relates to the questions above. How does your site stack up against the major online banks? 2011 may be a time to invest in some web enhancements.

Take care,

Eric

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Sell to the Benefit - Debit Card & Online Banking

When your customers use cash, the ability to track it seems to go up in smoke!

But, when they use a debit card for everyday purchases, they can track every penny right from their home computer using online banking.

Your customers can better track how much they spend on coffee, restaurants, gas, or anything at all ... and get a better handle on their budget.

And you will enjoy more loyal customers with 2 additional key products ... thanks to basic product bundling and selling to the benefit, rather than the feature.