Customer Education Delivers Image and Sales

It’s not just the largest banks that are being painted with an image of excess and irresponsibility. That picture of bankers is permeating into the world of community banks as well. Banks need to move quickly to get their own message out there before the damage gets worse. The question is – what positive message should banks convey? What message will boost their image in today’s economic crisis? The answer lies in looking at what the American consumer wants most today – answers. Their confidence level is at an all time low. They have been turned upside down by this economic calamity. Facing the dramatic erosion of their retirement assets, the plummeting value of their homes, and the increasing uncertainty of their jobs, they are scared and confused and looking for simple and easy to understand answers.

Banks have an opportunity to be there to provide those answers. They can be the source of information that helps their customers make better decisions and avoid mistakes as they go through life – buying a house, saving for retirement, managing their debt, sending kids to college, getting their estate in order. Customer education means going beyond what products “the bank” offers to include helpful information on what “the customer” needs.

This is a value-added service that banks can provide for little cost, and the rewards can be significant: more loyalty and more sales. Banks that become a resource for answers are in place to help their customers with more financial needs, including investments and insurance. It becomes much easier to create dialogues and make referrals. It helps ensure product suitability, a primary goal of regulators today.

A customer education approach becomes the backbone for a positive “education first” message. It promotes fiscal responsibility and financial literacy: a powerful story banks can tell to the media, stockholders, and customers. By doing it right, not only will banks take the offense in shaping a positive brand image but they will create more customer loyalty and generate more sales.

Read original here: http://www.truebridge.com/news/banks-need-image-fix-now