It’s high time for banks to engage more with customers

According to the FIS PACE INDEX, British consumers have identified that UK banks need to improve in the areas of fairness, reliability and recognition. In order to win back consumers’ favor, the report concluded that banks needed to better intersect with their customers’ financial lives. This means, among other things, introducing tools which helped people look after their money better, issuing alerts when funds are running low and tracking of spending patterns.

Martin Barber, managing director of EMEA at FIS, said: “Banks need to engage more with their customers using mobile services and apps. “The provision of personal financial management services is the perfect way to demonstrate value and provide tailored, useful services. Banks would do well to focus on younger consumers who are open to the idea, and who will become the profitable customers of the future. “The PACE Index shows that UK banks aren’t currently providing what people want in terms of online advice and coaching in money management. The key action point for UK banks is making the move from banking to living. “People are open to the idea and want help to meet their financial aspirations. Banks can fill the hole left by the absence of old fashioned financial advisors, and in doing so win the trust and future business of customers.”

Unfortunately, there is no single formula for success for customer engagement in banking. Because of the difference in market areas, competition, product lines and customer profiles, all of the above secrets of engagement can take on different forms for different institutions. The key is to continue to test your engagement process for optimal efficiency and effectiveness.

Some of the primary variables to test as you build your communications plan include:

• Cadence of communication (how much)
• Sequence of communication (when)
• Channel of communication (how)
• Target audiences (to whom)
• Products marketed (what)
• Offers

You are operating in the sector? You need to engage more with customers? Contact Techmode Outsourcing now, we can help you find a solution to better engage with your customers.