There is a growing preference for digital banking, but customers still want in-person experiences. While 31% of banking customers say that they have no interest in a physical branch, 35% say that they wouldn’t use a bank without a physical branch. This is good news for banks that maintain brick-and-mortar branches, but how do you capitalize on this? How do you attract people to your brick-and-mortar bank? Check out these ideas.
Create hybrid digital-physical experiences.
The above stats are the extremes, and while you can market to either of these segments, you may want to take a more moderate approach. Most people are in the middle of the spectrum. Approximately 25% of banking customers want both in-person and digital experiences.
To attract these customers, find ways for your in-person offerings to complement your digital services and vice versa. The buzzword for this right now is phygital, and while it may sound silly, it’s critical in the world of modern banking.
For example, make it easy for customers to set up new accounts online, but if they get stuck in the process, allow them to save their application and resume it with a personal banker in your branch. This same process should also happen in reverse. For instance, imagine a customer starts applying for a loan in your branch. The loan officer verifies their identity and kicks off the process. But then, if they need more time to find extra information, they should be able to return home and complete the process online.
Offer the services they want.
Whether you’re running a bank or any other business, you need to understand your customers. What do they want? How can you meet their needs in a unique way in your branch? Consider those questions as you create your services and decide what to highlight in your marketing campaigns.
Of course, you need tellers to accept deposits, but that’s not the only reason people go to the bank. To stay relevant, offer helpful services at your branch such as account management assistance or financial guidance. But then, remember that your customers’ desires aren’t static. Their needs and wants are constantly changing, and your offerings need to keep pace.
Market the services you offer.
Unfortunately, even if you offer financial guidance or other in-branch services, your customers may not know. To bring in foot traffic, you have to market these services. For example, send out emails or post flyers in the bank about your financial advisors. Highlight the types of questions that customers can come in and ask.
When you have a customer in front of you at your bank, jump on the opportunity to create relationships. If they’re making a deposit or applying for a loan, ask them about other services that they want. Personalize the experience by getting to know your customers as well as you can.
For example, if someone has a lot of ATM fees, the next time they come to your branch, ask if they know that your bank waives ATM fees with direct deposit. Or if a business customer falls prey to check fraud more than once, let them know that you offer payee positive pay or other tools to fight check fraud.
Whether they’re banking in-person or digitally, your banking customers need convenience. When opening new branches, insist on locations that are easy to reach with ample parking or transit options nearby. If possible, consider adding drive-up banking services.
Also, remember that no one wants to wait in long lines to do something that they could do online. Find ways to streamline processes so that your customers can get in and out of the bank with a minimum of hassles. For example, automate as many processes as you can, and find ways to speed up identity verification without compromising security.
Create an inviting experience.
Everything from your decor to your security to the length of your lines determines the experience your customers have in the bank. If you want to attract more people to your branch, you need to make this an inviting experience.
How do your customers feel when they enter your branch? Do they feel like they’ve just walked into an institution that they can trust for financial guidance and protection? Or do they feel like they’re engaging in a time-consuming chore? Even relatively small things like having a bathroom available for your customers and greeting them when they walk in the door can help to enhance the customer experience.
Train your staff well.
Your tellers don’t have to function like personal bankers, but they should know as much as possible. Make sure that they have adequate training to answer customers’ most common questions. In cases where they cannot answer, show them how to refer the customers to the right contact. This is critical for creating a positive experience.
Get help with fraud detection and prevention.
Unfortunately, if your bank has high fraud rates, customers won’t want to engage with you in person or online. To maintain their trust (and their business), you need to offer comprehensive fraud detection and prevention. That’s where we come in.
At SQN Banking Systems, we offer a wide range of fraud detection and prevention tools and solutions, and we customize our offerings based on your needs. If you’re trying to prioritize your brick-and-mortar offerings, we’ll help you find the fraud solutions that work best for that, and if you’re trying to increase your digital offerings, we’ll help you protect those payment channels as well.
Don’t lose customers due to fraud. Instead, invest in your financial institution today. To learn more and to set up a free fraud process review, contact us today.