Topics: Customer Experience
For retail banks, customer acquisition costs are high, and often don’t generate a positive business return. In fact, more than 40% of new customers will churn before costs are recovered, resulting in a negative value for the bank. This puts a lot of pressure on banks to make sure their customers are hooked from the get-go. The customer experience starts with onboarding, and the first 90 days can make or break your customer relationships.
There’s a lot that goes into making your onboarding program as effective as possible. Keep these seven steps in mind to ensure your customers stick around for the long run.
Credit unions face an array of challenges when it comes to keeping up with the latest technology trends. From growing member relationships with the latest online and mobile solutions, to keeping those same members protected from cyber attacks, credit unions have a lot of technology balls in the air.
Here’s the top five technology trends that have an almost-daily impact on credit unions.
“Silos of expertise.” “Working in silos.” Given how often we use “silo,” most of us should be walking around with hayseeds perpetually stuck in our teeth. For banks and credit unions, however, silos are disappearing fast. Technology and changing customer demands drive financial institutions to address the isolation that lies at the heart of “silo” culture with new solutions. The “universal banker,” also known as a “universal teller,” has emerged in recent years as a critical linchpin to help financial institutions connect a customer’s mobile, online and in-branch banking experience.