While individual small business customers may use some or all of the banking channels available to them – branch, online, mobile app, ATM, contact center – they will favor some over others for particular tasks. To better serve their small business clients, banks and credit unions need to understand the drivers of these channel preferences.
How do small businesses prefer to contact their bank? How do they like to be contacted by their bank? What channels do they prefer for day-to-day transactions such as check deposit or bill pay? For financial advice, what are the preferred channels?
The answers to these and related questions – the focus of this Executive Brief – should help to inform small business banking strategies and are relevant to bank efforts to develop long-lasting and loyal relationships with their customers.
Today’s 24/7, time-constrained small business owners (SBOs) continue to seek ways to make their businesses more efficient for their customers, and they expect the same in their interactions with their business banking partners.
This executive brief examines the issues affecting where and how business owners currently bank and wish to bank. Also, discover attributes important to SBOs when selecting a primary business banking provider, as well as their likelihood of switching to another primary financial institution – or a non-FI alternative – in the near future.
With today’s consumers living in a 24/7, always-connected world via their smartphones, many desire to extend their experience with stores and other retailers to their banks and credit unions. Many often enjoy the concept of having “a bank in their pocket” as they go about their daily lives.
This executive brief examines how banking customers increasingly expect instant access to a wide range of banking activities beyond checking balances and conducting simple transactions, to include checking and loan account applications and opening capabilities. Through proprietary ath Power voice-of-the-customer research, we review just how popular this capability is to banking customers, the percentage of respondents who use it, and reasons for non-usage and account abandonment.
With Millennials and other tech-savvy consumers embracing all things digital, and most often through their smartphones, their usage is an important leading indicator of the ways customers prefer to bank. In many cases, banking customers are looking outside of the banking industry for examples of retailers with a strong digital presence.
This executive brief examines the various ways Millennial consumers wish to bank today. In addition to identifying the one banking feature they couldn’t live without, it unveils Millennials’ usage of various digital banking methods, interest in reconfigured and open-concept branches, and interest in expanded self-service options like kiosks and tablets in branches.
Even though many consumers are using their phones to make electronic payments with banking and payment apps on their smartphones and other mobile devices, checks remain an important source of money for many people when receiving payments, payroll funds, reimbursements, and other receipts.
This executive brief examines the expansion of awareness and usage of mobile remote deposit capture (MRDC) in today’s banking world. Many banking customers who had previously cashed checks in the teller line or deposited them via an ATM are now embracing MRDC. Through proprietary ath Power voice-of-the-customer research, we review just how popular this capability is to banking customers, the percentage of respondents who use it, reasons for non-usage, and the potential for growth going forward.
Today’s banking customer expectations have changed significantly over the past half-decade. The increased use of self-service and assisted-service channels to augment traditional, full-service banking has begun to fundamentally change the way banks and credit unions interact with their customers and members. Consequently, financial institutions are challenged to meet their evolving needs for increased efficiencies without losing the personal touch that created the underlying relationships.
This executive brief examines the change from a teller-centric, transactional business model to one that is more advice-centric, and one that employs roving universal bankers who use tablets and computers throughout branches, and are knowledgeable and well-versed in available products and services. Through current voice-of-the-customer research, gain insight into the customer experience factors FIs should consider when interacting and engaging with customers, and learn best practices for implementing the universal banker model.
If you are interested in obtaining a customized competitive analysis for your own institution, please contact Ed O’Brien via email at firstname.lastname@example.org or call +1.978.474.6464 Ext. 139.