When we speak about increasing the bottom-line of a financial institution, it’s common to hear conversations concerning marketing and operational processes. One subject that usually flies under the radar is one of the most important components that work towards achieving business objectives, and that is enhanced customer communication.
The importance of enhanced customer communication can’t be overlooked. 64% of banking customers in America are more prone to switch service providers if their expectations aren’t being met, and one of the biggest factors that influence’s a consumer’s banking decision is communication.
7 Tips Financial Institutions Can Use to Strengthen Their Communication
For financial institutions looking to strengthen their communication practices, here are 7 tips that can help you reach your goals.
1. Emphasize comprehension by using laymen terms
Creating communications with the intention of ensuring recipients comprehend the information being relayed, creates transparency, which not only embeds a sense of trust in the consumer’s mind but also extracts friction from their interaction with your organization.
2. Include any specific actions the recipient needs to take
Be clear concerning actions a customer may need to take in order to resolve an issue. The focus of your communication should be on clarity and accuracy.
3. Include contact information every time
Assume every recipient you reach out to lacks the information necessary to reach you. To mitigate potential issues stemming from poor communication with customers, provide options concerning ways in which customers can reach you (i.e., email and phone number).
4. Stay consistent with the format, style, and timing
The consistency of your communications is extremely important to consumers. Not only it is a sign of professionalism, but it is a representation of the quality of service your business provides. From the colors you use to the font and time you reach out to recipients, it all comes together to create a standard that they will come to expect from your organization.
5. Keep your communication relevant and personal
While continuous communication is the objective, the relevance of your correspondence is equally important. Every correspondence should focus on informing and adding value to a consumer’s relationship with your business. Use targeted messaging and variable data whenever possible.
6. Inform the recipients how to opt-out of communications or change the information channel if applicable
Giving customers options for their preferred mode of communication, with steps clearly detailing how to go about choosing their preference, works to promote enhanced customer satisfaction.
7. Combine and connect your online and offline communication channels
Utilizing every available communication channel helps widen your net and help mitigate the chances of information not reaching customers in a timely manner or at all.
Automation can make essential communication seamless
The enhancement of communication practices at banking institutions is thriving thanks to innovative technologies such as automation. Most of your regular communications can take advantage of automation including:
- Planning and scheduling essential customer communications (i.e., monthly statements, bills, and invoices)
- Consolidating and retaining data to ensure regulatory compliance, and
- Analyzing the feedback of current and potential customers to see if your strategy is working
Banking organizations interested in evolving their communication practices should leverage the experience and expertise of a statement processing company such as Output Services Inc. Our team consists of skilled in-house programmers, designers, operations specialists, production operators, sales consultants, and client service representatives, whose sole purpose is to help simplify documents, data, and marketing processes with the help of specialists and advanced technology.