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3 Ways to improve your bank or credit union’s customer service

Joseph Lowe
Posted by Joseph Lowe

Exceptional customer service is crucial for your bank or credit union’s success in the market. But what does customer service look like today? As technology expands throughout the banking industry, the definition of customer service has also broadened. It doesn’t just mean a polite interaction at the teller line anymore, and financial institutions are seeking ways to keep up with the new expectations of how to service today’s customers. Here are three ways to do that.

1. Manage relationships.

In today’s banking world, Millennials may very well be doing all of their banking from a mobile device. This does not mean, however, that they shouldn’t expect a personalized banking experience. Banks and credit unions that utilize a strong customer relationship manager, one that is built out specifically for financial institutions, can make this happen. They will have an easier time tracking touchpoints and anticipating needs with opportunity and activity pipelines so as to not let important relationships fall through the cracks. This equips lenders to provide high-quality service, manage risky customers and forecast sales and earnings accurately. Importantly, it enables collaboration among departments for better overall results and high-quality service to the customer.

Learn how to improve customer relationships

2. Leverage technology.

Banks and credit unions need to embrace the overwhelming demand for online and mobile banking across the board for their products. With companies such as Amazon and Apple driving expectations, the public’s expectancy of accessibility and automation surrounding technology is already barreling forward. Banks and credit unions would certainly miss out on a major customer service opportunity if they choose to adopt technology only as it benefits the institution. Anytime-anywhere access to information and some services — once considered a convenience — is increasingly an expectation of the average customer.

Learn how to utilize technology to manage customer relationships

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Accepting this shift and taking advantage of the efficiencies both on the customer level as well as internally will put your financial institution on the fast track to success. Online loan applications, automated decisioning and faster turnaround times for loans are achievable changes that could drastically grow a book of business. It’s possible to go from a process that takes weeks of back and forth to originate a loan to one that takes hours or a few days to initiate, underwrite and actually approve the loan. That drastic difference is easily achieved with the implementation of banking software.

3. Be an advisor, not just a lender.

Pricing a loan and shooting back a number is one small piece in underwriting a deal. However, analyzing the overall health of the borrower’s business is based on their financial relationships, their financial statements and their cash flow. Bankers can utilize technology and industry data to help advise a small business owner on their business endeavors. This input is invaluable in building a relationship between lender and borrower. Banks and credit unions today have the ability to leverage industry data by implementing technology into their lending platforms to better inform their customers. Not only does this build trust, it also creates better customer-borrowing behavior. Being an advisor and offering financial literacy tools to customers is next-level customer service that can set your institution apart from the pack.

Additional Resources

Whitepaper: Digitizing Business Loans
Webinar: Transforming “Lenders” into “Bankers and Advisors”: Developing the Entire Relationship

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tags: credit union, customer service, relationship manager, technology