We all know that one person who likes to use a flip phone (or no phone at all) over having an iPhone. It’s easy to get comfortable with traditional methods, but the world is spinning faster than you may realize and technology is growing as a rapid rate. Avoid being a relic of a bygone age and discover ways to keep your bank or credit union up to date with the world around you.

The key: personalize your digital communication and get to know your customers to create long, lasting relationships.

Strategic visionary Paula Tompkins, who launched the customer engagement platform OneClick Financial this year, has a rich understanding of marketing and technology. She's the CEO and founder of ChannelNet and is well-regarded as an authority on leveraging digital technologies to acquire and retain customers. Paula offers her expertise and advice on how to avoid being stuck in the analog age on this week’s episode of the Bank Marketing Podcast.

For show notes and resources, visit http://brandmybank.com/what-banks-cus-should-do-to-avoid-being-stuck-in-the-analog-age/ 

In the digital age, it can be difficult to keep up with Joneses. But for the banking industry, we want our financial institutions to adopt and meet new-age customer demands. The rise of digital technology has created new models to attract and maintain long-term relationships with people who expect change and excellence. To meet this demand, it’s important to evaluate where banks and credit unions tend to steer wrong.

Here to examine the matter on this episode of the Bank Marketing Podcast is world-class expert Lou Grilli, Director of Payments Strategy at Trellance. Grilli analyzes 10 common mistakes made by financial institutions and offers suggestions on how they can enable convenience and create long-lasting relationships.

In this episode, we cover:

• Card art affected by digital (01:36-3:43)
  • Marketers can create beautiful art designs for cards, but once the card information is entered into apps such as Uber or Apple Pay (only using the last four digits of your card), it’s trivial. Provide incentives to increase the level of engagement.
• Frontline staff not familiar with mobile payments (3:43-5:46)
  • Too often it’s back office staff or customer support who walk customers through the process of making mobile payments, when it should be the frontline staff. The frontline staff interacts with customers the most. It’s important to be as instantaneous as possible and not provide so many hoops for customers to fit through before their demands are met.
• Debit cards not enabled with peer-to-peer (5:46-9:30)
  • The frustration of having to wait for money to move from one account to another. Get your money quicker and eliminate the potential for fraud.
• No warning for insufficient funds (9:30-11:49)
  •  Offer warnings and solutions before customers' accounts fall below.
• No communication about breaches (11:49-14:58)
  •  Eliminate the worry and let customers know they are not responsible for unauthorized transactions.
• Not educating members on dispute resolution (14:58-17:18)
  •  Let members know they are protected if they don’t get what they paid for.
• Leading with rates (17:18-19:57)
  •  People see credit cards as a form of debt. Teach how they can be a valuable tool for financing and lead with benefits instead.
• Not engaging youth with appropriate messaging (19:57-24:23)
  •  Know and understand your customers. It’s not appealing to offer certain solutions if they don’t apply to a customer’s lifestyle. Make it digital-friendly.
• Not rewarding debit transactions under $10 (24:23-27:47)
  •  When it comes to transactions under $10, cash is still the norm in the United States. Use awards more aggressively to get people to use the more efficient (and safer) card system.
• Card denied at inconvenient times (27:47-29:16)
  •  There are too many false positives with fraud systems. If you are receiving too much negative feedback, it's time to look into other vendors.

Visit link for show notes: https://brandmybank.com/top-10-mistakes-banks-credit-unions-make-with-payments-and-how-to-avoid-them/