Recovering our Industry’s Reputation
Time to Respond
Any attempt to unlink the reputation of your institution from the industry is unlikely to be successful. However, here are some actions you can take to fortify the reputation of your institution.
Back to basics – Customer service is more critical for financial institutions than ever. Focus on keeping existing customers happy. Remind them that you are a customer-focused institution working in their best interest.
Create smart consumers – Educate account holders about the benefits and uses of services and products – a win-win for institutions and consumers.
Connect and communicate – Leverage social media to connect with account holders on their terms.
Partner for success – Maximize your role as a valuable financial partner in managing your customers’ money; offer personal financial management.
Stay fee savvy – Re-examine your fee structure, especially in light of the change in overdraft policies that took place this year.
A good reputation is worth its weight in gold. Yours may feel like concrete shoes today, but the industry is on the road to recovery. Concerted efforts by financial institutions soon will have the industry’s reputation climbing again, one step at a time.