In a recent study by Ron Shevlin of Cornerstone Advisors, commissioned by StrategyCorps, consumers are asked about their interest in a hypothetical Amazon-offered checking account bundle, and the results reveal a meaningful lesson to banks and credit unions – consumers are willing to pay for value in banking products.
Learn how American State Bank of Iowa's mobile coupon app is a win for customers, local businesses and the bank itself. See the latest Main Street Focus article of IB Magazine's December 2017 issue.
Consumers’ relationships with banks are becoming dependent on how products and mobile banking fit in with their lifestyles. And if that relationship is going downhill, customers are much quicker to break up with their bank. That’s why leading banks are on the prowl to find the next great way to offer more than just the basics. They’re adding interesting features to mobile, introducing ways to help customers save money and offering more relevant benefits — all to create positive, lasting relationships with customers.
What do real customers say about what they expect from their bank on Facebook or other social media sites?
We simply asked them.
The quotes you'll find throughout this article are from a series of “man on the street” style marketing research videos recorded by StrategyCorps in Nashville, Tennessee. The people who participated in this research were asked questions about how banking fits in with their lifestyles, one prominent topic being social media.
I’ve done hundreds of mystery shops over the years, at branches all over the country. While I find that the branch employees I meet are generally friendly and professional, I’m frustrated in the small number of truly great mystery shop results that I get to report. Banks spend big marketing dollars to get new customers in the door, but what happens when they get there sometimes becomes an afterthought.
“The account was built with new BaZing benefits, which are not only better but easier to use. Replacing a cracked screen on a cell phone is relevant. Local discounts are relevant. Our front line can sell it because they use it and believe in it.” — Jennifer Anderson, VP of Marketing at The Farmers Bank