As consumers, we’ve defined the financial services industry by the different products offered to us. For example, we may work with one bank for our mortgage needs and another for our checking and a third for our savings and financial planning.
And part of the reason we engage with multiple financial services providers is because there really isn’t much value to having all of our accounts in a single place. In fact, on average, consumers own 5.3 accounts across all types of financial institutions.
While today’s financial services customer thinks it’s acceptable to be promiscuous with their banking needs, marketers are diligently working to educate and encourage consumers to consolidate their banking providers, ideally to a single partner. The idea is to join a banking ecosystem. With this vision in mind, banks are transitioning from a product-centric to a customer-centric mindset focusing on the needs and wants of each individual customer to be able to provide a total relationship banking experience.
We define total relationship banking as a strategy that focuses on customer value that’s directed at retention and increasing engagement with existing customers across the bank’s entire line of products.
Relationship banking is a strategy that’s important for both banks and customers. For banks, it adds to profitability. And for customers, it creates a better relationship banking experience because the bank is able to tailor their service to the individual based on their personal data insights reflecting their wants, needs and interests.
Here’s some tips to consider as to how you can create a total relationship banking experience for your customers:
Achieving a total relationship banking experience for your customers is no easy feat. Marketers need to plan their journey and take it one step at a time.
