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4 Rules for Creating Compelling Consumer Experiences

Posted by Victoria Penn   |  January 19, 2018 at 5:16 PM

In November 2017, I had the pleasure of attending the Digital Marketing for Financial Services Summit in Brooklyn, New York. This conferences is one of the world's leading digital marketing events for financial services, covering the latest and greatest digital marketing strategies specific to financial institutions. I walked away with a number of thoughts and insights, and an extensive list of ideas. One of the topics that I thought would be worth sharing with you is this idea of how financial institutions can make incremental changes to create more compelling consumer experiences. The more that we learn about consumers, their purchasing behavior, and changing technology trends, the more we learn just how fickle consumers can be! But, for better or worse, in order to connect with your customers and remain competitive, financial institutions will have to develop a culture that is dedicated to understanding and adopting technology trends that create compelling consumer experiences. Here are four things your institution can do to build trust and enhance your relationships with your customers.

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Consider Referrals an Educational Opportunity

Posted by Alex Spencer   |  December 8, 2017 at 2:47 PM

When I meet with bank and credit union executives, I always ask them to describe their sales culture. The responses I get are usually similar and typically sound something like this: "we don't push sales but we do have goals;" "we are focusing on becoming more of a sales culture;" or "everyone has goals, but if we don't reach them, nothing really happens."

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Develop an Omnichannel Experience that Delights Your Customers

Posted by Jason O'Brien   |  October 20, 2017 at 4:53 PM

It's really quite something when you realize that 77% of Americans now own a smartphone, and 88% of U.S. adults use the internet, according to a late 2016 Pew Research survey. Continuing to round out media devices—more than half of all Americans own a tablet computer, which is an increase of 48% in just six years. Why are these stats important to you as a financial institution leader? It means that your customers can, and do, interact with your institution in a multitude of ways. Many of those channels are technology-driven and customers relish in the availability of multi-channels–providing them the flexibility to utilize the best option based on their needs at any given time.

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Improve Your Retail Investment Program

Posted by Alex Spencer   |  October 12, 2017 at 3:21 PM

You want your institution's members to have the best customer experience possible. As you evaluate ways to improve, consider how your retail investment program fits into your overall product mix and helps members meet their life goals and investment needs. Here are six elements to look for in a dedicated investment program partner.

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Gain a New Perspective on Credit Life Insurance

Posted by Joan Cleveland   |  September 18, 2017 at 10:41 AM

In the financial services industry, it is widely known that credit life insurance pays off the outstanding loan balance to which it is attached. But have you ever really realized how credit insurance is a key component in serving American households who may have no life insurance at all—that is, up until the point where you, the lender, offer it. According to LIMRA’s 2016 Life Insurance Ownership Study, 37 million households don’t own any life insurance coverage whatsoever. In addition, more than 10% of all U.S. Households said they would have trouble covering everyday living expenses after several months if the primary wage earner died. I think it would be safe to assume that the primary wage earner was definitely the borrower or co-borrower on their existing loans.

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3 Ways to Help Your Customers with Their Retirement Plan

Posted by Kelly Tramontano   |  August 3, 2017 at 10:03 AM

Financial institutions have a unique role in serving as another arm of their customer's financial education. Even in this day and age of Google, where consumers can find answers to almost any of their questions with the click of their mouse, sometimes it's still more beneficial to sit and talk one-on-one with a trusted professional. While most consumers understand that not all information on the web is created equal, the fact of the matter is, even with the endless amount of financial education that is digitally available to consumers, there is still a lack of financial literacy. Inside your customer database, particularly when it comes to the importance of retirement savings, you'll likely find a population of customers that have not partaken in retirement-saving activities. In fact, according to a survey conducted by Wells Fargo in 2014, 34% of middle-class Americans were not contributing to any kind of retirement savings account.

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Sales Success is as Simple as Listening

Posted by David Karl   |  February 20, 2017 at 8:10 AM

Well, now that I have your attention, there are a ton of opinions about what contributes to sales success. Some people recommend working with prospects by day and producing reports and traveling by night. Others recommend diving deep into client analytics, building relationships with a nine iron, and sending birthday cards for their dogs.

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Essentials for Successful Telephone and Email Sales

Posted by Dee Dee Metter   |  January 6, 2017 at 10:00 AM

Technology has had a major impact on many industries and the financial services industry has certainly not gone unaffected. The future is here now and the financial footprint has become global. To ensure a share of market, it’s vital to prepare ourselves to maximize multiple delivery channels and telephone and email are two of those. There are two thoughts regarding building customer relationships and selling products/services over the telephone and email:

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The Sales Presentation Begins at  'Hello'

Posted by Chasity Monk   |  December 28, 2016 at 8:54 AM

In this hi-tech, digital age, we tend to lose the "art" of conversation with our customers. Customers are the lifeblood of a business, so building a strong rapport with them is imperative to the success of almost any organization. Learning about your customers and developing a strong relationship can take time and dedication, so deploying the right communications strategies is critical. Here are four steps for establishing better communication and, in turn, lasting relationships with your customers.

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[Video] Differentiating Your Auto Loan Offer

Posted by Mike Moore   |  December 8, 2016 at 12:51 PM

For years, credit unions have marketed their auto loans by promoting their industry-leading low interest rates, low payments as a result of those low interest rates, and great service. While those offers are certainly worth mentioning, unfortunately, they are no longer differentiators in the current auto lending environment that has been in a low-rate holding pattern for some time. In order for lenders to distinguish their auto loan program from the competition, they must learn to offer borrowers a better value.   

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About the LenderHub Blog

SWBC's LenderHub blog is a one-stop resource for lenders. Come here to learn tips and best practices for risk management, income generation, marketing, operational improvement, and customer retention, as well as to learn about industry trends and SWBC news.