Can Banks connect emotionally?

 

Where and how can banks connect emotionally with customers and why should they? The why is easy--connected customers are the most profitable customers who need the complete portfolio of services a bank can provide.

With the shift to digital , the pandemic and the rise of challenger banks, its table stakes to have a digital presence offering checking accounts to receive money and make disbursements. The challenge is how do you differentiate such that the customer chooses your bank. This is a function of how the marketing organization works and their ability to create a compelling environment for  customer to enter your bank digitally. Its a whole another topic.

But once the customer visits the branch for a meeting , this is the big opportunity to create the emotional connect. Customers visit the branch for three reasons:

• Solve a problem they are not able to do online.
• Looking for advise on best management for their money
• Education around digital tools available to them on a self service basis.

This is where the bank can make the emotional connections by providing well trained and knowledgeable staff to assist the customer. The interactions and outcomes of these meetings is where the emotional bond is strengthened. 

A culture of sharing knowledge and genuine desire to help will result in the emotional connection. The bank management has the job to make sure the tools are available and they are able to measure the outcomes and repurpose as needed.