BLOG: The Eagles Nest

 



Relationships/customer experiences are built on many foundation corner stones and one of the most important is mutual trust. This invisible bond also brings with it expected obligations on both sides.

Sometimes FI's need wake-up calls when complacency sets in and assistance becomes too reactive and the customers are not receiving proactive advice that will benefit their financial well being. The current atmosphere of potential rate increases is a classic crossroad in customer experiences. Some customers are thinking, "What should I do if interest rates are poised to go up?".  How does it affect my borrowing and investment costs? Perhaps there are options to fix a mortgage rate or take on an early renewal at a blended rate. If there are core borrowings on credit cards, the home equity line of credit offers an economical solution. Does my FI offer an aggregation account through which my borrowings and daily surplus deposits are netted for optimum cash management? If you don't others do and a simple click and search will lead customers to the options. A similar philosophy can be applied to investments. Some, FI's may take the low road and try to keep quiet to protect current revenue streams and not cannibalize them-ouch!

The obvious warning flag for us in assessing FI's depth of proactive relationship management relates to account service charges and efforts to recommend the most economical package proactively. Great FI's offer online, contact centre and in-store advice on how to save a person from the nickel and dime torture that can befall them unexpectedly. Otherwise a few minutes of online research will offer solutions with competitors with easy transfer arrangements cover all recurring payments. 

Personally I like to hear, "Let me show you how I can help you today", rather than, "How can I help?". When organizations focus on customer-centric advice the culture changes and loyalty grows.

Pat Palmer | Sunday, October 14, 2018 | Trackbacks (0) | Permalink

 


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