Focusing on the customer experience has always been a priority for community financial institutions. As we navigate this new “normal,” the way that experience is delivered must expand. While digital delivery of banking services has been on the rise, the COVID-19 pandemic just may be the tipping point for the digital banking experience.
With Savings Banks on the Decline, Is it Time for a Shift in Customer Strategy?
We've all heard it: The future of community and savings banks is at stake.
It's no secret that community banks are facing difficult times, and with the number of community FIs down 66% nationwide from just 23 years ago, something's got to give.
One prominent Michigan-based community FI is partnering with Galapagos to meet the challenge head on with a new approach to customer strategy. Read on to understand the changes Eaton Federal Savings Bank is making to lead an industry in decline.
Product Redesign Pitfalls to Avoid
The Changing Basis of Customer Loyalty
Let me guess – you compete on service. The majority of community banks say they do. It makes perfect sense when 94% of customers cite excellent service as the #1 consideration in choosing their banking provider, according to our most recent Community Bank Customer Commitment and Loyalty Survey.
But do you know what comprises “Excellent customer service” in the minds of your customers?
A different approach to “Free-and-a-Gift” checking programs delivers better results
For a few years now, we’ve believed that “Free-and-a-Gift” checking acquisition programs actually cost community banks in the long run.
We’ve worked with a number of banks to deliver a different approach that engages more new customers and in a way that’s representative of the community bank brand. And it works!
Triple your new checking account acquisition
Off-the-shelf checking acquisition programs have been a staple in the industry for nearly 20 years. For some banks, they’ve proven successful in generating new accounts and driving fee income. But increasingly, their performance has left a lot to be desired.
A new approach tested by Galapagos clients has delivered results far superior to those free-and-a-gift programs, with higher response rates and generating new customer relationships beyond just free checking.