Improve your bank’s trustworthiness: Do small things in a great way.
“If you can’t do great things, do small things in a great way”. (This proverb has been attributed to Martin Luther King, Jr. and Napoleon Hill.) It underscores the truth that most of us can’t be a Joan of Arc, or a John Wayne. But all of us can figure out what needs to be done and do that thing very well.
So, as a company leader, you should figure out how to do all the small things “in a great way”. (An example: most of us avoid unpleasant people. So, when our bank account is about to be over-drawn, we appreciate knowing about it. Research shows that customers often cite the “NSF heads up” as one of the ‘most-liked’ things about their bank. In my experience, this is something small banks do well, But, when they grow up, they suddenly can’t afford to do it. Funny, that.)
How do you know if you’re doing “small things in a great way”?
This is the easy part: you find out by asking. It’s so simple, I can’t for the life of me figure why most banks don’t do this. I suppose it’s because most bankers are so smart they already know the answers. Then, again, maybe they are in denial.
The most direct way to ask customers is to survey them. This can be done by phone, mail, email and online. It can be done in person, in so-called ‘focus groups’ – but I absolutely hate that name. It matters least how you do it; it matters most that you actually do it. NOTE: in this early part of the 21st century, phone and mail surveys have become too expensive and too slow to be taken seriously.) I produced a video that explains how Customer Satisfaction Index (CSI) programs can monitor the pulse of your customers. Check it out.)
What’s the most common mistake a banker makes that guarantees a lack of trust?
Failure to do what is right. I’ve been doing research and marketing for bankers for 45 years. My favorite example is a bank that had a cranky receptionist who hated people. The first survey I did had a remarkable 47 hand written complaints about this woman. Five years later, my surveys still got many hand written complaints about this same woman, who was STILL the bank’s receptionist. So, if your customers tell you FOR FIVE YEARS what you can do better and you NEVER CHANGE ANYTHING, what do you think customers conclude? Do you think this brings trust?
Want to find out how your customers rate you on the “trustworthy index”?
You could start this inquiry by looking at your wallet share. Find out just how much your wallet share has declined. We can help you with this. And, along the way, we’ll help you do two other things that will improve your “trustworthy-ness” (1) find out what customers perceive as wrong at your bank and (2) help you fix it. Don’t put it off. Call us. We know how to help.
