KQ Article

As recovery looms ever closer, financial institutions have become increasingly eager to capture market share, sell more products and services and reach out to new audiences. However, this eagerness is tempered by the hard truth that things are not the same. Consumers feel different about their banks and credit unions than they used to. Their needs have changed.

One of the most compelling changes to consumer behavior is an unwillingness to trust blindly. Before information was as available as it is today, consumers considered bankers to be in a position of superior knowledge, similar to how we view doctors. We never expected to know things our bankers knew, and we were comfortable deferring to them for advice.

The ready availability of information, coupled with questionable behavior in the financial services industry, has led consumers to elevate their own standards for banking knowledge. We witnessed this shift in the healthcare field years ago, with public service announcements urging patients to take more responsibility for their health by asking the right questions at doctor visits.

We still expect our physicians to possess certain knowledge that we do not, and similar expectations apply to the banking professional. But consumers will now know enough to hold their own — including an ability to see through any inconsistencies or “scams” that arise in conversation. In response, astute bankers must respond by educating their customers and members, and by assuming the role of a peer and not a superior. Here are some possible ways for moving in this direction:

• Send “agenda” e-mails before meetings itemizing topics of discussion and offering resources for researching them.
• Readily share information that you formerly withheld.
• Create opportunities to learn alongside consumers during meetings (visit DeluxeKnowledgeExchange.com/ KQ409LearnWeb for ideas and staff training tips).

Your customers or members want to trust you. They don’t want to switch banks or credit unions. You can forge that consumer trust — and keep them loyal — simply by respecting their banking knowledge and giving them the tools they need to learn even more.

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