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12.18.19

How Your Bank’s Leadership Can Positively Influence Retention Efforts

Andrew Helland

As of late, with the increasingly evolving banking environment, customer retention is becoming more important than ever. There’s a lot of competition in the banking world, even from non-financial institutions. Apart from insurance firms and venture capitalists, some grocery stores, drugstores and department stores even offer financial services. Banks aren’t the only place you can cash checks or sell money orders anymore. But with all the noise in the financial field, there are steps you can take to help keep your bank as solid as a rock.

Having strong leadership can positively affect retaining customers—here’s how.  

Customer Service

Leadership should prioritize personal services and products. Banking is a customer-centric industry, and by putting your customers as a top priority, they’re sure to come back. Add a deeper connection with your community through consistent services and customer concentration.  And this goes beyond call centers and having a customer service counter at a branch. If the culture in a bank is focused on customers starting at the top, this will ensure success.

New Technologies

Having leadership that fully welcomes change while staying true to their goals is imperative as technological advancements speed on and on. About 62 percent of Americans bank digitally, according to a Bank of America survey, and that wasn’t always the case. With more banking advancements sure to enter the market in the near future, it’s important to learn from trends and work with them. Setting goals and prioritizing transitions into new capabilities can only come from leadership.

Retention of Talent

This goes for your bank’s employees as well. Having positive bank leadership can keep talent at a branch for a long time. Employers that retain talent at their branches tend to invest in their employees, whether it be through encouragement, coaching or concentrated education courses. In a recent survey of three generations of employees, 70 percent of respondents indicated that job-related training and development opportunities influenced their decisions to stay at their jobs. By giving employees the opportunity to learn more about the industry, you’re showing you care about the business and the employees. Investing in a team shows support and encouragement.

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