Which side of the great money migration of 2021 will you be on?
There was a day when customers used to walk in your lobby—those were good days.
They loved you. They loved your people; your people would know how to greet them by name. They would be in relationships, sometimes they even hugged. Life was good.
Now they’re not walking into your lobby, and they haven’t been for pretty close to a year. After a year of only being connected by having an email sending out a statement, you’re pretty disconnected from a lot of your customers.
Video: The Great Money Migration of 2021
New Opportunities, New Solutions
If any great business were to be thinking about how to seize an opportunity, of course they’re going to seize the opportunity called…
How do we move that money out of that bank into our bank or our FinTech or our app or whatever it’s going to be?
You know it’s coming. The only question is, which side of the great money migration will you be on?
Many banks will lose a lot of their very best customers. That will happen quickly because there’ll be desperate competitors coming along with better pricing.
There’ll be new solutions coming in, and the connection isn’t there anymore.
However, there will be a small group of banks that will truly figure it out. The banks that know the secrets of strategic planning.
They will be equipped with people who know how to:
- Add massive value to customers
- Be a resource and a trusted financial advisor
- Be the source of wisdom who helps customers through the problems faced within:
- Their own finances
- Their businesses
Which Side Are You On?
The question you have to ask yourself is, which side of this equation you’re going to be on? Once you decide you’re going to be on the side that pulls in more of those loans and deposits, then you’ve got to ask yourself how.
Most banks are filled with transactional bankers. They know how to do transactions. They know how to be nice.
Maybe they can do some “howdy doody” calls where they call out and say, “Hey, how’s it going? Just checking to see that you’re okay.”
But they don’t know where to take the conversation from there.
Building Trusted Advisors
It’s not okay just to have a bunch of people on the phones who can only be setting appointments.
We need people who bring new skill sets to the table—who, when they’re talking to somebody who says, “Gosh, my 401k lost 30%,” can give them solutions for that. Who make your customers feel like they’re truly working with a trusted advisor.
Also, we have to figure out how to give people the confidence to make those calls.
Why? Because people are very scary. People can reject you. People would much rather receive a voicemail than actually talk to a human being.
This will be a huge detriment for your bank if you can’t build the confidence of your people. They should feel that every time they contact someone, the person on the other side should be grateful for the experience because your bank and your people add massive value.
Time for Action:
- Which side of the great money migration will you be on?
- How quickly will you deploy the resources to get your team ready?
Put your running shoes on, it’s time to run.
– Roxanne Emmerich
Please watch the video above and share it with your exec team and board.