Pub. 6 2017 Issue 1

11 s p r i n g | 2017 Community Banks Can Build Merchant Trust with More Digital Options By Fitech Payments n the rapidly advancing world of technology, com - munity banks have to make strategic moves to keep up with the competition in order to serve their cus- tomers. With all of the recent cyber security breaches, gaining and keeping customer trust is critically important for community banks. Review these tips to learn how you can secure the trust of your customers: Focus on Improving Customer Experiences & Trust There are a number of factors that affect howmuch trust people instill in their community bank. Personal experience is the reigning determinant in how trust- worthy customers view their banks to be. The other leading causes are the quality of customer service and products, and the amount of money the bank charges in fees. Smaller, local banks have a higher rate of trust than larger nation- wide financial institutions because of the level of service these establishments are able to provide. Community banks do a great job of establishing a level of trust with their customers by focusing on relationship banking. Their personal knowledge is ideal for customers seeking more of a “one-on-one” personalized financial ap - proach. By concentrating their efforts on the needs of local families and businesses, community banks play a vital role in economic growth. Big banks, on the contrary, do not necessarily focus on local economic growth or concentrate their business strategy around building relationships. To community banks, a relationship goes beyond a transaction; their goal is provide top-notch quality service and personalization for each and every client. Use Technology to Your Advantage Another opportunity community banks can take advan- tage of is through mobile banking by creating an app. This can provide consumers the ability to pay bills, check their account balance, and make transfers all from their smartphone. With consumers using their smartphones for everyday purposes, a mobile app is a convenient feature for them to make quick banking decisions on the go. Commu- nity banks can make sure their app is successful by increas- ing awareness, making installation easy, and notifying their customers of its availability. Banks should also make sure and promote their app to their customers through a variety of channels, including inside of the branches, at each drive-thru lane and ATM machines, and on the bank’s website/social media sites. Be sure to include the following information so custom- ers are aware: • How to install the app • Specifications of the app • The icon of the app Additi onally, community banks can educate their custom - ers on how they can add their credit or debit card from the bank to their preferred mobile wallet. Mobile wallets allow customer’s to securely store their card information via the mobile wallet and allows them to use their smartphone for everyday purchases instead of using cash or card. With mobile wallets on the rise, community banks can encourage their customers to store their bankcards within a mobile wallet. If mobile wallets or banking aren’t on your community bank’s agenda, consider other technology alternatives in or - der to reinvent the banking experience. Accenture advises that banks adopt a digital-first mindset. Simply switching to digital communications can have a major impact on building customer rapport. For example, consider investing in a virtual assistant application that will guide customers through online banking. This type of application can make personalized suggestions and tailor the banking experience to a customer’s needs. Other common digital services pro- vided by banks are electronic check processing and 24/7 ATM availability. It is important for community banks to evolve with techno- logical advances and begin integrating digital options for their customers. By using the latest forms of technology, community banks will be able to thrive and differentiate themselves against their competitors in the long haul. 301 Commerce Street, Suite 1400 Fort Worth, Texas 76102 www.fitech.com F E A T U R E