any attractive rate changes or incentive programs. The page should also clearly communicate the story of your team’s personalized approach to customer relationships. The next step is making it easy for a customer to open an account with you. Simplify the Application Process Today, the average attention span is just above eight seconds. Fewer customers are walking into a physical location to open an account. If a customer encounters technical difficulties, long wait times or any other sort of friction during the application process, they may walk away, and there is no guarantee they will return to your institution. That’s why Teslar, over the past few years, has dedicated time and resources to simplifying the application process and enhancing the customer experience. Community bankers must look to remove those barriers and simplify the application process. This means a website that is up-to-date and user-friendly, but it also Despite the difficulties of the current landscape, community bankers do have options to maintain or even grow their deposit accounts. means making it easy for the customer to begin the application process online. This comes with its own difficulties: Opening accounts requires customers to submit private data and upload necessary documents. Big banks have the resources to build those solutions in-house, but the development process for such features is expensive and requires a specialized skill set. In order to compete with the economies of scale utilized by big banks in leveraging such technology, community institutions must look to form partnerships with competent vendors who offer those features at a realistic price point. Strategic partnerships with key software vendors will allow community bankers to focus on what they do best: personalizing their customer’s experience. Maintain Your Personalized Touch Through Community Involvement Sometimes, the old ways are the best ways. Community bankers must continue to leverage their competitive advantage, which is their ability to connect with their local communities. During this time of high inflation, many community members are struggling. Community bankers can continue to step into this gap with community-based initiatives such as food drives, sponsoring local teams or school supply drop-offs. These programs don’t have to be expensive to be effective, but by taking the reins on such initiatives, community bankers can continue to foster that relationship with their communities. When leading such efforts, it’s important to maintain a strong presence on social media (Instagram, TikTok, Snapchat, Facebook) to raise awareness of those initiatives. One platform isn’t enough — Facebook tends to appeal to an older demographic, while Instagram is essential for engaging Gen Z customers. Again, customers need access to your information to become involved, and utilizing multiple platforms is the best way to engage customers across various demographics. Despite the difficulties of the current landscape, community bankers do have options to maintain or even grow their deposit accounts. Through strategic partnerships with trusted vendors, a strong online presence and the appeal of their personalized touch, community bankers can continue to attract customers searching for the right fit for their deposit needs. 15 The CommunityBanker
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