When asked, financial consumers tell us what they want in their financial institutions – and it’s the basics: low fees, great rates, and good customer service. These features are just about where every bank or credit union will focus their marketing and product development because it's "what the people want."

Face Value

According to a survey from FICO, 86% of U.S. consumers say they are satisfied or very satisfied with their current bank. 60% even said they’ve experienced exceptional service. Looking at these numbers, it might seem like everything is smooth sailing.

Not exactly.

There’s a significant difference between asking how your bank is doing based on what’s expected versus how it’s helping your customers succeed in their deepest hopes and needs. It all boils down to this: are you simply selling customers commodities, or are you empowering them with the tools for success?

Expecting Success.

Most, if not all research done on financial services focuses on how banks measure up to set expectations. That’s also what FIs are told to use when measuring their own success.

“How do we give customers great rates?” “How easy is it to bank with us?”

All good questions, but they’re asked way too much, and their value gets diluted. As a result, banks and consumers think they’re the only questions that matter. In other words: Those are the features financial institutions and customers have been trained to look for.

When asked, "what is crucial to the future of your financial success?" only ONE percent of participants in a FICO study mentioned their financial institution. In a different study, only 29% of survey respondents say that they trust their financial institution to look after their long-term financial well-being, down from 43% in 2018.

And let's be honest, neither of those numbers are really a great success. Great long-term relationships are based on trust, and that is something that consumers are telling us,

in words and in actions, that they don't have in traditional financial services.

Financial institutions have painted themselves into a corner by only focusing on services – but that doesn’t mean there isn’t a way out. Just think about what about the advantages those services provide.

When FICO asked Americans what they view as “crucial to the future of their financial success,” many replied with concerns about making smart decisions with big purchases, balancing their relationship with money and happiness, how to use and pay down debt and the list goes on.

When you dig a little deeper, like a checking account after a customer applies, things open up. People are more interested in lifestyle advantages and long-term payoffs versus instant gratification – because that is fleeting.

Emotional Currency

The bottom line is that banks and credit unions are asking the wrong questions. They are making decisions based on answers they've trained consumers to give, and then wringing their hands worrying about the fact consumers see them just as providers, instead of partners.

A lot of marketing directors are on autopilot, talking the way banks always talk. People don't want products, they want help. They want to feel like they're empowered to control their destiny with money.

Let’s flip the script. That means asking the right questions of the people being served, the employees that serve and the internal team. While it is important to sell commodities, it’s even more important to dig a little deeper and see how your bank can impact customers positively in the long-term.

Reach out to Epicosity today and – like a person looking through their checkbook, we’ll help you find your balance.