The 7 Deadly Banking Sins: How to Avoid Them Using Technology

Banks and credit unions are typically slow to adopt new technology in the workplace.  Let’s face it, when you’re dealing with your clients’ financial futures, you can’t afford to experiment with the newest bells and whistles if there’s any risk involved.  However, here are seven “sins” your bank may be committing that new technology can help remedy.  These fixes represent limited risk and one big reward: increased opportunities with your clients and prospects. 

1. Not enough deals, Not enough clients – Does your bank have any way to create, maintain and track every interaction and activity between your staff and clients and prospects?  If not, how can you develop prospects, follow deal flow, and monitor your internal processes?  Perhaps most importantly, what tool do you have to monitor the effectiveness of the sales and client relationship development process from your own PC?  An investment in Customer Relationship Management (CRM) software like Microsoft CRM can yield big results through maximizing the process from prospect identification to closed deal. 

2. Antiquated Website – If your bank’s website is embarrassing to you, imagine how your clients feel. Does your internet presence properly convey the image of your institution? A sleek website design and a comprehensive online banking portal give customers confidence in your company.

3. Unreliable Online Banking – Many web users still harbor security concerns about banking online.  Anything less than a fully secure and functional online banking portal may ruin your relationship with a client.  Modern software solutions offer peace of mind to your customers while automating tasks that can potentially wear your staff down.

4. Poor Document Storage – Think about all the time your employees waste searching for application forms and past invoices.  Intranet portals like Microsoft SharePoint can help you:

  • Properly store documents in customized websites
  • Keep important forms and invoices handy for compliance purposes
  • Create team sites that allow members to build and edit each other’s documents. 

5. Irregular Bank-Client Communication – How can you expect to enjoy good relationships with clients if they never hear from you?  An e-mail marketing campaign should support your face-to-face and phone communication.  It’s an inexpensive way to promote new products and build relationships through a consistent communication schedule. 

6. No Search Engine Presence – If someone searches Google for banks in your city, does your bank’s name appear at the top of the list?  Investing in Search Engine Optimization (SEO) can increase your visibility when potential customers are looking for a place to bank.   

7. Negative Social Reputation – In light of recent economic controversies, many banks are struggling to maintain a positive reputation in the community.  Engaging the people around you with a company blog can help you establish yourself as one of the “good guys” while also giving you an opportunity to share news and promotions on a larger stage.  Once you feel comfortable with your online presence, you can use your blog to help you expand into other social media outlets, such as Facebook or LinkedIn.  People want to like the place they hold their money, so why not make it easy for them?

If you are guilty of committing any of these sins, please contact Onsearch Interactive today.  We specialize in helping companies like yours increase productivity through the use of technology.  If you feel like our list left something out, please tell us about it in the comment section!

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