Have you heard from your bank lately?
Oct 29th, 2008 by David Svet
Have you heard from your bank lately? I mean other than a credit card offer or your monthly account statement? I haven’t heard from mine. I have a personal banker and a banker assigned to my corporate account. I know who they are and they know me. Yet, not a word — the quiet is deafening. With all that is going on in banking today it seems to me that a little reassurance would be a good idea. Has your bank done anything to reassure you? Do you want them to say anything to you? If so, what do you want to hear?
The water-cooler chatter in my office has changed pretty dramatically this month. Lots of yakking about bank mergers, acquisitions, and failures. I’ve overheard 3 conversations about LIBOR in the last two weeks. Mind you, these people work in advertising, not banking. LIBOR!?! Seriously.
I believe we are all having a crash course in banking and financial services as a result of the current media blitz. So, bank customers are more informed, better informed, or ill-informed as a result of what they’ve been hearing, seeing, and reading. This is no time for the financial sector to ignore their customers — it’s time to communicate. Tell them what you are doing and why. Reassure them that deposits are FDIC insured. Explain your institution’s view of the current situation. Provide direction. If your bank has ever discussed trying to be more personal, now is the time to start. A quick personal contact by phone, mail, or email will go miles toward solidifying your customer relationships and opens an opportunity to connect again regarding additional business.
Many banks are doing something to get a message to its customers. I saw a full-page ad in the Kansas City Star the other day by UMB with an open letter from their CEO, Mariner Kemper — well done. Some of the largest banks, such as JPMorgan Chase and Wells Fargo, have their CEO’s taking questions from the news media. While this is helpful, it’s not personal and most small banks appear to be sitting on their hands.
It’s time to stand up and give your customers a hug. If you don’t another bank might.
