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5 tips for banks on using feedback to get ahead in a fraught economy

5 tips for banks on using feedback to get ahead in a fraught economy

It’s a tough time for the average banking customer—which also means it’s a tough time for banks. Research shows that 70% of consumers are feeling stress about their finances, and only 13% feel confident in the overall banking system.

In this atmosphere of scarcity and uncertainty, banks need to earn trust and show that they’re in their customers’ corner. To do that, they need to listen to what their customers are saying. 

Our new guide, Retail banking: 3 strategies for success in a rapidly changing market explains how financial institutions can use feedback to win customers and stay ahead, even in a tense economy. Here are 5 tips from the guide. 

5 tips from our retail banking guide

Tip 1: Invest in customer education. To the day-to-day consumer, finances can be daunting—especially in a high stakes environment like a down economy. Banks that can provide their customers with help understanding and navigating important financial decisions have a chance to give customers more confidence in both themselves and their bank. Customer feedback tells you where the knowledge gaps are, what people are eager to learn more about, and the types of resources and services that would provide the most value. 

Tip 2: Tap into new technologies to enrich your offerings. Research cited in the report found that robo-advisors were used by 15% of banking consumers in 2023, compared to only 5% in 2022, and cryptocurrency went from 12% to 20% in the same year. Additionally, 50% of customers of digital banks listed an easy-to-use mobile app as a top priority. In short, customers are getting accustomed to new technologies, and banks that use those breakthroughs to engage them will come out ahead. 

Tip 3: Upskill and engage customer-facing employees—especially the young ones. According to Deloitte, only 36% of Gen Z employees at retail banks feel free to “speak up about ideas, questions and concerns and/or to admit their mistakes.”If frontline employees don’t feel like they can share new ideas or clarify the right way to do something, both the company culture and the customer experience will suffer for it. During volatile times, having a stable workforce is absolutely key. Gathering employee feedback—openly or anonymously—gives employees a chance to voice their concerns or questions, or share good ideas for connecting with a new market. 

Tip 4: Test marketing messages before you run them. With more economic sensitivity and less tolerance for tone deaf marketing, as well as greater competition, it’s important to find messages that resonate. Testing a set of potential messages with a smaller audience is a good way to see what the reception might be like and pick the most compelling winners. 

Tip 5: Elevate the voice of the customer. There are dozens of touch points where customers interact with their bank of choice. Each one represents a new opportunity to collect feedback and improve. The more that feedback can be captured and incorporated into decision making, the more likely it is that banks will make the right choices. 

If you found these tips useful, check out the full guide.