We often make decisions using our emotions, but financial decisions are more likely to be better and more useful if we make them by using our heads. Behavioral science and storytelling can help with crafting the right messages to customers that will regain their emotions and take good care of them in the financial world. How science can help in attracting and acquiring new customers?

Notes:
😍 Are emotions important when making a decision? 01:01
🤓 How young people make decisions: emotions can be bad for banking decisions. 02:59
🤯 Younger customers are using alternative payment services: emojis as reasons to choose bank service. 03:26
🧠 Stories activate the brain: using storytelling to help your customers to make good financial decisions. 06:05
🎯 Marketing crafted based on behavioral science: affirmation and support that will appeal to clients. 08:20

Links:

Article: https://thefinancialbrand.com/news/bank-marketing/how-behavioral-science-gives-bank-marketers-a-leg-up-acquiring-customers-153126/

Email David: david@davidpeterson.com

Connect with David: www.linkedin.com/in/dlpspeaks

Learn more about David: www.davidpeterson.com

Consult with David: www.i7strategies.com

Sail with David: www.i7sailing.com

Why banks can’t get out of the habit of not using the out-of-branch tools available when they are doing business in the branch? Why is that so hard? Why banks don't value the virtual branch, like the physical branch, and do not enable younger generations to become users of the financial institutions the way they like the best - via digital? These are only some of the questions that financial institutions must work on to get more customers who hold phones in their hands from the age of 2. It is time to innovate!

Notes:
💸 Customer Journey is providing the best insight into your service from a client's point of view. 00:51
📱 Opening account in 15 minutes instead of 25: how about 5 minutes?
🤯 Employees in banks don't use the solutions and services that they make their customers use.03:45
⚠️ Younger generations have expectations about what an online onboarding experience should be: abandonment rates are too high. 05:29
⏸️ Pause in the process is the reason for abandonment: allow electronic transfer to fund accounts. 6:55
⚡ Stop comparing your institution with others but compare yourself with Neobanks.08:12
🤩 How to know if your online experience meets expectations. 08:51

The article used: https://thefinancialbrand.com/news/bank-onboarding/why-banks-need-to-fix-poor-digital-onboarding-experience-147074/

Email David: david@davidpeterson.com

Connect with David: www.linkedin.com/in/dlpspeaks

Learn more about David: www.davidpeterson.com

Consult with David: www.i7strategies.com

Sail with David: www.i7sailing.com

In episode 55 we talked about the Neobank phenomenon. Are they taking away younger customers away from the traditional financial institutions? What if traditional financial institutions could tailor the services for small to medium businesses and startups and assist individuals in starting businesses, providing a checklist, classes, mentorship, events, and training. The key is to market your services as effectively as neobanks without the need to create one, fostering a differentiated and valuable proposition for potential business customers.

⚠️ Neobank creates a compelling argument to some targeted groups to move away from their traditional bank and to come "bank" with them. 00:52
📈 Brex launched in 2017 with a specific purpose of focusing on serving startup companies, and in 2022 they were valued at $12.3 billion: now, they're less suited to meet the needs of smaller customers. 02:04
💡 Target companies Brex left behind to open accounts at your institution and adjust your offer for startups to make them long-term clients. 04:47
✅ Community banks should consider building services that assist an individual in starting a business: David shared several ideas on how to do that. 06:40
❗ Your non-interest service revenue is heavily weighted toward business customers, so you have a vested interest in getting more business customers via calls and programs. 07:47
📢 Potential clients should know that your institution provides a service targeted to their unique needs and mitigates any interest in them looking for shiny, bright online banking options. 08:36
👉 You should market your services as if you were a Neobank. 09:07

Links:

Episode 53: Trouble Ahead for Neobanks?

Article: Brex, which started out serving startups, now says it is‘less suited to meet the needs of smaller customers’

Email David: david@davidpeterson.com

Connect with David: www.linkedin.com/in/dlpspeaks

Learn more about David: www.davidpeterson.com

Consult with David: www.i7strategies.com

Sail with David: www.i7sailing.com