Weekly Fintech Tip: Keeping Your Customers Happy is as Simple as Being Proactive and Utilizing Your Data
To start off, let’s do a quick recap on why we do these Fintech Tips. We do these tips because I want to help you succeed. I believe that the world is a better place with your organizations in it, so we’ve got to fight together to get through this because digital isn’t trivial. With that in mind, let’s move on to three simple things that you can do to increase your product penetration and retain your customers.
We’re really good at inbound calls. We all have a great call center, and we’re all really good at tracking that call center. But the reality is we can turn those seats around and we can make some outbound calls. Here are a couple of good suggestions for calls that you could make to help retain your members and push product in the right direction using simple data analytics. The first one is, if someone has a direct deposit. Let’s say they’ve been with the organization for 10+ years and every two weeks without fail, they’ve had a direct deposit and suddenly that stops. This is a good opportunity for you to call this person and simply say, “We noticed that your direct deposit stopped. Was that an error or is there something we can do to help you?” You’ll be surprised by the answers you get.
Another simple outbound call could stem from if someone is using your credit or your debit card consistently to buy things such as their airline trips, products and services on the Web, etc., and suddenly it stops. And the reason it stops is not because they’ve hit their limit. It just suddenly stops. That’s a great reason to make a call. “Hello, Mr. Best. We noticed that you stopped using our credit card. Is there some sort of issue?””Yeah. Every time I travel, it doesn’t work for me.” “Oh, well, we can fix that, Mr. Best. Did you know about our our travel card? Did you know about our travel plans? Also, our rates are probably better than the card you are using.””Oh, I wasn’t aware of that”. It’s an incredibly easy conversation to have, and it’s an important one because it shows that you care about their business. Outbound calls are simple way to help retain your customers. Let’s move on to the next one.
I believe that, in this world of digitized and online services, there are what I’m going to call “lifestyle choices” that are digital. For example, you could be a Hulu person and you could listen to everything you have on Spotify. Or, you could be an Apple person and you have Apple TV and Apple music. Or you could be a Google person and you watch and listen to everything on Google. Or, you could be an Amazon person and watch all of your shows and order all of your stuff using Prime and listen to your music using Amazon Music. So what does this mean? It means we as organizations have to get in line with the understanding that people have these digital services, and that they use their credit cards to pay for this service. So why not change the way that you on board members? Maybe if you can convince members who are onboarding to pay for their Netflix, Amazon, Hulu, Spotify, iTunes, etc. using your credit or debit card, I believe you’ll have a better chance of engaging with them because these services are non-stop. They’re monthly and everyone uses them. You need to have a checklist with pictures of each one of those icons and say, “Hello, Mr. Best. I see you’re joining our organization. Do you by chance use Netflix, Hulu, Amazon, Spotify, iTunes, or Google Play? Because if you do, we’ve got a deal for you. Let us give you a free month of each of those services if you move them over to our credit cards”.
This third one is also, I believe, low hanging fruit. I find that when I talk to credit unions and organizations around the country, many of them – in fact, most of them – don’t feel like they have good e-mails for their members. They don’t feel like they even have good phone numbers for their members. During the 2008 crisis, we learned that nobody has landlines anymore. Everyone just has a cell. That cell is important because that’s how you can communicate with them from an SMS or text standpoint. It’s because we want to send you important information about your accounts. We want to send you important offers for your financial health and well-being.
This has been a Fintech Minute. My name is John Best, and I am the CEO of Best Innovation Group and the author of Breaking Digital Gridlock, available on Amazon and anywhere you buy books. Subscribe to my channel using the link below for notifications whenever we post new videos, and thanks for listening!