The financial services industry is in a period of flux. Consolidating in some areas, expanding in others. As a response, it may be tempting for institutions to focus their attention inward — on profitability, revenues, and growth. No doubt, inward-focus is important for long-term success.
But just as important is not losing sight of your account holders. What are they going through? What are their concerns, challenges, hopes, and dreams?
2017 has been a mixed year for many Americans. Stolen personal data. Catastrophic storms. Volatile politics. Their angst is understandable, even in the face of good economic news:
- Robust consumer sentiment index scores1
- Consistent gains in the stock market2
- Historically low unemployment rates3
- Steady (if slow) economic growth4
Banks and credit unions have much to gain by understanding that their account holders aren’t feeling entirely optimistic — and working to uplift them.
Deliver What Account Holders Want
Harland Clarke’s annual TrendWatch report identifies six trends that illuminate what consumers are looking for. It’s not rocket science, and it’s not magic. It’s good old-fashioned, authentic service.
1 Goldstein, Steve, “Consumer sentiment at a 13-year high in October,” MarketWatch, October 27, 2017
2 Domm, Patti, “Stock market poised for a ‘melt-up’ as it begins strongest months of the year,” Market Insider, cnbc.com, November 1, 2017
3 McCue, Dan, “Jobless Claims Edge Up by 10,000 But Unemployment Remains Low,” CourthouseNews.com, November 9, 2017
4 “US economy grows faster than expected in third quarter,” BBC News, October 27, 2017