Importance of Communication in Banking Industry

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 Atebits

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February 23, 2020

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The main task of banks functioning worldwide is to safeguard the interests of their clients who entrust them with their money, arrange funds when they need them, and facilitate monetary transactions. The whole idea of the banking industry revolves around one important human emotion: TRUST.

In order to convince people to entrust a bank with their life savings, valuables, or any other asset, it is very important that the bank’s management understands the importance of open and friendly communication. Without communication, no working relationship can be initiated or established, let alone building trust.

With the progress of technology, there has been a rise in demand for online business banking needs. Customers of digital-age make transactions virtually online, without physically visiting their banks due to their tight schedules. It is now more important than ever for banks to communicate their policies, procedures, updates, and deal with customers’ queries as soon as possible with as much concern as possible.

• Fostering Smooth Communication Between The Bank And Its Clients
• Patience
• Language Proficiency
• One-On-One Meetings
• Staff Behavior
• Bank Environment
• Monthly Publications

Fostering Smooth Communication Between The Bank And Its Clients

Patience

Banks must train their customer service representatives to have patience with the clients’ queries, for a start. Often times, elderly clients and people using banking services for the very first time get anxious since they find it hard to understand the bank’s procedures. They might get anxious easily and repeat their queries multiple times. Hence, it is important for the bank to train its representatives about being patient.

Language Proficiency

Apart from patience, proficiency in the language(s) is another area of importance for customer service representatives. This might help them overcome any language barriers and communicate easily with clients from multilingual backgrounds.

One-On-One Meetings

While the aforementioned attributes might help clients over a phone call or messaging service whether text or e-mail, the best way to foster transparent communications would be to arrange one-on-one meet-ups every once in a blue moon. Even though arranging physical meet-ups might sound a little bit cumbersome and would not be easy to follow through given the bank’s own working schedules and deadlines. A little endeavor once in a while can have far-reaching impacts.

Staff Behavior

Moreover, when clients come to visit the bank physically, whether they were invited by the bank for a meet-up or they showed up by themselves to inquire about the bank, the representative’s and staff’s behavior would do the job of winning their trust. The conduct of employees on the ground, if cooperative and friendly, can turn potential clients into life-long loyal customers.

Bank Environment

In addition to it, the professional aura of the bank’s physical vicinity would leave a good impression too. However, no matter how impressively a bank’s physical is set up, if the staff’s conduct in non-cooperative and putting off in a manner, a loss of a client is inevitable.

Monthly Publications

Other than the tips mentioned above, banks can also issue monthly publications or ask customers to subscribe to their online newsletters. These newsletters can be issued weekly, monthly, or fortnightly. The content of these publications must cover details about the bank’s current status of the operation, updates about saving schemes, housing loans, and any such issue of the clients’ interest.

Author: Eyal Nachum, fintech guru and board member at Bruc Bond.

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