Relationship building should be more than just words on the wall

by Tim Scholten, Tyfone Inc.

In the competitive landscape of financial services, community financial institutions hold a unique position. Their local presence and personalized service creates a strong foundation for building lasting customer relationships. However, to thrive in today’s market, community FIs must adopt more effective relationship building practices by providing financial advice to their customers.

New research from J.D. Power 2024 U.S. Retail Banking Advice Satisfaction Study indicates that consumers are looking for in-person financial wellness reviews and advice based on their individual circumstances, and that 76% of them will act on it. The article outlines practical steps for community FIs to be able to  deliver that kind of advice to their customers.

Make relationship building your #1 priority

Community FIs excel in establishing personal connections with customers. Sales strategies should prioritize relationship building over transactional interactions. Here’s how to make that a reality:

 

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