Why Financial Services Have Such a Hard Time Telling their Story

Why do Financial Services Companies Have Such a Hard Time Telling their Story?

What do you think of when you hear financial services? Well, you certainly aren’t thinking warm and fuzzy feelings. No, the financial services industry is known as being transactional. You hire companies for a specific service and they execute. There is rarely ever a relationship built, follow ups made or empathy shown. This is where the financial services industry is lacking. 

Here’s What Financial Services Companies Need to Know.

It’s 2020, although not a great year in the books, it’s an emotional year, financially for A LOT of families and businesses. They will be asking for your help with very personal information. This is where you can make your impression as a humanized brand who cares for their customers rather than just another financial service company. Although,  the financial services industry’s way from the past is simply not being reciprocated well by customers anymore. They are demanding better service and personalization. 

What needs to change. 

Show Empathy

Your customers are handing over their personal information to you, a very personal piece of information that they are trusting your business with. Therefore, get to know who your customer is and what makes them happy, and most importantly understand their expectations and exceed them.  This will help you achieve more success and trust in your business and more referrals will come your way.  

Make Connections-be a friend and an advisor.  

Yes, we are aware you can help your customers get a loan and open a savings account, and save money.  But have you really taken the time to get to know your customers? Helped them navigate how to actually manage their money? Provided surprise and delight value outside of your core offerings? This is what today’s customers are looking for. That is, someone to give guidance and offer a friendly hand to let them know it’s going to be okay. And for your business, it’s okay to make it more personalized if that means providing a better customer experience. Because we are in a world where your competitors have changed the name of the game from service to an experience. 

Offer Consistency

Your business is not a one stop shop, fix it overnight type of business. If you provide consistency in your products and services then customers will continue to come back. A salesforce survey shows that 75 percent of customers expect a consistent experience and 73 percent are likely to switch brands if they don’t receive it. As more financial services companies hit the market, it is becoming more and more crucial for businesses to provide consistency in their services and customer experiences. 

Utilize the Power of Technology

Financial service companies have access to evolving technology at their fingertips. It’s time to use it. Technology provides a unique way to communicate and provide resources to your customers whenever it is most convenient for them. This helps to stay in contact with your customers and offers them more resources not only for themselves but their customers and prospects.  Most companies do a less than stellar job at asking their clients and prospects what they want from technology. Maybe they want more informational emails or blog posts or maybe they just want to be kept up to speed with how technology can help them. You’ll never know unless you ask. 

Take Advantage of a Captive Audience

Your customers are reliant on your financial services and you know this. Therefore, by using an empathetic approach and adapting to new technologies to connect with your customers, your financial service business will be prepared to compete with new firms disrupting the market. This is how you will tell your story.