What will bank customers be looking for in 2022?

By Agnes Nasso

Despite evolutionary changes since 2020 in how people earn and spend, the key to a community bank’s success in 2022 will be a few things: personalization of products and services and ease of doing business.  Increasingly, this means making it as easy as possible for customers to quickly get whatever they want, wherever they want it.

The Push Toward Personalization

At TCM Bank, we see consumers’ embrace of 24/7 personal digital connection as one of the outcomes of the pandemic. Gratified by online marketers that “push” tailored recommendations to them, they’re looking for that same proactive, personalized digital convenience where mass messaging and physical visits used to be the norm. That’s a challenge for community bankers – and an opportunity.

Looking toward 2022, here are things we think financial consumers will be looking for, and some ways TCM will continue helping our agent bank credit card partners to incorporate them.

  1. A true shift in focus from product sales to the quality of the customer experience. Community banks’ reputation for personal service already gives them an edge here. However, unless customer data is systematically gathered and shared across product silos and marketing channels, it’s hard to truly personalize messages or assess an overall customer experience. To refocus on customer satisfaction, a bank might consider outsourcing management of some specialized products.

  2. Proactive suggestions personalized for preferences or circumstances. A strong customer data platform is a must to create the right message and deliver it at the right time. It’s also the basis of an individualized website experience like John Smith’s. At TCM, we are regularly evaluating our credit card portfolio.

    A strong customer data platform is a must to create the right message and deliver it at the right time. It’s also the basis of an individualized website experience like John Smith’s. At TCM, we are regularly evaluating our credit card portfolio. Looking at our cardholder spend trends and credit card usage, allows us to design campaigns tailored to specific customer segments.

    For example, a ‘spend and get’ campaign or low promotional purchase APR to help shift spend to a TCM issued card. In addition, a push towards paperless statements has also proven to be successful and aligns with our continued efforts towards a digital customer experience.

    Looking at our cardholder spend trends and credit card usage, allows us to design campaigns tailored to specific customer segments. For example, a ‘spend and get’ campaign or low promotional purchase APR to help shift spend to a TCM issued card. In addition, a push towards paperless statements has also proven to be successful and aligns with our continued efforts towards a digital customer experience.

  3. Emphasis on community engagement. Coming out of the pandemic, people are even more focused on how they can help support their community. In the marketing tools that TCM offers agent banks, we reinforce the message that community banks are local and personal: “The bank you know best.”

    We also co-sponsor programs that help our bank partners highlight their commitment to local causes. Consider getting the message out to your customers via email or social media on how your bank is supporting the local community.

  4. Digital savvy. Providing in-branch and drive-thru service will continue to be an important part for community banks. However, having the ability to service your customers online and in a timely fashion, is becoming even more important. Using digital tools like customized emails, social media ads, display ads, pay-per-click and Google Ads are a great start to venture on the digital frontier.

    This makes it easier to reach current and prospective customers where they are now.And don’t forget to always keep your bank’s website up to date and easy to navigate. This is an important representation of your bank and brand.

  5. A drive to keep improving the customer experience. Can pain points be converted to pluses? Amazon turned customers’ dislike of shipping costs into Prime. Treat each customer’s experience as a learning point. Turn pain points into ways your bank can improve. It could be as simple as providing a new mobile app, if you don’t already offer one. This can help transform your customer’s perception of your bank.

  6. Competitive products. The pandemic hasn’t changed the need to back up great customer care with superior products and services. We get it. Since being founded by ICBA, TCM’s only business has been providing competitive credit cards for community banks. Coupled with our top-notch, in-house customer service, this allows our bank partners to compete within their communities.

Agnes Nasso is the Vice President of TCM Bank, N.A.