We’ve all heard the phrase, “I’m only human.” There was even a hit song from ‘80s pop stars The Human League with that catchphrase as its chorus. While the expression implies that human beings are prone to failure or somehow less-than, I have to disagree. Especially when it comes to facing down the financial technology and banking bots that are coming for your business.
It may seem like you can’t possibly compete with the 24/7 real-time data and analytics many banking apps, chatbots, and next-gen FinTechs promise. But, believe me: You can. Particularly if you hone and lead with the human element.
Seems counter-intuitive, right? Shouldn’t you just load yourself up with facts and data, put in more hours, and drop in as much tech-talk as possible when connecting with prospects and clients? I’ll answer that question with a solid NO.
A better customer experience pays off
Banking apps and portals have limits when it comes to providing an engaging customer experience. That’s where being a human really pays off in business banking.
According to the McKinsey Global Institute’s business banking experts, “Customer experience is beginning to generate meaningful separation in growth,” with 46 percent more compound annual deposits in banks that deliver better customer service. Human business bankers absolutely have the edge in the customer care and service arena.
Our advice is to build rapport by being a professional, prepared, friendly human being. That means taking the time to listen carefully to your clients’ questions and concerns. Follow up with friendly yet informative emails and calls to provide industry intelligence with care and context (rather than the data dumps banking bots deliver).
You also should consider client and prospect meetings as prime opportunities for collaboration. Prior to getting together, ask your prospect or client:
- What they ultimately want to get out of your time together
- How they would like to structure the meeting
- How they want to receive information moving forward
These types of simple, human touches go a long way toward developing lasting, mutually beneficial banking relationships.
The folks at The Financial Brand have it right in their recent article Financial Institutions vs. FinTechs: The Fight for Business Banking: “Being customer-centric is the strongest differentiator you can build for the long-term. And whoever is more long-term-oriented always has the advantage.” I wholeheartedly agree.
Want to learn more about how you can beat the banking bots? Check out our brand new eBook that outlines the 5 Ways Business Bankers Win in the Age of FinTech & AI. In it, you’ll discover ways to bring the human element to the forefront in all of your business banking interactions.
Download our free eBook: 5 Ways Business Bankers Win in the Age of FinTech & AI