In Today’s Slow Economy, Trustworthy Banks Are Best Poised For Growth

Minneapolis, MN (I-Newswire) October 28, 2011 - As the economy’s recovery lags, consumers remain financially conservative. Americans are spending less and saving more. This nationwide surge in individual savings is a great opportunity for community banks to engage their clients. Heritage Clubs International (HCI), a community bank marketing organization composed of more than 200 banks nationwide, encourages community banks to focus on client trust and loyalty.

Community banks’ main strength—and opportunity—is the ability to build and maintain client relationships. As a member of the community, these banks should strive to know and support their customer, which is something bigger banks cannot replicate. Consumers are increasingly wary of their money, so building trust is important.

Ted Nelson, Executive Director of Heritage Clubs International shares tips for building relationships and maintaining trust:

• First, before getting involved in new media, community bankers can reach out by way of telephone or letter. A simple phone call or note to a customer will go a long way when building trust and ensuring satisfaction. Content can be simple—expressing your appreciation and inquiring about clients’ needs are sufficient enough to leave a lasting impression.

• Personal correspondence is a great strategy, but community banks need to focus on part of their namesake as well—the community. There are endless ways to keep a bank’s name in the communal spotlight—from sponsoring a little league team to being involved in local charity drives. Such involvement is a great way to see clients outside of the bank, and foster a deeper relationship. Community involvement also increases your visibility to prospective customers.

• To reach those customers who favor electronic communications, community banks should have a strong presence with newer media including: a website with internet banking, a strong e-newsletter, and Facebook presence. These are great additions to traditional banking and can help reach a younger generation.

• Lastly, a much heralded and quantitatively proven community bank tactic, is the creation of a travel or loyalty club. Many banks offer such clubs to qualifying members, and these banks tout the club’s payback. The directors of these particular clubs forge a special bond with club members, ultimately resulting in a stronger connection between the bank and the customer. For those clubs offering travel, their participating members often praise the bank’s travel club as the “crown jewel” of the club, which results in great word-of-mouth marketing and the strongest relationship building strategy.

In the current economy, people need to be able to trust their bank and feel comfortable putting their money away. The consumer’s need for trust puts community banks in a great position to prosper, so long as community banks continue to build personal relationships and stay involved in their community.

About Heritage Clubs International
Heritage Clubs International, LLC was founded in 1980 by First Citizens National Bank in Mason City, Iowa and currently has a membership of more than 200 parent banks located in 33 states across the country. Each bank has formed a bank club that offers membership to customers who meet deposit requirements and who have time and interest in social activities and travel. The bank’s primary goal is growth in deposits and increased profitability from sale of bank services. This is done by generating strong relationships with the members. The bank club offers many banking related benefits to these customers, with most offering travel programs.

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