7 Things Your Retail Bank Can Improve on in 2009

Since retail banks rely on customer acquisition and holding onto those customers, whether they are coming into a brick and mortar store on through online inquiries, it's best if retail banks listen to what retail banking customers are asking for. For increased customer acquisition and customer retention, here are 10 things retail banks can focus on in 2009.Retail Banking TechnologyIt's 2009, time to rethink your banking technology. How fast is your bank at loan origination? In this highly competitive banking market, the better banking technology you have, the more valuable your service will be. Being able to quickly offer instant pre-screens and a variety of loan options can make your retail banking center much more attractive, say compared to a bank that has a great reputation, but is slow to deliver.Improved Online BankingEven though most Americans prefer to bank in physical branches, online banking is gaining ground. 24 Hour Customer ServiceYour call center doesn't have to be available to speak with customers 24 hours a day and likely people won't be calling at three in the morning. But, having customer service available to text with instant chat has proven highly successful.Knowledgeable StaffHow knowledgeable is your staff? How much authority do you allow them to answer most customer questions before they have to look something up or flag down their manager? Having a trained and knowledgeable staff helps everyone and saves time.Waiting TimesDoes your bank bulk up staff during busy banking hours? Long lines and waiting times can really put a bad taste in customer's mouths. If you can afford to have a 'floater person' who is available to help customers during busy periods, you can quickly satisfy a lot of people in a hurry.Quick Phone Options to Speak With a Live PersonIt's more convenient for many people to seek phone banking, but there is a high percentage of complaints from people wanting to bank with a live person, not an automated machine. Allowing people the option to quickly talk to a live person, verses listening to a listing of other options, is high on the list of people who choose to bank online.Focusing on Your Bank's StrengthsIf going hi-tech or even having a 24 hour customer service line is not in your bank's cards this year, focus on your bank's strengths. If you are one of two banks in your neighborhood, no doubt, customer service is what you should focus on. Community oriented banks can often offer flexibility in banking because they know the community and the local economy on a closer level.