The Art of Winning the Heart of Customers

Mosharaf Hossian: The Art of Winning the Heart of Customers : Essential Strategies for Bankers – Customers are the constituents of a commercial bank. Without customers, a bank would not and could not exist in business. So, for a bank to grow and thrive, it needs to win its customers’ hearts by singling itself out as the matchless bank amidst the cacophony of competition. And, when you make customers happy, they keep coming back and tell their friends about you, helping your business grow.

Nowadays, nearly every bank is offering the same core banking products to the customers. At the same time, the number of banks, branches, delivery channels, and technological advancements is rapidly expanding, broadening the scope of competition. This makes retaining existing customers and attracting new ones increasingly challenging. Consequently, the career path of a banker is becoming more fraught with obstacles, and the survival of their bank is growing more difficult.

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Now the question is- why will a customer bank with your bank for an offer that is also available in other banks; and how will your bank gain competitive edge over other competing banks offering the same products? Answer is simple— it’s the banker and his personal touch, attention to detail, and the dedication to exceeding customer expectations that create differentiation in the bank’s products and make the customers decide whether to bank or not to bank with your bank. The more value and augmentation you can offer with your products the more winning your products will be.

Every customer need presents both opportunities as well as challenges for the banker. As a result, there’s no room for a banker for self-complacency, as it’s risky to assume that (i) customers will naturally choose our bank, (ii) a customer who visits once will visit again, (iii) a customer considering our bank today will choose us in the future, or (iv) a loyal customer will always remain loyal.

So, to thrive in the banking world, a banker must be customer-obsessed, keeping in mind that “customer is the king.” And, to truly win over the hearts of customers, a banker must adorn himself with the following traits:

Financial Integrity:
First and foremost qualification that a banker must possess is personal integrity and financial discipline. A banker must have the ability to trigger trust and confidence in his customers that their hard-earned money is safe with the bank. That’s why anyone lacking complete honesty and financial discipline shouldn’t be in banking.

Embody both personality and professionalism:
Attend office well dressed, work with a cheerful mood and perform duties with unwavering dedication and devotedness.

Welcome and impress your customer:
Customers should be warmly welcomed and attended to with courtesy in the banks. Whenever a customer enters the branch premises, the floor in charge or attending officer should greet them with polite salutations (Salam, Adab) and kindly and courteously inquire about the services they require. When interacting with customers, give personalized attention to each customer while maintaining a positive demeanor and attitude. Avoid reprimanding latecomers and customers with incomplete deposit slips or incorrectly filled cheques. Refrain from being harsh towards customers offering coins, small notes, or notes that are soiled, torn, or disorganized.

Meet customer needs promptly, dependably and accurately:
Customers expect minimal waiting times, as some are impatient and reluctant to wait. When such a customer enters the bank premises for any service, he thinks, “he is the only customer in the bank premises– no other customers are over there or no more customers will come to be served after him”. So, he desires the banker’s all attention to him, and his service needs to be satisfied first and prompt. It doesn’t matter to him how large the crowd of customers is on the floor, how much pressure the banker is undergoing or how hungry the poor banker is. So, never show in front of a customer being served that you are in a hurry, or you have other customers waiting to be served. Rather make them feel like they are the sole focus of your attention, with your every moment dedicated to satisfying their needs. If already engaged with other customers, politely ask the waiting customer to be seated and wait momentarily. While serving a customer, maintain eye contact and a smiling demeanor towards waiting customers, reassuring them of their importance and your care. Avoid making customers shuttle between desks for signatures, transaction inputs, or authorizations; instead, utilize staff assistance to streamline the process.

Be a human with a humane heart:
When you can mirror your father in an elderly customer or your mother or sister in a lady customer, you will surely be urged from your heart to leave a humane touch in every service you render. Some customers may explicitly not demand “extra” attention from you, but they deserve it nonetheless. You might have in your service queue a very elderly person, an ailing person, a physically challenged person or a mother with crying children. Prioritize their needs while managing others waiting. Every day, you’ll encounter customers with diverse backgrounds and attitudes. Some may require extra assistance, such as help with filling out forms or writing cheques. Show them patience and care, even if it means attending to them before others in the queue.

Timely Responsiveness:
Being prompt in responding to customers’ calls and queries, such as account balance inquiries, leaves a lasting impression. Aim to answer phone calls within 10 seconds and reply to letters within 2 days. Sometimes, customers may contact the banker outside of office hours with questions or seeking advice. It’s important to attend to these calls with care and attention, ensuring the customer feels valued and appreciated, and finishes his conversation with a thankful mind to the banker. If a call is missed due to business or attending to other customers, promptly return the call and apologize for any delay in responding. Listen attentively to the customer’s needs and offer assistance with sincerity. This level of responsiveness fosters trust and loyalty with customers.

Be a counselor, not a policeman:
In customer interactions, especially enquiring about anti-money laundering matters, it’s vital to adopt the role of a counselor rather than a detective or policeman. When engaging with customers, the approach should convey a sense of safeguarding not only the bank’s interests but also those of the customers themselves. Rather than prying or probing, the focus should be on providing guidance and support. By making it evident that inquiries are aimed at protecting and serving the mutual interests of both the bank and the customer, trust and rapport can be fostered. This approach ensures that customers feel valued and understood, strengthening the relationship between the bank and its clientele.

Be communicative with your customers:
Merely serving customers with a detached and robotic demeanor, without making eye contact or exchanging greetings, confines the relationship to a single transaction. Without personal interaction, customers won’t retain any lasting impression of your service or your bank when they have future banking needs. It’s important to engage with customers on a deeper level by showing genuine interest in their lives, such as asking about their family, business, and health. This level of care not only strengthens the bond with customers but also leaves a lasting positive impact, ensuring they think of your bank whenever they require banking services in the future.

Clear knowledge and marketing of bank’s products and services:
Every banker must possess a thorough knowledge of their bank’s deposit, loan, and other service offerings, particularly regarding frequently asked questions (FAQs) from customers. For deposits, this includes knowledge of various aspects such as the interest rates for fixed deposits of different terms, the monthly benefit amounts for monthly earning schemes (MES), the installment sizes, terms, and maturity values of deposit pension schemes (DPS), as well as details regarding periodic deductions like taxes, excise duty, fees, and charges. Similarly, for loans, bankers should be well-versed in different charges such as interest rates, processing fees, documentation fees, insurance charges, and other associated costs. It’s essential to avoid disappointing customers by incorrectly marketing products or providing misleading information. For example, if a customer is opening an MES account and the monthly benefit has recently decreased, it’s important not to mention the previous, higher benefit rate. Likewise, it is crucial to avoid providing misleading information to customers, such as falsely stating that “DPS accounts can only be opened in the first ten days of the month” or claiming that “We don’t buy or sell prize bonds.” Providing inaccurate information can lead to confusion and dissatisfaction among customers, eroding trust and damaging the bank’s reputation. Therefore, it is essential for bankers to ensure that they provide accurate and reliable information to customers at all times. It’s important to note that certain valued clients may be eligible for approved concessional rates or waivers of bank charges. Bankers should be familiar with these concessions and waivers to ensure that eligible clients receive the benefits they are entitled to. This knowledge helps prevent any inadvertent charges on the accounts of these customers, thereby avoiding frustration and maintaining customer satisfaction.

Be a relationship manager:
Why would a customer, with access to banking services from five different neighboring banks, choose to bank with ours, even if it means traveling five kilometers? It’s not merely for financial benefits; it’s for the stronger banker-customer relationship we offer.

The more you come across your customers, the more you will be able to discover the difference between what you are delivering to your customers and what is received/perceived by your customers. Face-to-face communication has a greater impact on the psychology of the customers than non-face-to-face communications techniques like phone calls, letters, mails, social media, etc have. It creates an emotional bonding between you and your customers. Face-to-face communication allows for better rapport and trust-building than audio or written communications. Speaking to your customers in person can make it much easier to motivate them since the queries, confusion, and distrust of your customers are resolved instantly, which triggers their confidence and faith in you.

Regular visits also limit competitors’ access to our customers, as we embed ourselves in their hearts and minds. Communication will root out the distance between you and your customers by constituting a bridge of relationship between both of you. So, let’s greet our customers daily, invest time in visiting them, counsel them not just on banking matters but also on personal affairs, and acknowledge their life events. Exchange greetings on religious and traditional festivities like Eid, Puja, Christmas, Buddha Purnima, Pohela Boishakh, English New Year, etc by a simple text over mobile phone. Visit in person and exchange such greetings if you are staying in the job station during the festivity or do it just after your vacation is over. Wish your customer on his birthday. Wish his children’s good academic results. Don’t miss the family or business programs of the customer like marriage, kulkhani, halkhata, etc if you are invited. Give a visit to show sympathy when the customer falls sick or any of his family members expires. Celebrate your customers’ successes, and support them in times of adversity. If you happen to encounter a customer who is heading to the same destination as you and both of you have boarded the same mode of transportation, it’s a thoughtful gesture to offer to pay for the customer’s transport fare. Additionally, consider extending further hospitality by offering to share a cup of tea or snacks whenever and wherever you meet. These small acts of courtesy not only demonstrate your appreciation for the customer but also contribute to fostering a positive and friendly relationship. Remember to delight the children of your customers with treats like chocolate, chips, or ice-cream whenever they visit your bank or encounter you elsewhere. This simple act of kindness not only brings joy to the children but also leaves a lasting impression on their parents, strengthening your relationship with the entire family.

Turn Your Customers into Fans:
Captivate your customers with your personality, service delivery, and caring attitude. Aim to leave a smile on their faces as they depart after receiving service. Customers who experience this level of satisfaction are bound to become your fans and remain loyal to your bank. Your bank will be the first to come to their minds whenever they require any banking service, and they will specifically seek you out as their banker.

Support and resolve customers’ problems:
Customers often come to the bank with uncommon service needs and problems, such as loss of cheques or FD receipt, change of nominee, etc. In case of death of the account holder, the nominee comes to the bank with a claim of the balance of the deceased’s account.  In such cases, the bank requires customers to follow specific banking norms and legal procedures, including formal applications and obtaining necessary documents like a police General Diary (GD) entry or in special cases a succession certificate from the court or local government authority. However, many customers are unfamiliar with these procedures and may feel overwhelmed and anxious. In these situations, bankers should step forward to guide customers on how to complete applications, what information to include, and how to obtain necessary documents. Providing a sample application or assisting in drafting the customer’s application can be immensely helpful. A banker’s ability to handle and resolve exceptional customer needs not only earns their preference over other bankers but also customers’ loyalty. Customers satisfied in such troubling situations become fans of the concerned banker and for any services in future the customer directly resorts to that banker with an assured and confident mindset.

Handle Surprises & Crises:
In the realm of customer support, unexpected challenges are inevitable. It could be a scenario not covered in company guidelines or a customer’s unexpected reaction. Technical glitches like network failures or computer crashes, and unforeseen events like power outages compounded by generator malfunctions, can bring branch operations to a halt. Whatever the circumstances, it’s important to be able to think on your feet. However, it’s even more effective to establish guidelines for yourself to navigate such situations. In instances where a desk officer is absent due to unforeseen circumstances like injury, illness, or personal emergencies, or if they’re transferred without a relieving officer, it’s crucial to ensure that customers of those desks are not left unattended and unserved. In such cases, take proactive measures to manage both your own desk and the vacant desk to ensure that all customers are served promptly and efficiently.

Welcome and handle complaints with great importance:
Customer complaints are expressions of dissatisfaction, communicated through various channels like friends, social media, regulators or directly to you. Your business reputation is only as good as your customer’s last experience. A bitter service experience has a far greater impact than a good service experience. A bad experience may bury thousands of good experiences since customers bear in mind a bad experience for a longer time than a good experience. That is, a bitter experience puts a long-lasting scratch in the mind of the customer than a good experience. A dissatisfied customer, driven by anger or frustration, may instantly decide to switch from your bank or cease banking with you completely. In contrast, a satisfied customer typically takes more time to evaluate and compare your services with those of other bankers before making a decision. According to Marketing Guru Philip Kotler, studies of customer dissatisfaction show that, on average, a satisfied customer tells three people about a good product experience, but the average dissatisfied customer gripes to 11 people. On the other hand, according to author Pete Blackshaw, a satisfied customer tells at least three friends (whereas an angry customer tells 3,000!). Besides, customers whose complaints are satisfactorily resolved often become more bank-loyal than customers who were dissatisfied. Every complaint is a gift if handled well. Companies that encourage disappointed customers to complain and also empower employees to remedy the situation on the spot achieve higher revenues and greater profits than companies that do not have a systematic approach for service failures. A banker should keep in mind that when a customer comes to the banker with a complaint, he bears a discontented and disturbed mind. So, a banker has to listen to a customer’s complaint with full attention and importance. If the complaint can be resolved instantly, e.g., posting yet not done, the banker should manage the customer by showing apology and explaining in a polite and soft tone the cause of deviation and solve the complaint immediately. If it is something that can’t be solved immediately, the banker should note down the problem in writing and must assure the customer that his complaint is the priority of the bank and so it will be brought to the notice of the concerned authority and solved within the shortest time.

Always share some responsibility of others:
Never say to customers “It’s not my job” or “I don’t know it”, etc when assisting customers. If his request is beyond your capability, guide the customer with care and importance to the relevant desk. Ensure customers aren’t bounced between desks for common services like account balance inquiries or assistance with deposit slips or cheques. Provide comprehensive support and assistance promptly to enhance the customer experience and minimize frustration.

Think long term – a customer is for life:
Think long term when dealing with customers. By keeping customers happy, they will be loyal and through word of mouth, will do the marketing for you. Retained customers are more profitable than acquiring new ones. Retained customers also cost less to sell and service. Even when customers are concluding their relationships with your bank, it’s essential to provide them with a sense of charm and respect. Express gratitude for their past business and demonstrate understanding of their decision. Offer assistance and support throughout the transition process, ensuring that their departure is as smooth and pleasant as possible. By treating departing customers with warmth and professionalism, you not only preserve your bank’s reputation but also leave the door open for potential future interactions.

Outshine your competitors:
Ensure that you never cause harm or frustration to a customer. Always keep in mind that you have no alternatives to customers, but your negative service encounter may forward your customers to your alternative competing banks. So, while offering best services, maintain a deep understanding of your competitors and highlight your strengths while addressing competitors’ weaknesses to customers. However, always ensure that the information you provide is accurate and honest, avoiding any false or misleading statements. By focusing on delivering exceptional service and being transparent with customers, you can defend against competitors and surpass their offerings.

Ensure Congenial & Habitable Atmosphere in the Branch:
It’s essential to uphold a congenial and habitable atmosphere within the branch. Ensure that the premises are kept neat and clean, maintaining a tidy and professional appearance. This not only impresses customers but also instills a sense of pride in them regarding their bank’s premises. A clean and organized environment enhances the overall customer experience and fosters a positive perception of the bank.

[Gratitude to Contributors: In crafting this article, I am indebted to the multitude of sources that have informed and enriched the content of this article. I extend sincere gratitude to the authors, researchers, and content creators whose books, articles, and online resources have provided invaluable insights and knowledge. While specific names are not mentioned, their collective contributions have profoundly enriched the substance and depth of this work.]

Writer: Mosharaf Hossian, Senior Principal Officer & Deputy Head, MIS & Research Department, National Bank Limited, Head Office, Dhaka