In the earlier days of banking, when people just began moving their cash savings out from under their mattresses, everything was simpler. There would be one local bank in your town, and that’s where you would go to get all of your banking needs satisfied. If you happened to live in a larger city, perhaps there would be two or three small banks in your vicinity. But times have changed. In the 21st century of rapid modernization and innovation, banking has become a vastly different animal. From purely digital banks, to boutique banks, to large investment banks, the decision of purchasing financial products is no longer as simple as a stroll down the street to see the offerings of your mom-and-pop retail bank. In fact, according to industry experts, the average American holds six different bank accounts! 
However, even with all of the options out there, why can’t banking still be simple? As a bank, why can’t you offer customers all of the products they need to streamline their banking experience? Why do customers still choose to look elsewhere?
We’ve dug into the literature and collected the three primary reasons customers choose to hold financial products with separate banks:
- Psychological- It’s often easier for people to save money when they keep their checking and savings accounts at separate banks. 
- Quest for the best deal - Attracted by special introductory rates, people may go to different banks for new financial products without fully understanding the strings attached.
- Separating accounts by purpose- People opening small business or saving up for college or retirement may choose to keep those aspects of their finances separate. 
As a bank, if you want to retain customers and effectively cross-sell, you need to be cognizant of your customers’ reservations and sensitive to their needs. With an interview, it’s very easy to directly ask your customers to identify their concerns about consolidating their banking, and then based on the information gathered, retarget your campaigns to assuage their concerns. Your customers are concerned about being tempted to dip into their savings? Perhaps they would be interested in exploring CDs. Another bank offered them a credit card with lower APRs? Perhaps explore a matching program, or demonstrate to the customer that you can offer them a comparable deal at your institution.
The point is, in order to build loyalty, you need to listen to what your customers want and show them that you can provide products to satisfy their needs, and interview marketing provides just the right tool for achieving that. With the ability to directly contact customers and inquire about their needs, you can offer highly personalized banking experiences that increase customer loyalty.
If you’d like to learn more about how to interview your customers, get in touch with us, we’d love to show you how!