Pub. 11 2020 Issue 2

www.wvbankers.org 16 West Virginia Banker What have been some of the major challenges in cre- ating a balance in customer branch and digital-based transactions? One important aspect is not to pretend we know what our customers want. By whatever means available, it’s important to understand trends in order to determine the best strategy. Timing is critical. Being way too early or way too late to adjust to customer preferences can have a dramatic impact on the success of new channels or services. There isn’t a formula, which is why information and market knowledge is so impor- tant. If we’re all sort of guessing, but missing by a lot, guesses risk damage to what’s working well. Even worse, bad guesses can erode corporate and market identity. Again, making sure branch and other employees understand they are the most important service channel, and what truly dis- tinguishes City in the eyes of the customer, remains paramount. What changes do you see on the horizon for retail banking in the next five years? It’s hard to say. My guess is that for community banks in particu- lar, it’ll be much of the same. Finding the appropriate balance between investing in alternate channels, while continuing to invest in the education and professional development of the Reach your customers with print. To advertise in this magazine, contact us today. 801.676.9722 | 855.747.4003 thenewslinkgroup.org Magazines are the perfect tool to entice and hold your members’ attention. employees to ensure they are prepared to be the best resource for their customers, will remain a primary objective. What advice would you give your peers? Communicate openly and often, and don’t make assumptions about whether or not the message is received as intended. Trust that people generally care and want to do a good job, if they understand why the details are important. Sometimes it’s as simple as “what’s in it for me” (or them in this case) and that’s fine; I suggest having a good answer. Also, people want and need feedback and accountability to feel valued; they have to first know the expectations and understand where they fit. If what you’re asking stifles individuality and misuses your talent pool, it’s time to rethink the message. Framework is essential, but boxing people in and asking them to be something they’re not, is a death sentence. From purely a strategic business perspective, the customer drives the bus, which isn’t new, I realize. But banks can no longer dictate what products or channels customers get to use. While different sizes and types of markets adopt new ways to bank at different paces, people are people. And that means being proactive and sometimes making sizable invest- ments in things that might not fit the traditional model that has worked for so many banks, for so long.   City National Bank Continued from Page 15