Banks Turn to Service to Close Consumer Trust Gap

PYMNTS asked business leaders for their take on how to plan for the rest of 2023 and what they are telling their teams to focus on. Doug Brown, president of NCR, says financial institutions have the opportunity to rebuild trust with consumers by offering personalized services.

Amid economic uncertainty, inflation and overall volatility, banks and credit unions have a responsibility to focus on their customers and members and provide them with the tools and resources they need to feel financially secure.

They can achieve this through strategies and initiatives that prioritize consumer needs and help them navigate these challenging times.

Offer Education and Support

Financial literacy programs, online resources and one-on-one consultations with financial advisers are among the most valuable ways financial institutions can offer education and support. By providing consumers with the tools and knowledge they need to make informed decisions, banks and credit unions can help them achieve greater financial security and wellness.

Provide Flexible Solutions

In times of economic uncertainty and volatility, consumers may require more flexibility with their financial services. Banks and credit unions can help by offering flexible loan repayment options, the ability to skip a payment, flexible savings accounts and other customized solutions that meet their individual needs.

Financial institutions can provide the support needed to weather this uncertainty and emerge even stronger by utilizing the data it has about each of their customers or members.

Prioritize Proactive Communications

Effectively and proactively communicating is key to ensuring consumers feel supported and informed during times of economic volatility.

Banks and credit unions should provide regular updates and information to their customers and members about changes in interest rates, inflation, student loan repayment options and other economic factors that may impact their finances. Financial institutions can build trust and help their customers and members feel more financially secure by communicating clearly and proactively.

Enable Digital-first Experiences

As more consumers embrace digital, banks and credit unions must focus on digital transformation to ensure they’re meeting the needs of their customers and members when and where they need them.

This needs to go beyond basic digital banking services and mobile apps to include digital solutions that allow them to properly manage and track their finances. Providing the necessary tools via a digital-first experience, regardless of the channel, enables financial institutions to offer the convenience and flexibility consumers are demanding.

As we push further into 2023, digital continues to grow, trust wanes and economic uncertainty continues to linger, banks and credit unions have a responsibility to help provide financial security and wellness solutions.

And as a FinTech provider, it’s our responsibility to help them do so — keeping the consumer at the forefront of everything we do. By providing education and support, flexible solutions and tools, proactive communications and digital-first experiences, banks and credit unions can help their customers and members navigate and emerge stronger.