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Goldman Sachs is changing the traditional banking industry reliant on bank tellers and in-person service. The bank recently launched GS Bank, an online bank that promises a 1.05% APY and requires a minimum deposit of only $1. For a bank with a reputation for wealthy clientele, this shift might have come as a surprising change within its private wealth management arm. GS Bank is an FDIC insured savings bank that evolved from the acquisition of GE...

As much as a positive customer service call can turn a casual customer into a loyal one, a mistake-ridden service call can lose a customer for life. According to Brian Solis, principal analyst at Silicon Valley’s Altimeter Group, the customer experience is becoming more important than the product itself. This makes the quality of the calls all the more vital. Consider the opinion of  Paul Greenberg, author of CRM at the Speed of Light and President of...

In the modern-day financial landscape, consumers and businesses are faced with the decision of choosing between either a bank or a credit union. Right now, credit unions serve a little over 100 million members, which includes 43.7% of the economically active population. The growth has been steady for credit unions, averaging between 2-3 million (roughly 2% of the U.S. population) new members per year for the past fifteen years. Banks and credit unions both come with...

Effective sales pitches are a vital part of any organization’s path to building a loyal customer base and growing its business. The role of the sales team is to generate new business and ensure lead conversion. In fact, in your average organization, 13% of sales representatives bring in 87% of the revenue. That speaks to the importance of effective sales pitches. Anyone who has worked in a call center would be familiar with the plethora of abbreviations...

The banking industry is notoriously competitive. That means financial institutions must offer an array of services at various rates with different levels of convenience and structure. Credit unions and traditional banks each have their pros and cons. After analyzing the value proposition of credit unions vs. banks, a consumer may benefit in switching from one to the other. While there may be some crossover between the advantages of each type of institution, there are few notable...

Over 93% of Americans have some type of financial transactional account, including checking, savings, money market, and call accounts. However, despite desiring a variety of choices in order to make informed decisions for their families and businesses, most Americans choose large national and regional banking institutions for their financial needs. In fact, big banks account for 74.8% of the total financial account market while smaller banking institutions and credit unions account for only 18.2% and 7%,...

Within the last decade, droves of customers have turned to technology to simplify their daily activity. With the touch of a screen, a ride across town is at their disposal with Uber. Consumers can book an overnight room with Airbnb. One swipe right on Tinder and a relationship can blossom. While financial service companies can also use modern tech to improve their customer experience, too many don’t. Optimizing the user experience around financial services is among the...

Is the customer always right? Maybe not, but their thoughts will always be an integral part of improving customer experiences. The Voice of the Customer (VoC) refers to feedback from customers on “their experiences with and expectations for your products or services”, according to survey software company Qualtrics. Feedback is more than just a survey—collecting VoC data is an in-depth process that compiles detailed information that companies can use to improve processes successfully. What components make up...

Gamification in the workplace is all the rage these days, but what exactly is it and can it have any measurable effect on a Key Performance Indicator (KPI)? Especially within the past several years, the term has become one of those ubiquitous buzzwords that tend to pop up all over the place across multiple industries. Gamification, in a business sense, could be described as using gaming techniques to motivate people to reach performance metrics. A closer look...