Five Key Challenges for FI's in 2010

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Financial Institutions (FI's) are looking for ways to connect with the consumers they serve. Consumers are becoming more aware and they are expecting a lot more from the FI's that serve them. FI's are facing the challenge of growing their customer / member base in a time when it is so easy for the consumer to walk away. Here are five key challenges faced by FI's that need to be addressed in 2010.

Internet Banking - More consumers need to get onto Internet Banking platforms. FI's need to reduce the amount of 'help' they provide to conusmers. Too much time is spent answering questions and training both employees and consumers on the internet banking platform. FI's are looking for ways to increase awareness of this service, provide easy training, & also encourage their consumer to find the FAQ's themselves.

Social Media Channels - FI's need to have a policy, build a strategy, and come up with a way to measure their social media programs. This is the year to get into social media, and it also the year to keep consumers engaged. Your challenge otherwise is loosing your consumer to others that provide similar services.

Mobile Banking & Messaging - FI's are spending money on getting enabled for mobile. They need to hasten the spread of mobile and look for ways to coax consumers on to this channel. FI's are excited about the impact that mobile can have on one to one messaging yet there are no real plans in place on how to drive revenue through the mobile channel.

Email Marketing - No longer a closet business for FI's - email is now emerging as a crown jewel for many FI's direct marketing programs. This is despite the fact that most FI's used to chastize email marketing as a gateway to phishing. The key difference this year will be on how to engage consumers across channel leveraging the email channel.

ATM Network - An ATM machine used to be a cash dispenser. FI's really need to move beyond basic cash dispensing, generic personalization, and customer service to a state where the ATM is an agent that facilitates real one to one marketing across channel.

The ad above from HDFC Bank is just one small example how this bank is making its ATM's efficient and using the time to serve customers with relevant messages. While their ATM's are incredible, you won't believe what they have been able to do across other channels!

If you want to know more about what an FI should be doing, please send me a note.