Banks can spend a lot of money on their own marketing and PR in an attempt to improve customer relationships. However, the best way to improve client relationships is often by making institutional improvements—improvements that coincidentally save the banks money as they strengthen customer relationships.
Paperless statements can save banks money on postage and printing. In addition, many customers love going paperless for these reasons:
- Paperless information is computer-accessible, and therefore, easy to access.
- It's good for the environment.
- It makes less waste in customer homes.
There's a trick to going paperless, however. First, banks that go paperless must ensure that their online security is top-tier. The more information that is made available online, the higher the risk of a security breach.
In addition, banks must leave paper as an option for those customers who want it. While some customers like to have the paper record of their bank transactions on hand at all times, other customers don't trust electronic information to be safe and secure. Offering both gives customers a range of choices to suit their needs.
Update Bank Processing Software
Older bank processing software is often slower and less secure. Banks that update their processing software may enjoy these advantages:
- Fewer security breaches and fraud. Security breaches cost banks money and customers. Newer bank processing software is often more capable of detecting security breaches and avoiding fraud.
- Greater efficiency. Faster systems can lead to lower costs, as banks fit more work into every day.
Overall, these changes can translate to increased customer satisfaction, better customer retention, and lower institutional costs.
Update Building Systems to be More Green
Many customers like knowing that their bank cares about the environment as well as its clients. Building greener offices or upgrading existing banks to be more environmentally friendly is a good way for banks to improve customer perception and strengthen customer relationships, all while saving money on energy costs. Here are a few examples:
- Bathroom improvements. Low flow toilets and low flow faucets use less water.
- HVAC system improvements. Upgrading air conditioner and heater systems decreases the amount of energy used to control the temperature inside bank buildings.
- Window upgrades. Newer windows with double-pane glass help insulate bank buildings to keep the temperatures comfortable.
Not only do these structural improvements strengthen customer relationships (especially if they are sufficiently publicized), they also save banks money in energy and operational costs.