Solutions and Services
Many banks are following in the footsteps of Bank of America, by offering free services that will not only help consumers save money, but learn to manage and understand their finances. When Bank of America first rolled out their “Keep The Change” program, it was a huge hit. It not only helped consumers save money effortlessly, but it also brought new customers into the bank. Banks such as Citi Bank offered incentive programs such as a referral bonus, and TD Bank now lets consumers deposit checks from home just by scanning it.
It is great that banks are offering several incentives to their customers, but is that enough? Customers do not just want incentives, they want to know their finances. Banks are well aware that many customers are much more involved in their finances now then a few years ago. With interests rates and fees skyrocketing, it makes sense the people want to micro manage their accounts to avoid penalties. Many banks are also offering better customer services and are making sure the customer knows exactly what they are signing (for example, Bank of America came out with the one pager “Clarity Commitment” form). It is great that banks are doing everything that they can to keep their customers and not hide any information from them. Banks know that their customers are much more knowledgeable about their finance today and instead of trying to make more hidden terms, they are embracing it and accommodating to their needs. This is great news for the future of the customers and the trust they have with where their money is being help. Hopefully other financial institutions begin to follow this trend!