To put it simply — good luck with that.
Look around. Have you seen the dizzying array of choices available to consumers these days? Many restaurants offer all multiple-page menus and above-counter displays of meal choices that could confuse a supercomputer. There are ten different commercials on television for every kind of service imaginable on the rapidly growing number of cable channels. And don’t even get me going about online advertising, including emails and sponsored social media posts.
Your bank or credit union will never profit from consumer confusion. What will work? Simplification.
People attach a great deal of emotion to their financial state of affairs. The last thing any of them want, rich or poor, great financial planners or monetary flops, is confusion over their money. It is your job as the bank or credit of choice to make interaction as simple as possible.
How can you go about this? Consider a few of the following quick-read options.
- Don’t suck. Sound goofy? This comes from Simple Bank founder Josh Reich who said “By not sucking, we will win.”
- Streamline the number of product and service choices. Gone are the days when people would read your list of ten different checking account options. Knock it down to two or three and make it easy for people.
- Reduce disclosure clutter. Yes, there are legalities you must communicated. But does it need to take twenty pages? Can you simplify your disclosures to one-page documents?
- Review your website. Is it so crammed with text that it looks like someone just scanned a brochure and posted it online? Is the structure and navigation confusing? If so, look for ways to streamline. Cut the copy. Use photos and illustrative graphics. Make it easier for people to read.
- Think about your processes. How many steps does it take for a consumer to get a loan? Or even open a checking account? Can they do most of these things online, through your digital channels? Or do they have to come into the office for certain things?
There are a lot of consumer choices out there these days. It is difficult for consumers to dig through the clutter until they find something to work for them. Take steps now to ensure that your bank or credit union is as simple as possible and doesn’t set off on a doomed path of trying to profit from consumer confusion.