Banking on Buzzwords

While the banking and financial market can sometimes be a complicated, sophisticated world to understand, it makes a huge difference once you grasp important terminology within it. To help break this down, here are some important buzz words to help you navigate.

Cadence 
It’s such a fancy word – and rather fun to say, too, isn’t it?  But if you look up the definition, you’ll be utterly confused as to why we decided to write about it in this edition of our Financial Solutions blog.

Here’s why: Cadence has become a popular term to describe the sequence of contacts made in relationship building – whether for sales, fundraising, or yes, even banking.

Organizations of all sizes have been doing follow-up staging like this for decades either by phone, postal mail, or email – or a combination of all. The fact is that current technology has allowed us to better understand what happens on the recipient’s end with sophisticated tracking capabilities which make practically every aspect measurable.

Through finely tuned cadence, banks and credit unions have the opportunity to relate to customers and members in personalized and timely ways.  Phone calls, mail and email become more individualized with each interaction and mean new members and customers each feel valued and an integral part of your financial institution’s business model.

Many steps in a cadence are automated for efficiency, productivity, and cost savings.  And there are many different ways to structure a stream of communication that best suits your bank’s or credit union’s particular strategy.

On-boarding
This buzz word describes a series of communications specifically for acquiring new customers or members (maybe even through geo-targeting – another buzz word, which refers to the practice of providing user content based on geographic location), deepening those relationships quickly to develop a sense of loyalty and, well, warm fuzzies.

Truthfully, those warm fuzzies that turn into real-live responses in terms of new accounts, more services purchased, or helpful feedback make for really exciting analyses and reports. Anyone who is looking to improve their customer relationships and experiences will value the structure and discipline that sequenced communications provide.

You may feel stonewalled by such a daunting task of knowing you need to improve customer and member communications, but not knowing how to start.  That’s where ASB can come to your rescue – we’re armed and ready to work alongside your team to develop the best series for your particular needs.

Just call us at 800.721.7135 or click here to schedule a brief meeting with our team and together we will Attack it. Simplify it. Build it.