I recently attended BankThink in September as well as PayThink in October. Nowadays when people discuss how to choose a bank, they typically weigh the pros and cons of small community banks versus large national banks. Community banks have long been known for their emphasis on customer service. But today, they’re finding that their supersized rivals are emulating them.
It recently dawned on me that technology and data are the big drivers in this David and Goliath story, and national banks are finally focusing on the customer. Since data is the catalyst for strengthening the connections between consumers and financial institutions, smaller banks are discovering that they cannot thrive alone on the merit of simply knowing the customer by name.
I would argue that regardless of size, the long-term winners are going to be the banks that reinforce personal interaction and appreciation by tapping into real-time customer identity data. For example, the Whitepages Identity Graph provides customer insight that bankers can utilize to facilitate conversations, cross-verify identity elements and enrich the customer’s profile. Another example is the Pro Reverse Phone API. Using this tool, customer-service call centers can prepopulate fields like name, address and email to reduce the time spent with requisite identity verification, and as a result, place more focus on the customer’s needs. This creates stronger conversations that build solid customer relationships, which is exactly what both types of banks want to grow.
Using data to serve customers is just one of the ways Whitepages Pro helps businesses thrive. Whether you’re in banking or any other industry, the best way to keep a customer is to know how to identify them in real time—and that’s exactly what Pro does.