The Power of Relationship Banking
Have you ever heard of “The Coastal Difference”? At Coastal, we believe that a big part of it is relationship banking, which is about building a personal connection with customers.
Jon Stewart, Coastal Community Bank Team Leader, explained that although it’s no longer necessary to visit a branch to complete most banking transactions, relationship banking provides a benefit to customers absent of the brick-and-mortar.
“When it comes to transacting within a bank branch, do you really NEED to go?” Stewart said. “Of course not. In this digital age, we can do most things wherever we are with our mobile phones or computers. Which makes relationship banking even more crucial for customers.”
“Banks, and more specifically ‘relationship banking,’ is key to having more peace in your life,” Stewart said. “I can’t tell you how often I hear questions about the market, how the rate environment will impact people personally, and curiosity about what others are doing in the same position. I pay attention to these things, so you (the client) don’t have to. Customers trust me to provide them insights and perspectives relative to their situations.”
He continued, “You still need to pay attention, but having someone who understands your account relationship, asks about your family and vacations, and understands your financial goals can bring peace of mind. You matter, and being taken care of still counts. That’s why going to the Bank or calling your banker is still a good idea.”
Banks prioritizing relationship banking typically have a more customer-focused approach, including personalized service, more flexible terms and conditions, and a greater willingness to work with customers to find solutions to their financial needs.
Relationship Banking Benefits
- Personalized service: Bankers who understand a customer’s unique financial needs can result in more efficient and effective financial management and service.
- Trust and loyalty: When a banker forms a personal relationship with a customer, the banker can build trust and loyalty for both parties, which leads to more collaboration.
- Risk management: Relationship banking allows bankers to better understand the financial situation of their customers, which can help them manage risk more effectively. Risk management can be vital for businesses, as banks can help identify potential financial challenges and develop strategies to mitigate them.
- Tailored products: Relationship banking allows bankers to identify the financial needs of their customers and offers additional products and services to meet those needs and provide more value.
Relationships matter in life and certainly in banking. We’re always here to talk!