number of consumers who engage in online banking who start doubting whether it is a wise and rational approach to managing and earning money or not. In the meantime, the number of checks that customers write and issue is decreasing on a steady basis, while the number of prepaid debit cards being issued and used in transactions is growing exponentially. Such trends illustrate that our marketplace is rapidly evolving, and consumer preferences are most likely to alter the way financial services providers compete in the future.should be noted that trust and loyalty go together, since those clients who experience a certain lack of trust they can not really be loyal to your company, thus meaning that it would be challenging to expect word of mouth activities or any other positive feedback about your company. At this point, having discussed the issues of customer trust and loyalty, we can now talk about relationship building process.
2.7 Relationship Building
mentioned earlier, no trust and loyalty means no effective and efficient business. Therefore, it is a prudent decision to approach the process of relationship building strategically. Financial services companies generally engage in customer relationship building in the following way: reputation and networking: professional and consultants can benefit from appropriate networking, whilst attending special events and promoting their company in a subtle, inexplicit way. Building rapport prior to conducting cold calls is a very effective tool, since the potential acquaintance could become potential clients. Other examples could be professional acquaintances, prospective and existing customers, referrals through clients that are satisfied with the services provided. In fact, some clients may introduce many names to financial advisers to take care of. It is also essential to add value to the relationship, since hoping that someone will remember you just like that because you engaged in a conversation during a networking event is ultimately pointless. Professionals usually send a nice to meet you e-mail to let the other party know that they are well remembered; it is also crucial to reinforce yourself, by elaborating on the discussion you had had during the event. Hence, the more value added, the bigger the chance that the contact will pay off. It should be noted that oftentimes how you begin interacting with your potential client would define the future of your professional relationship. Networking is a long-term investment, after allmunication: peculiar aspect to take into account when making acquaintances and potential clients is the fact that they are seldom and rarely interested or experience a need in what financial professionals could potentially offer them. Needless to say, that is the reason why it is imperative to keep a connection warm from the very start and financial advisors should and usually do remind about themselves since it would be already irrational to remind of their presence when the trail becomes cold once again. That way the communication is kept in a professional fashion, and once prospects experience a need in securing their finances - they will most likely remember about the financial professional, which is also one important stage in healthy relationship building process.mail marketing and telephone calls, and face-to-face meetings: of the most frequently used tools in financial services is E-mail marketing and telephone calls. Coherent and intelligent, you-oriented e-mails keep relationships strong and сan even make them flourish. Giving away some free insight on latest services or financial products as well as general pieces of advice is a way to show your professionalism in a genuine way. Regular e-mails to both prospective and existing clients about novelties and relevant things that are related to their personal situation will show them how caring financial professionals are and is a solid way to establish rapport. E-mail marketing is a cost-effective and easy way to stay on customers 'minds, build their confidence in your expertise, and retain them. E-mail marketing is also a cost-effective solution. Should it be done appropriately, it can even be viral: contacts, customers and existing clients who find what their providers do is interesting, valuable, and useful and are generally content with the services will forward their e-mail messages or newsletters to other people , just like word of mouth marketing, albeit in the virtual context.for the telephone calls, when it comes to relationship building, that should be warm calls. Cold calls are appropriate when building up a client base from scratch, which is not the case for sustaining healthy business relationship. Sometimes, such telephone calls are made for informing existing clients on the new beneficial plans and financial products (the message contains similar content to that of the e-mai...
