EMV is Here: Tips & Tricks You Need to Know

October 7, 2015
/   Insights

The EMV (Europay, MasterCard, Visa) shift went into effect on October 1, 2015 and a majority of large retailers and merchants have upgraded POS terminals to accept EMV chip cards. Despite this new mandate,...

FI Highlight: BankMobile

October 2, 2015
/   Spotlight

Financial institutions that aren’t developing and catering to the wants and needs of younger demographics are missing out on huge opportunities for growth. Luvleen Sidhu, Chief Strategy and Marketing Officer at BankMobile, spoke with...

EMV Liability Shift: Are You Ready?

September 28, 2015

The talking is nearly over for the US payments industry as October 1st sees the all-important EMV liability shift. Chip cards are being issued to consumers and merchants are upgrading their point of sale...

The 5 Most Dangerous Mobile Banking Habits

September 14, 2015
/   Voices

Mobile banking grows more ubiquitous every year. 52 percent of smartphone owners with a bank account use mobile banking, according to the Federal Reserve, and more than half of users log in at least...

The Case for CSR

September 7, 2015

The demise of a New York City law shouldn’t stop good works

FI Highlight: Nusenda Credit Union

September 1, 2015
/   Spotlight

While it is important for banks and credit unions to consider the needs of consumers, it’s also important for FIs to take employee needs into consideration as well. Michelle Dearholt, SVP of Human Resources at Nusenda...

Is a .bank Domain Right for Your Bank?

August 28, 2015
/   Voices

With the general availability of the .bank registry under way, more than 5,500 applications from over 2,200 banks have already taken place, according to fTLD Registry Services.

Can Smartphones Solve ATM Skimming

/   Insights

ATM skimming remains a big business for organized crime rings. According to a recent article in ATMMarketplace.com, card skimming accounted for more than $2 billion in losses. One new approach that banks are exploring...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the Banking.com team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom. Mobile Thursday? Plans for Thanksgiving...

Want to woo consumers? Time to fluff up the psychologist’s couch.

More and more professionals in the financial industry are finding that tips and tricks from that old Psych 101 class hold true when it comes to working with consumers and customers.

Think about it: Consumer behavior is a term that describes how consumers think, feel and react. Psychology is a discipline that seeks to understand behaviors. So, it makes perfect sense that psychological techniques are redefining the way financial industry professionals are understanding and influencing consumer motivations. In fact, there’s an entire profession dedicated to the merging of the two fields, called consumer psychologist.

If you’re interested in becoming a financial consumer psychologist and bringing a little behaviorism into your career, read on, and learn more about leveraging your inner Freud:

  • Be likable. This dates back to playground psychology. If someone feels comfortable around you, they’re more willing to interact with you. Let your customers and clients know you value their opinions and input. Take extra steps to make them feel at ease when you’re discussing financial matters. Be responsive and model the type of respectful behavior you hope for from them. Men and women who feel a genuine connection will share much more than those who don’t. And, the more they share, the more you learn.
  • Listen more than you talk. Whether moderating a group or taking a survey to get a better understanding of a person’s assets, it’s important to remember that it’s not about asking a ton of questions. Rather, it’s about asking the right questions. And, in turn, really listening to what your client has to say. It’s a timeless fact: if someone feels heard, he or she is motivated to continue sharing.
  • Look beyond the surface. In addition to actively listening to what clients say, it’s at least as important to notice what they don’t say. There is some information that consumers choose not to share, and there’s information that they are unable to share because they aren’t consciously aware of it or struggle to articulate it (purchase considerations and routine behaviors often fall into this latter category). Recognizing the “holes” in client feedback and knowing when and where to dig deeper helps put the details they do share into a broader context, while creating a more complete tapestry of their colorful story.

It doesn’t take a degree in psychology to learn how to get your banking, credit union and financial clients to open up. Rather, it takes good communication and listening skills along with a hearty dose of common sense. By connecting with consumers, you’ll not only learn more about the clients you work with, you’ll leave a lasting impression they’ll take with them.

Brian Fletcher is VP Consumer Services with Insights in Marketing.   Insights in Marketing (IIM), a research-based marketing consultancy that helps clients develop the most complete picture of their target audience so they can build emotional and lasting connections with them. Fore more information about Brian and Insights in Marketing visit http://www.insightsinmarketing.com.




Banking.com’s perspective on industry news and trends



Must-read news and insights from financial industry leaders



Compelling voices and contributed content from around the web

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp


Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.