In or Out -- Communication is the Key

So I was talking to a girlfriend about how we each work through little everyday issues with our spouses – you know, do you gripe when he leaves the toilet seat up, or when you disagree about whose turn it is to unload the dishwasher, etc. My friend was telling me that she and her husband communicate with each other proactively and don’t let things fester.

I had to admit that my spouse and I tend to be more head in the sand folks when it comes to problem resolution. We tend to pretend everything is roses and sunshine until the inevitable blow out where we clear the air and end up not speaking for a few days. But, that’s a topic to save for marital counseling somewhere down the road.

But speaking of communication . . . I think banks need to look at their communication styles with their customers right now. Are you burying your head in the sand, proceeding with business as usual and waiting for the storm to blow over? Not the best way to build a long term relationship with your customers, even I have to admit.

I troll community bank sites regularly and have seen some examples of banks that are doing a great job of communicating with their customers about the current economic climate and their position. I particularly applaud those banks being proactive in communicating their position on the TARP Capital Purchase Program.

Whether taking the money or not, the important part is that you share where you stand and explain your position. Here are two examples of banks that have done a good job letting customers know where they are and why:

• Arvest Bank – promotes its decision not to seek TARP funds because they are unnecessary
• Citizens Community Bank – explains how it has used TARP funds to provide loans in the community
  

These are just two examples I have found. I know there are tons more out there. Comment and let us know what your bank has done on this issue.

My main point -- Don’t take a reactive stance on this issue. You need to do more than arm a few managers and key frontline staff with talking points for customer inquiries. Only a handful of concerned customers will actually come to you and ask questions.

The majority will assume the worst and move their accounts without ever giving you a chance to explain. And, unlike spouses, you can’t give them a shoulder massage and expect to get back into their good graces tomorrow.

Deanna