No matter how great your products and services are, if they don’t meet the needs and expectations of your target customers, they won’t sell. That’s why businesses invest time, money, and effort into identifying, understanding, and accommodating customer needs. It’s an essential and ongoing practice that changes as society evolves. Unfortunately, accomplishing this goal isn’t always straightforward, especially for industries such as banking.
Internal And External Challenges
Legislation, reduced margins, shareholder and investor demands, high competition, and even monetary gain can often inhibit a bank’s ability to meet the expectations of its customers. Some of the nation’s biggest financial institutions have a reputation for being money-hungry establishments that are only beneficial to the elite. As a result, there is a strain on the bank-to-consumer relationship.
Luckily, fintech agencies like ONE are making a positive impact.
ONE is a fintech company that offers comprehensive digital banking solutions through secure, easy-to-use platforms. Founded in 2019 in Sacramento, CA, ONE prides itself on simplifying finances for everyday consumers. ONE recognizes the needs of banking customers and ultimately produces products and services that far exceed their expectations.
Giving Customers What They Want (And More)
How is ONE making headway in improving customer relationships with the banking industry? They’ve identified consumer needs and supplied innovative solutions. Let’s take a closer look.
The average person is too busy to add bank visits to their schedule. However, most consumers conduct financial transactions throughout the day. Therefore, banking customers prefer agencies that provide 24/7 access to their financial accounts.
ONE customers can access their accounts anytime, anywhere, online, or through the mobile application (available for Android and Apple devices). All data is secured by the platform’s 256-bit AES encryption and account access is granted through everything from passwords to facial recognition.
While most banks offer online accounts and 24/7 access, not all establishments provide internet-exclusive services. For instance, some banks require you to visit a brick-and-mortar location if you need to cash or deposit a physical check. However, most people work during traditional banking hours.
ONE is an internet-exclusive bank, meaning customers can complete everything online by accessing ONE’s website or mobile app. You can set up direct deposit, open new accounts, schedule transfers, pay bills, and deposit physical checks whenever the need arises.
Bank frees that add up over time can be an increasing challenge for everyday consumers. Losing several hundred dollars a year on bank charges and fees can provide a big hit to budgets and savings goals. Many banks charge customers for minimum balances, maintenance, overdrafts, ATM usage, wire transfers, and more. Not to mention, these same institutions often offer very little interest on their savings accounts. Ultimately, customers spend big amounts of money and get pennies on the dollar in return.
ONE understands the need to keep as much money as possible. That’s why they offer zero-fee opportunities. ONE customers don’t pay for minimum deposits, monthly balances, maintenance fees, wire transfers, or foreign transactions. Customers can also avoid ATM Fees and receive overdraft protection, if needed.
That’s not all! ONE also offers Save and Auto-Save features that allow customers to earn between 1.00% and 3.00% APY. That’s more than ten times some traditional banks offer, which enables customers to reach savings goals faster.
Banks should be more than institutions that store money; they should also be financial resources. While offering loans and credit cards is one way banks do this, these solutions can become a challenge to consumers if they aren’t handled properly. If a customer takes out a loan that they can’t afford, it will eventually become a debt that accumulates interest, late fees, and other charges that can reduce their income and ruin their credit.
ONE wants its customers to win. That’s why they offer resources called Pockets that help consumers develop healthy spending, saving, and budgeting habits. These sub-accounts can be customized to match household budgets. You can create a Pocket for every expense you have and divide your paycheck by the Pockets to ensure you have the means to cover them.
Tools like Pockets help consumers stick to their budgets, reduce wasteful spending, and increase their savings. This allows customers to stay on top of their money and reach their financial goals.
When it comes down to it, today’s consumers require more from their banks. They want 24/7 access to their finances on secure platforms, digital services that eliminate the need for in-person visits, fewer fees, better returns on their investments, and resources to achieve financial wellness. ONE provides comprehensive products and services that exceed expectations. Check out the website to learn more.
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