Relationship Enhancement

Appointment Banking

Personalized and Value-Added Services

Key Finding from the Report:

SYNERGISTICS survey results reveal that few consumers indicate contacting a personal banker or relationship manager when they visit the branch.  Does this point to opportunities in the area of concierge banking programs?

A82 Prop Graphic

Highlights of the Study

This report examines consumers’ usage of and response to the concept of concierge banking including appointment banking or banking on the go, value-added and specialty services, and the role of personal bankers.

National Internet Survey – 1,012 consumers age 18 or older.

Key Dates

August 2015 — Project Report available.

Strategic Questions

  • What is the environment for concierge banking in terms of frequency of branch contact by consumers for both routine and non-routine activities?  Which staff members are typically dealt with – including tellers, customer service representatives, and branch managers?  How extensive are personal banker relationships?
  • To what extent do consumers have value-added services, benefits, and features that come under the umbrella of concierge banking?  What special banking services or benefits do consumers have or see as valuable – such as live 24/7 customer service, better rates on savings and credit services, or access to special investment opportunities?  What types of value-added services are used or seen as valuable – such as travel upgrades and special rewards?
  • To what extent are banking customers involved with formally positioned programs such as concierge banking, private banking, or wealth management?  Are these programs tied to deposit or investment balances, credit card activity, or loan balances?  Are annual fees paid for these programs?  Do some customers perceive that they have special services or benefits as part of their regular banking relationship?
  • What is the potential for expanding formal concierge or private banking programs?  Are customers willing to meet conditions – such as maintaining deposit balances or spending a certain volume on a credit card – to be eligible for these programs?  Is there receptivity to annual fees?
  • What are the primary benefits of concierge banking programs that financial institutions should emphasize to expand the market – such as cost savings, a high degree of personal service, simplification of one’s financial affairs, and advice and recommendations based on a comprehensive financial picture?
  • What potential barriers must be overcome to effectively market concierge banking programs – such as perceptions that it is more cost effective to shop for financial services, it is risky to have most of one’s business with a single provider, it is better to get advice from multiple sources, and one will be subject to sales pressure to open new accounts or services?
  • Is concierge banking a “high end” service that should only be marketed to affluent customers?  Or is there sufficient receptivity in other demographic and behavioral segments to make them appropriate prospects in terms of future relationship growth and expansion?

Research Issues

  • What is concierge banking?  A number of financial services providers are reaching out to their customers with concierge banking programs.  In some instances, the programs are primarily for private bank clients.
  • Checking account packages that offer a wide variety of features are often labeled as concierge banking services. Delivery services or “banking on the go” programs can come under the concierge banking umbrella.  In these programs, the bank literally comes to the customer to open accounts or discuss loan and mortgage options.
  • Going beyond financial or banking services, some banks are using the term literally and are making dinner reservations, securing event tickets and reserving transportation for their customers.  Concierge banking encompasses value-added services that can engage customers and enhance the financial relationship.  What is the consumer perspective regarding concierge banking? What value-added services should be included?  What marketing objectives can concierge banking address?  All of these issues and others will be addressed in this report. [A82]