April 28, 2017 | In the Media

Old-school fixes for modern problems at asian-american banks

Old-school fixes for modern problems at asian-american banks

Asian-American banks are turning to old-fashioned relationship-building to attract new customers and keep from losing old ones — and in the process offering a lesson to Main Street bankers everywhere about meeting similar challenges.The Asian-American banks are competing with bigger banks to hold on to their customer bases, said Ken Siegman, senior director for the consulting firm West Monroe.

They are “finding in second- and third-generation members of families, it’s not as important to them to have branch walk-in that is serviced and spoken in their native language … as it was for their parents,” Siegman said. “And so the banks are all seeing a lot of difficulty both in attracting as well as retaining a younger clientele.”

Part of the problem has been their failure to sufficiently invest in digital and customer-engagement technology, Siegman said. People in their 30s and 40s have decided “these banks don’t meet their needs,” he said. 

To read the entire article, please visit the American Banker web site (registration required). 

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