How a Texas bank protects its senior-citizen customers with common sense and commitment.
Scams aimed at vulnerable, trusting seniors seem to be a common practice among criminals these days. Robberies once committed at banks with ski masks and pistols have been replaced by cybercrime.
We’ve spent a good deal of time of late chatting about Millennials. No doubt, the discussions are justified given the growth of the Millennial population.
But like churches, retail stores and restaurants, it seems we’ve forgotten about the most loyal segment of a community bank’s customer base, those folks 50-and-above.
A 2015 piece on the American Bankers Association Bank Marketing site by Lane Crosby reminded us of the importance of seniors and that a banker’s most valuable tools are a watchful eye and common sense. (The story also reminded us of one of the strengths of Main Street financial institutions, the power of knowing your customer).
A senior customer approached a teller window at First Financial Bank, N.A., in Abilene and asked for a $4,500 cashier’s check, drawn against a previous day’s deposit. After asking some basic questions, the teller learned from the customer that she had received correspondence saying that she would receive a large cash prize if she sent the $4,500 to the sender.
The teller told the customer that it sounded like a scam and that other customers had received similar correspondence outlining the fraud. And, the teller informed her customer that the previous day’s deposit was not available for withdrawal, because a hold had been placed on the funds, a common practice for large deposits.
Because the teller became a watchdog, the woman was saved from a scam. For First Financial, thanks to a commitment to proactively expose and prevent financial scams, the incident was just another day at the office. At the end of 2015, the bank had prevented more than $1 million in customer losses. First Financial’s Financial Exploitation Education Program was so successful, it was honored in 2015 with the ABA Community Commitment Award for its protection of seniors.
How did First Financial become an alert financial watchdog for its seniors? Here are some points to ponder from American Bankers Association Bank Marketing:
- Employee training and executive support: The bank developed a comprehensive, proactive strategy, and trained its employees at every level. The bank also developed a financial education strategy along with easy-to-understand materials.
- Community education: The bank offers workshops that include 15 to 20 minutes on how to protect against fraud, as well as a Q-and-A session. And, bank personnel speak regularly to church and civic groups and at places where seniors gather.
- Social media: The bank posts regularly on Facebook, Twitter, YouTube and through email about consumer fraud protection and updates on scams targeting the elderly. It’s important to note, too, that since many elderly customers still read newspapers, the bank has strategically placed print ads and press releases on its anti-fraud initiative.
- Partnerships: The bank has established partnership with local law enforcement and social service agencies and can connect directly with financial fraud investigators in an instance like the one described above.
- And last, employee recognition. Through its Fraud Busters, a diligent watchdog employee is recognized company wide, and his/her actions to prevent fraud are outlined. Recognizing this work, even simply, encourages your team to “buy in”.
What does this have to do with marketing your bank? Plenty. Trumpeting initiatives like this and heading off scams before seniors take a big financial hit clearly communicated the great strength of a community bank or credit union – that it truly cares about its customers and puts muscle and mind behind its words.
And, when a parent, grandparent, aunt or uncle is protected by the bank, it can win customers for generations. It’s a kindness and diligence that won’t be forgotten.
Read the entire article HERE:
Is your bank or credit union doing anything innovative with senior citizens. We would love to hear about it.
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Here’s another article on banks that are “doing good” in their community.
