Jeff Judy

Jeff's Thoughts - October 17 , 2007

Get Smart About Credit Day . . . For Bankers

Tomorrow has been designated "Get Smart About Credit Day" by the ABA Education Foundation. The idea is that banks and bankers should work to educate their customers (and prospects) about how credit works and how to use it wisely. Smarter customers make better decisions, create less work for you and your colleagues, and are more receptive to options and to open discussions about products and services.

While you're educating your customers -- hopefully, year 'round, not just on this one day -- it wouldn't hurt for you to learn a thing or two from the experience. If you listen to your customers, and respond to their needs -- not for credit itself, but for comprehensible discussions about credit -- you can gain an advantage over your competition.

Ask yourself the following questions:

When you think about being "smart about credit", go beyond reflecting on what your customers should know about credit, and spend more time contemplating what you should know about your customers. The banker who can educate with dignity and anticipate the questions that they don't know how to ask, or are afraid to, is going to turn more prospects into customers, and more new customers into long-term customers.