Betting on the right innovation to drive small business adoption

It’s a digital world, and financial institutions are re-calibrating their focus from the digital-first perspective needed to prepare for the change, to a customer-first approach to bring back levels of personal service once had in branches. The self-service world leaves customers craving more personal service and better experiences. Customers want to be heard and their financial needs to be understood. They are aware of the financial problems, but, that does not mean they know how to address said problems. Financial institutions need to create authentic connections with customers and get to the heart of their financial experiences, then they will be equipped to provide financial solutions that matter.

At Autobooks, we leverage the widely proven and successful Jobs-to-be-Done methodology, originally coined by Clayton Christensen and further redefined by Bob Moesta and our very own Chris Spiek. The approach enables financial institutions to make product decisions with more confidence and ease by gaining a deeper understanding of their small business needs and desires. Identifying the job customers are looking to solve leads to providing solutions that help them with these tasks.  

Listening to the customer journey, from first thought to purchase, is instrumental in learning the reasons behind why customers make their decisions and how they prioritize needs. Consider customer retention for instance. The Financial Brand shared top reasons customers might decide to leave including more convenient branch locations, better customer service and online/mobile banking services. Knowing the trade-offs customers are willing to make can help banks and credit unions find practical products that solve these jobs, rather than clamoring for the latest trend.

We have the power to leverage new technology to foster relationships and provide more valuable banking experiences. If financial institutions focus on the customer’s job, not the different types of technologies, then they will be better poised for long-term growth and success. As Lee Wetherington, director of strategic insight for Jack Henry & Associates has said, “technology at best should minimize the mundane and maximize the meaningful.”

In our next blog, we’ll present a job then use our four defined types of small business customers to offer deeper insights. Be sure to follow along as we uncover their common attributes and key values, helping you determine how to meet the needs of small businesses within your community.