Applying the feedback loop to payment innovations.

• Author: Motley, L. Biff
• Position: Customer Satisfaction

As we approach the end of the year, it is wise to think about the significant changes which have take place this year and how riley will impact the coming year. One of these certainly has to be the adoption of new payments devices by our customers, both commercial and consumer. The quickening migration to online banking, debit cards, payroll cards, ARCs (accounts receivable conversions), Check 21 substitute checks, and others are thrilling some folks and confounding others.

As with anything new, it is well to put it into the problem-solution feedback loop. This involves determining, lust, whether you have a problem; and if so, how big the problem may be. Next, you want to develop a solution, and -lastly, you'll want to monitor your solution to make sure it is working the way you intended. This is simple and basic, but rarely actually practiced. In this case of changing payments practices, however, bankers would be well advised to put this intelligent loop into practice.

What customers really think

First, what do your clients think of the new payments concepts. Are you offering them? Do your customers use them? Do they like them? At our bank we are finding that generally our most valued clients are adopting them sooner and like them better -than the general population. We are "also finding that some clients am annoyed by those over which they have no control. One woman in particular demanded that we stop our ARCs and return the check she wrote to AT&T. The substitute checks spawned by Check 21 am bound to be having similarly annoying consequences.

What is important here is to put your finger on your clients' collective pulse and make sure you know what's working and what needs attention.

When you do this, whether through...