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With growth as its starting point and consistent aim, Amazon’s concept of business has been remarkably successful. In a recent article for Banking Exchange, author Derek Corcoran details some lessons that retail banks can learn from Amazon’s growth strategy.

  1. Don’t look for one-size-fits-all solutions. Your customers’ opinions are varied—so provide a variety of features and experiences to cater to a number of different preferences.
  2. Develop your bank’s ability for lead generation and nurturing. For example, be sure to follow up on applications that are partially filled out but not completed. Just because a prospective customer ran out of time at that moment doesn’t mean that the lead is dead.
  3. Seek ways to better your customers’ experience. Consider what changes you can make to your front-facing bank system to make the customer experience easier or better. Give different changes a try—if they work well, keep them; if they don’t, try something new.

Applying these lessons from Amazon’s remarkable success will make your customers’ experience smoother and more personalized. For more details, read the article in full at Banking Exchange.