Let’s Make Financial Investments Attractive (financial Institutions)

Eric Worlali Domie

One does not just decide to invest. Ideally, a need or a want will trigger a decision to start an investment. Usually, investors will start by understanding the desired investment package and how the package can affect returns positively. Financial Investment usually is an asset or item acquired with the goal to generate income or appreciate at some point in the future.

Globally, investors now are keen on understanding the Financial markets, products, and institutions they are dealing with due to several uncertainties that have accentuated Financial Markets. For instance, between August 2017 and January 2020, the Bank of Ghana under the leadership of Dr. Ernest Addison, revoked the license of some Financial Institutions due to undercapitalization, bad risk management, and funds embezzlement, questionable license process, and obtaining a license under false pretense, etc.

Customers of these institutions were and are bitter, angry, and disappointed because regulators and other functional units were “asleep” on duty. Questions like these kept haunting clients: why collapse now? Why come this far to dictate these wrongs? Are systems not in place to monitor and alert quickly?

Government deployed various systems to investigate & pay back funds to respective customers. Confidently, government assured a smooth payback period and in fact has paid a number of these customers already.

I think Financial Institutions need to be obsessed with how to regain confidence and trust to meet the needs of these customers and ultimately retain them.

Financial market according to Investopedia refers broadly to any marketplace where the trading of securities occurs, including the stock market, bond market, forex market, and derivatives market, among others. Financial markets play a vital role in facilitating the smooth operation of capitalist economies (free market) by allocating resources and creating liquidity for businesses and entrepreneurs.

Financial Institutions must always be ready to deliver the best of services to their customers. Customers are becoming sophisticated and informed. I have had calls from several people indicating directly the reason why they will not invest with Bank A or Bank B. The reasons are alike and simple- they are not being treated well and sometimes taken for granted.

I REFUSE TO UNDERSTAND why a Financial Institution will go all out to design a product, which probably took several months to manifest, employ technical hands to work on its quality and efficiency, invest in marketing and sales only to take the end-users of these products for granted. I refuse to understand why.

A customer:

• must not be chasing Financial Institutions for their account statement and balance. No. It shouldn’t happen.
• must not be calling contact numbers provided by Financial Institutions repeatedly without answer during working hours. No, it must never happen
• must not be seen walking to and fro in banking hall confused and not certain where or which desk to move to. This should never happen.
• must and always be the number 1 priority immediately they enter the banking hall. Every staff whether front or back office must understand this.
• Directional signs or posters in and around the Financial Institutions must be accurate and straight to the point.

Also, information on Financial Products must always be handy and readily available anytime a customer walks in and demands it.

Look, customers are gradually understanding the Financial Field and would do anything/everything possible to make sure their Hard-Earned Money is protected, invested well, and guaranteed agreed returns.

Note, the Innovation in this sector is not to increase client numbers but to provide the best of service to make customers happy, get them to stay, and recommend investment packages to their family and friends. Innovation will certainly bring more prospective customers and maintain existing customers but that shouldn’t be the focus.

Clients will always come back if they are treated well.

I remember being posted to another branch as a reliever in another town for 2 months. My motivation was to leave a legacy and make an impact on every client because I understood the role customers play in every institution. One of the clients I served happens to have families in the UK and USA. The good news is we have created accounts for all his families in and outside Ghana. And I’m still counting because he recently called and asked, we create one for a friend in the UK.

Look, I can give you countless examples of how some of the approaches shared have helped me leave lasting satisfaction on my clients faces.

Know Financial Institutions can eradicate poverty, provide financial opportunities & solutions to the world

ALONE. We can only do that collectively and by helping each other as (Financial Institution).

I am not saying provide your Marketing Strategy to the world. What I am saying is, “your bank” cannot do it alone, mine cannot But Together we can help these clients by making Financial Investments attractive.

Thank you for reading, I would love to hear from you.

Contact

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