A big differentiator for me is online banking and bill pay. Simple tools that most banks have, but most are wildly inadequate. U.S. Bank has one of the best online banking tools around. And now that we have our pay checks and bills on automatic pilot, it would be extremely difficult for us to consider moving our finances to another bank.

Banks need to go a step further though. They need to create financial management tools that help their customers better understand their finances. Budgeting and savings tools would be a great first step. Help me understand how I could save and budget better. Help me understand where my money is going. Show me that I’m spending too much money on Starbucks and gas. Give me tools that help me automatically save money for Timmy’s college, Sally’s braces and our retirement account–before I spend it. Creating simple financial management tools that help people better understand and manage their money would increase their loyalty and trust.

Don’t stop there. Banks need to get involved in communities centered around their customers needs. They’ll need to tap into Web 2.0 technologies, and participate in the conversations that are already happening. Wells Fargo has a great blog about that helps college students manage their debt: http://blog.wellsfargo.com/studentloandown/. Bank of America has a great online community for small businesses http://smallbusinessonlinecommunity.bankofamerica.com/index.jspa.

These online social environments help facilitate a dialogue with their customers. And if banks are honestly listening, they’ll gain access to a wealth of new ideas and create stronger relationships. These days, in order for banks to get back to basics and continue to grow responsibly, they’ll need to invest in technology–both in-branch and online. Banks will need to use technology to empower their customers and have more authentic conversations with them.