Today’s world of instant gratification is driving a paradigm shift of customer service for financial institutions, where expectations are formed by firms like Apple, Zappos, Disney and Southwest Airlines.
Consumer expectations are being formed by service experiences outside of the financial services industry, where content, interactions, and features are rich, delivering an engaging and rewarding experience.
We are experiencing a customer service paradigm shift. Unlike any other time in history, today’s informed consumer is in the driver’s seat and holds the power to buy or not buy from a business depending on their experience with a product or service. Consumer expectations are shaped by the customer service they encounter across all industries, and they are accustomed to intuitive and easy to use products, positive human and virtual interactions, and getting what they want when they want it.
Best-in-class bank and credit union onboarding goes beyond just a mailing or a phone call. To drive engagement with new customers, offline and online channels must be optimized in a sequence and cadence of touches that reduces attrition and improves profitability.
To compete effectively in the Age of the Customer —a 20-year business cycle in which consumers have unprecedented real-time access to information and social sharing— it’s time for a new playbook. By using effective strategies to identify sources of dissatisfaction early on, and communicating how and when it matters most, your company can turn disgruntled customers into loyal advocates of your brand.
Consider these proven strategies for resolving pain Points:
As customers continue to change their channel usage patterns, banks and credit unions must focus on delivering a consistent and seamless experience across various touch points. More than just a buzzword, omnichannel banking is an opportunity to deliver bottom line results by gaining insight into customer’s channel preferences and behavior.
There is only one boss. The customer.
And he can fire everyone from the Chairman down, simply by spending his money somewhere else.
(Sam Walton, 1977)
A customer-centric focus is not a new concept in business. Over the years, many companies have talked how ‘the customer the king’ or that ‘the customer is always right’.
Read more at Finextra
Is There A Chief Renewals Officer In Your Future?
“When in doubt, mumble. When in trouble, delegate. When in charge, ponder.” -James Boren Let’s talk about the multi-channel experience we’re all designing. As we get deeper into the world of branch/Internet/mobile delivery, a very clear planning tenet has been the development of a “seamless, consistent, easy cross-channel experience.” Perfectly valid. Nobody who lives in all of these channels will accept anything but easy. We already know that. – See more at: http://www.gonzobanker.com/2014/03/what-would-jeff-and-steve-say/#sthash.HkvsolSI.dpuf
EY (is it not called Ernst & Young anymore?) released its 2014 Global Consumer Banking Survey recently. For a better review of it than I’ll provide here, see the summary on The Financial Brand, or download the report directly.
The report goes to some lengths to establish the connection between the level of trust consumers have in their banks and their intentions to refer their banks, as well as to open new accounts.