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.
Once banks crack the code on how to deliver a better experience to customers, they will position themselves to seize phenomenal opportunities to engage with customers.
As banks look for new revenue opportunities, they have to focus on existing customers because new ones are hard to come by. But even trying to increase business with the existing base is a big challenge because banks have made interaction with customers too complicated and frustrating.
Criticizing Voice of the Customer (VOC) programs is like speaking out against motherhood and apple pie. The last time I criticized VOC programs, someone left a comment chastising me for presuming that a bank could know what its customers wanted without asking them.
Well, excuse me!
But there are (at least) two problems with the “voice of the customer” that many marketers don’t take into consideration:
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:
When I moved to Seattle, Starbucks had just four locations. So I’ve had a ring-side seat in their climb to worldwide ubiquity. Though not a huge fan of their coffee, I greatly admire their business model, technology, and payments innovations.
I have been paying with the Starbucks mobile app for the past few months (note 1) as have 14% of its customers. It’s great as long as there is a queue. That gives you plenty of time to go through the 9-step mobile payments process (10 steps with tipping):
Over the past decade, the lens through which customers view their bank and through which banks view their customers has shifted considerably. What once was a channel-dominant view of the customer (“Suzie uses the branch most often, so let’s make sure her branch experience is stellar.”) shifted to a more complex multichannel view (“Suzie interacts with us across many channels, how can we make the various experiences seamless?”), and then to the current focus on enabling a true omnichannel experience (“We need to engage Suzie positively wherever she is, whenever that is, by whatever communication methods she is using.”).