Banks have a unique opportunity to capitalize on the vast amounts of customer insight they hold to go beyond simply facilitating payments. They can reinvent themselves as an Everyday Bank, helping customers reach decisions about what to buy, when and where to purchase, and even helping to negotiate the best deals in a ubiquitous Format.
The customer on-boarding process gives any organization a chance to make a great first impression with a client. The financial services marketplace is competitive and therefore the focus is on providing an unmatched customer experience. The reality isthat customer on-boarding is not only document-intensive, but also compliance-driven and therefore has traditionally been a slow and bureaucratic process. Adding to this challenge is the need to provide consistent customer service across the web and mobile channels. Fortunately, there are technology solutions that can provide template-based processes that can access information across the organization to ensure a smooth and hassle-free customer on-boarding experience.
Having taken a gun to omnichannel and a meat cleaver to the banking system, today’s turn is the customer.
No, I’m not going to kill the customer – we love them and delight them! – but I do want to have a go at two other popular misconceptions.
Customer relationships and customer demographics.
On the relationship side, most banks talk about relationship banking.
They want to have a relationship with the customer.
They need to engage the customer in a great customer experience and all that.
Sorry bankers, your customers do not want to be your Facebook friends, or follow you on Twitter, or see your Pinterest or Instagram pictures.
According to findings released yesterday by Carlisle & Gallagher Consulting Group, the consultancy, fully 87% of customers find banks’ use of social media “annoying, boring or unhelpful.” The findings show negative attitudes toward interacting with banks on social media for problem-solving, and show that customers doubt the overall effectiveness of banks’ use of social media.
I was at the ServiceSource headquarters in San Francisco last week when the afternoon “I need caffeine or I’ll lose it” feeling hit. You know what I’m talking about.
As I found myself wending my way on autopilot towards the closest Starbucks, I stopped for a moment to ponder why I keep on returning to a coffee chain in a city that’s known for having some pretty incredible coffee. As I took my place in a long line of other people feeling that same afternoon slump, it hit me.
After a period of relative stability, the primary bank switching rate jumped by more than 40 percent in late 2013, with 60 percent of smartphone/tablet users reporting mobile banking capabilities as being either “important” or “extremely important” in their decision to Switch.
I really enjoyed the presentations in Oslo, particularly the case studies by Nordea and ValYou.
Nordea spoke about their experiences with social media usage. This, in itself, is fascinating as just a few years ago no bank spoke about social media in finance. Now, I am building case studies about how banks see this as both a customer service channel, and a platform for full deposit account usage (mBank and ICICI).
But there is still quite a spectrum of banking from those who ban the use of social media in the office ot those who embrace it for communications.