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.
Financial institutions are faced with a strategic dilemma: how to manage the polarity of customer needs without alienating one group or the other.
Financial institutions are facing extreme polarity in the financial needs and wants of the baby boomers, on one side of the spectrum, and the millennials on the other. The shift in demographics and advances in technology are forcing financial institutions to make difficult strategic decisions on product and services moving forward.
It’s time we looked at innovation and how it can be used to drive new customer propositions. ‘Oh no, not that buzzword again,’ I hear you all shout. But actually, I want to look at lack of innovation. Let me explain.
I was recently talking to a product manager at a bank about their new payments renovation project that was just starting. I was rather surprised to learn that without knowing all that was possible, they were already saying the first phase of the project would achieve nothing new whatsoever. The reason why is because their IT department has a policy that for anything new coming into the bank, the first phase is to always replicate what the bank is currently doing. The bank claims this is done to ensure that no functionality is lost with new Software.
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:
A few months ago I wrote a blog article comparing the travails of banks today to the challenges faced by the late and little-mourned Blockbuster Video chain.
I’ve had a chance to sleep on this piece and I’ve decided a better comparison might be around the US higher education Business.
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:
Mobility is transforming every aspect of the financial services enterprise. Bank Systems & Technology and leading experts will discuss best practices and where the industry goes from here in our May executive forum.
It’s safe to say mobile is no longer an emerging channel. Almost every bank has a basic mobile offering, and many offer services such as mobile RDC and bill pay.