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.
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.
When did you last use the ATM and how much did you take out? Are you sure? A new study says our recall regarding cash machines and other financial matters is more often wrong than right.
Every day new banking studies come out and look at customer expectations and behavior in the mew omnichannel banking world. Do customers like the branch or not? What features do they want in a mobile app and what features do they not use at all? This data is carefully studied by bankers and consultants and proclamations and predictions are issued as a result.
Good article from Tim Harford (he of the enjoyable “Undercover Economist” books) in the FT last week called “Big data: are we making a big mistake“. Tim injects some healthy realism into the hype of Big Data without dismissing its importance and potential benefits. The article talks about the four claims often made when talking about Big Data: Continue reading
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.
The ROI of Branding – What Is It, and How To Measure It? Seems like an age old question, which is why with great excitement we began reading Notably Quotable: The ROI of Branding, a guest post by Mark Arnold on The Financial Brand asking 9 experts to answer the above two questions. Sadly, our feeling of excitement very quickly turned to disbelief, sadness, and frustration.
Before we delve into the meat of the discussion, let’s first define ROI:
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: