What can a NASA rocket scientist teach bankers about customer service? An understanding that setting a trajectory is 3% of the work while the other 97% is about course correction.
The demand for course correction was a key message during the recent CEB Financial Services Technology Summit. This takes shape in managing the customer journey, and distinguishing offerings with mobile banking, outbound communications, and customer loyalty programs.
For banks to keep up with the new FinTec, or technology companies in the financial space hoping to disrupt banking, they must offer their current and prospective customers something unique. They must offer a true omnichannel experience, defined as engagement that can move across channels, carry previous context, and apply insights from the customer’s account history.
Reaching Out Proactively
Being proactive in the banking industry is an increasingly important part of providing great customer experience and closing sales. However, relatively few banks send proactive communications to their customers with informative or marketing information. CEB data indicates:
- 64% of consumers consider it high impact when the “bank motivates me to act on financial issues I would’ve otherwise ignored.”
- But only 28% of consumers who bought banking products learned about the product from the bank. More than 60% of all bank product purchases are from customers learning about the offering from their friends or the Internet.
Proactive communications with your customers, whether it is through voice, text, email, or web chat, provides timely and personalized information such as fraud alerts, payment reminders, and loyalty card benchmarks.
Making Mobile Different
The CEB event speakers also made it clear that mobile today is not a big differentiator to customers as everyone offers mobile banking. Keri Gohman, EVP and Head of Small Business Banking at Capital One said that bankers are swimming “in a sea of sameness.”
What can make your business stand out is combining outbound communications and mobile customer experience.
Mapping the Customer Journey
CEB emphasized the importance of understanding the location of hotspots, or processes that cause frustration and inefficiencies within the customer journey. But CEB research indicates that while more than 80% of banks want to map and improve customer journeys, fewer than half are confident they can do it.
Our on-demand webinar with CEB Principal Executive Advisor Nicole Sturgill and Genesys Business Consultant Mark Stanley will discuss banking customer journeys and cover the extensive global CEB research, including:
- Which touchpoints customers value most in their bank interactions
- How to recognize a customer who is showing signs of discontent and potential flight
- How to ensure that everyone in the bank who works with a customer is fully informed and able to provide the highest level of personalized service
- What can be gained from an omnichannel view of all customer interactions
- The impact to the bank of providing what customers value most from their financial provider
View the on-demand webinar where we discuss with CEB how to Foster Loyalty Through Effortless Customer Journeys.