Your customers are on the move, with unprecedented access to your competitors. You must earn the highest level of trust to retain customers, win more business and create genuine loyalty. Businesses cannot exist without customers, not even the Banks and other financial operators. What has changed in the past few years is technology and customer behavior with it.
Banking is information-intensive; utilizing documents, statements, forms, and correspondence to communicate with customers, build trust and deliver a compelling customer experience is now a must. Banks have invested significantly in multiple communication platforms. Emergence of web, mobile and social media is challenging the ability of existing Customer Communications Management (CCM) applications to support these increasingly digital customer needs and delivering a consistent and exceptional experience.
By acting quickly to achieve ‘customer experience excellence’, banks can unlock a growth accelerator that creates both ROI and a firm platform for future business development. But figuring out how to delight customers and accelerate growth, requires bold reinvention and unique strategies to cement customers’ loyalty.
As consumer-facing companies are increasingly influenced by Apple, Netflix, Amazon and other digital leaders, a new holistic vision of customer experience is slowly beginning to take hold across the banking and financial services sector. For banks, customer experience is much more than a flashy mobile app or a sticky Web site. In fact, a bank looks at it as a digital transformation strategy to reinvent the entire customer journey.
Before enabling customers with desired experiences, banks need to work on the following challenges prevailing in the customer experience domain:
Personalized Customer Journey– Customers are demanding experiences that are relevant and personalized due to which significant “personalization gaps” can be seen between what customers demand and what banks are delivering. As per Accenture’s 2017 Global Consumer Pulse Research, “48% of consumers expect specialized treatment for being a good customer, whereas 33% of consumers abandoned a relationship because of lack of personalization.” To retain customers and to create repeat sales, it becomes highly relevant for banks to work on the personalization strategy. Also, with rising competition and numerous options available in the market, the chances of customer defection have increased. Leaders in the banking industry should start focusing on building strategies that solely focus on the customer experience journey and leverage data, real-time analytics and digital technology to deliver highly personalized offering.
Innovative Technology– Banks and Financial Institutions are constantly innovating to improve their efficiency and decrease the operational overheads. But, to innovate customer experience they need to come further and deliver communications that are powerful enough to self-service a customer. A future-proof customer communication strategy can help banks to leverage a new channel to increase their sales (cross sell and up sell opportunities) via existing communications being sent out to the customers. Additionally, customer onboarding which was once considered as the major hassle in delivering an impeccable customer experience can now be done in minutes with a robust CCM software.
Real-time Information – Enhancing customer experience is one of the most important goals in the banking industry. The banks have revived their outmoded business model and have shifted their focus towards being customer-centric. But, due to the legal implications and operating regulations, it becomes difficult for them to provide distinguished experience. In such a scenario, real-time information acts as savior. While interacting with a self-serviceable and responsive document the customer inputs certain feedback and service requests which can be recorded in real-time and implemented for future communications across channels. This information gathered via various digital channels can be analyzed and leveraged to deliver fruitful outcomes. Thus, enabling banks to harness customer information and proactively deliver experiences on-time.
Print and Traditional Communications– The Banking Industry still relies heavily on print communications which are delivered as per customer’s preferences. Some of them receive loan documentation via postal mail while others receive credit card statements as PDF on their emails. This leads to disparate messaging and branding between digital and traditional media. Banks need to embrace digital transformation strategy that not only competes with other Banks or financial institutions but with other industries as well.
These were few of the challenges faced by the banking industry in delivering seamless customer experience. Let me know if I have missed on any.
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