Why account opening has become the most important part of the customer journey Now more than ever, customers expect a seamless and hassle-free experience when opening a new bank account. Account opening is often the very first interaction a customer has with a bank, and it sets the tone for their entire banking relationship. Frustrations, […]

Getting Ready for Digital Account Opening: A Roadmap As the financial landscape changes, it’s become clear that digital transformation is a necessity for financial institutions. Most large, traditional banks have mobile apps, where consumers expect to be able to complete financial transactions easily on their phones. More and more consumers are switching to online banks […]

4 Strategies to Remain Relevant to Customers How the most successful banks stay top-of-mind. Remaining relevant with your customers is not just a “nice-to-have” – it is a vital component of achieving customer satisfaction. Customer expectations continually evolve and competitors vie for their attention. Staying relevant is critical to the customer experience, ensuring consistent growth […]

In an increasingly digitized world, the ways in which financial institutions interact with their customers have evolved significantly. Mobile apps have emerged as powerful tools not only for convenience and transactions but also for communicating an institution’s values. Just as a physical branch can represent an institution’s brand through employee interactions and marketing materials, a […]

In today’s fiercely competitive landscape, the key to success for your financial institution extends beyond offering great products and services. Building trust stands as the cornerstone of cultivating enduring customer relationships. When thinking of your overall customer experience strategy, trust is a very central element for any organization, but especially financial institutions. Security, consistency, communication […]

In the landscape of modern finance, customer data is more valuable than ever, driving innovation and informing decision-making. Financial institutions, once reliant on traditional methods, are now leveraging cutting-edge technology to gain a deeper understanding of customer behaviors and preferences. FinTech has emerged as a game-changer. On top of offering unique tools to customers and […]

The banking landscape evolves continuously. In this dynamic environment, the versatile and advice-driven approach of universal bankers ensures superior support for customers. These financial professionals possess a broad skill set that covers diverse services. From offering insightful guidance on managing personal finances to providing seamless support for loan applications and investment advice, they stand out […]

Customers’ financial lives and their personal finance is often a complex and disparate exercise of trying to aggregate many different inputs and make sense of one’s assets, obligations and general spending behavior. To put it another way, consumers have an infinite amount of tools as their disposal, but often suffer from information overload. As a […]

Customers are problem solvers. Your customers are the people you’re constantly trying to satisfy, so sometimes it feels hard to ask them for feedback. When every decision you make considers the well-being and competitive edge you offer your customers, your financial institution’s presentation to them likely feels like a performance, where you’re hoping to garner […]

Mobile Banking main priority is customer convenience. Almost all financial companies now have some sort of mobile banking app. Few create their mobile presence the way they should. In reality, mobile banking experiences are preferred only second to in-person experiences. Importantly, the sheer number of mobile banking experiences far outweigh the other channels. These facts […]

To increase market share in 2023 has proven to be a challenging year to date in terms of macroeconomic factors. These effects can be felt across most sectors.  Coming off a long period of growth, executives of financial institutions are challenged with how to drive progress.  The same type of year-over-year growth might not be […]

Staff Influence Mobile Usage.  Mobile interactions are now the most common form of interaction customers have with their financial institutions. Many customers still cite in-branch experiences as their favorite way to interact with their financial institutions. The ability to talk with a human, address issues and learn in-person are still important to the customers. With […]

 The Future of Mobile App Future of Mobile App is customer convenience. Your financial institution’s mobile app should be easy to use. It should offer a comprehensive interface for basic account needs. However, the competitive banking app landscape will demand more in the future. Customers will expect proactive communication, enhanced security, integrations into their financial […]

Creating an Innovative Environment is more important than ever before to succeed. Change is constant and financial institutions need to constantly evolve. The technology of FinTech, an industry in flux and regulatory hurdles around data and security forces you to meet these changes. In light of this need, you need to creating an innovative environment […]

Emotional connection with customers is critical to success. Increasingly, financial institutions are viewed by their customers less as clunky but necessary service providers.  They can be viewed more as strategic partners for their financial futures. The higher standard is a challenge, but also an opportunity.  Banks and credit unions must rise in their ability to […]

Personal Finance Advisors Building relationships through personal finance advice is essential during times of economic uncertainty, customers face anxieties around their wellbeing. Monitoring a checking account can become a stressful endeavor. During these times banks and credit unions can become associated with a stressful personal financial picture for customers. While financial institutions can’t directly impact […]

What are theBenefits of Embedded Finance? Benefits of Embedded finance means banks bring their services to retailers, apps, and more. For instance, they might incorporate their services into an online shop. Retailers enjoy this as it can enhance sales and customer satisfaction. Also, it’s a stepping stone for banks’ growth. Here are some things banks […]

Here are some strategies in establishing personalization values in banking to give your bank a competitive advantage. Personalization values in banking need to be prioritized and focus on customers more than ever. A crucial aspect of this focus is personalized service. Personalization involves tailoring services to suit the unique needs of each customer, understanding their […]

3 Hybrid Banking Trends That Will Improve Your Customer Experiences and Build Strong Customer Reviews. Financial institution executives constantly evaluate the efficacy of human interaction versus digital offerings. Both have unique advantages and blending the two forms of communication can enhance the customer experience. Let’s explore 3 hybrid banking trends in communication that merge human […]

A Lean Growth Plan for 2023 offers a fresh chance for banks and similar institutions to rethink their growth plans. A lean growth plan is  built by aligning on a strategy that promotes smart, earned growth over big marketing budgets and clumsy ways to get new customers. In essence, focusing on boosting your work efficiency, […]

Automation in Banking: A Crucial Need Facing possible financial hurdles in 2023, banks and credit unions must seek ways to increase their efficiency. In this context, automation steps in as a perfect solution. More and more, unique opportunities are showing up for automating banking. This trend isn’t just about customer experience; it’s also about simplifying […]

The true value in your technology lies in its impact on customers’ lives. Investments without a clear customer experience goal might dilute the value you offer and put your efforts at risk. In 2023, aim to start with the end in mind. Craft your technology around the values you aspire to uphold as an organization, […]

Strong customer experience is critical to the success of any business.  At times it can be difficult to make lasting improvements (and investments) in customer experience when trying to mange the day-to-day operations of your financial institution. The beginning of a new year is a great time to remind yourself of your responsibility to your […]

.Banking Trends for 2023 appears to be a year full of economic uncertainty. After a bullish 14-year stretch of growth and economic expansion, disrupted only by-the financial ramifications of Covid-related closures and supply chain setbacks, the economy now looks to be slowing. Interest rates have risen dramatically in an effort to curb runaway inflation. Businesses […]

Targeted, relevant content is now possible.  Financial services are now embracing tech customizations, focusing on personal recommendations based on customer data. Gone are the days of generic ads, replaced by engaging and relevant content. The approach of delivering tailored content isn’t limited to advertising but extends to security, problem-solving, and coaching. Here’s how to consider […]

Shift your organization’s mindset to improve business. Your financial business success hinges on your leadership. As a leader, setting the right goals for your team is crucial. Day-to-day tasks like budgeting, staffing, and handling everyday issues can blur a leader’s future vision. By focusing your leaders on long-term investments, improving customer experience, and accepting change, […]

In 2022 and beyond, technology in the financial services space is changing faster than ever. Banks and credit unions are finding ways to make their online tools and customer data work harder than ever, unifying both sides of the equation to create something deeply useful and personalized with the goal of an enhanced customer experience. […]

The digital experience is full of distractions. It’s easy to get carried away with brainstorming new features, somehow convincing ourselves that the financial institution with the highest number of features wins. Obviously, this isn’t true, but it raises the question: What elements of a digital experience truly improve customers’ lives? At their absolute best, digital […]

Legacy customer profiles have historically been created using broad umbrellas to segment and understand customer behavior. Geography, age and income are top-of-mind characteristics that facilitate the way banks and credit unions have historically analyzed and grouped their customers, and dictated the way they expect those individuals to behave. For example, banks may expect high-income individuals […]

Financial institutions have the unique opportunity to serve other B2C organizations as a partner for their embedded finance platforms. Explained most simply, embedded finance are bank-like services offered by non-banking institutions. Features like accounts, flexibility of payment and access to credit define embedded finance, but the process can be facilitated by a financial institution who […]

While financial institutions are constantly working to improve their processes and fine tune the customer experience, the reality is that they can still be wildly imperfect. This harsh reality is especially difficult to accept when executives and directors work tirelessly to analyze every pain point, improve every point of contact, and regularly roll out new […]

Customers across industries are increasingly looking for personalized experiences. Where customers used to shop and interact with brands – a unique value proposition, personality and set of products – they are now gravitating toward organizations who can most accurately identify and address their needs. In this way, “brands” now function more as a mirror than […]

When you think of staffing your financial institution, you may think of standard positions – tellers, financial advisors and a management hierarchy. However, now more than ever, financial institutions require creative, tech-familiar and customer-experience-oriented staff to drive their organization forward, reimagine the customer experience and help gain a competitive edge. Consider the following attributes when […]

While most organizations have a solid digital plan in place, many find it hard to separate themselves from the crowd. Digital and omni-channel banking is certainly a must-have, but as a major part of your business, it should serve to help your brand and organization stand out and impress. Consider the following to make sure […]

Your customer experience is dictated by a large array of customer journeys and touchpoints. Each interaction your brand has with a customer is an opportunity to delight and impress, and technology now plays and part in more of those touchpoints than ever before. Accordingly, you bank or credit union’s branch staff need to think of […]

With major changes in the housing market for 2022, interest rates rising and the global financial landscape shifting, it’s easy to overlook individual consumer experience in banking. In reality, there have been seemingly subtle, but important, shifts in consumer expectations that will separate winners from losers in 2022 and beyond. Take a moment to make […]

Customer experience is best delivered when it doesn’t feel like an “experience” at all, but rather, a seamless part of your customers’ day-t0-day lives. By removing friction, your brand becomes less of a separate entity, and more of an extension of your customers’ thought process and needs, creating a greater intimacy and mutually beneficial relationship. […]

Exceeding customer expectations doesn’t just feel good — it’s a core driving force for your financial institution. Too often, financial institutions are forced to apply fees and extract value from their customers in order to drive profits on a quarterly basis. However, this approach leads to poor customer experience, lowered enthusiasm for you financial institution’s […]

Financial institutions are put under more pressure than ever before to perform across a wide variety of facets and offerings. They need to offer state-of-the-art technology, drive customer experience, become a partner that betters their clients’ financial lives, establish competitive offerings and evolve more quickly than ever before, just to name a few. With so […]

At a high level, customers want more and less interaction with their financial institution simultaneously. 2022 will see increased interaction and monitoring of their financial life, but will experience more of this activity through digital, rather than in-depth and in-person interactions. Customers will have higher expectations of their financial institution, and think of their FI […]

When directors and executives at financial institutions think about generational differences, technology often serves as the biggest indicator for behavioral changes, and this stands true for Gen Z. As a generation fully immersed in online technology and banking since day one, they think about online experiences differently, and have higher and unique standards than their […]

It’s no secret that customer centricity wins in banking. Financial institutions that begin with a customer need, then subsequently build a framework to support that need, have excelled in the past and will continue to do so in the future. In 2022, your financial institution should focus on the basic foundations of customer experience in […]

Customers, whether they know it or not, are incredibly demanding. Financial institutions and retailers are constantly working to gain an edge over competitors in customer experience, privy to how that edge improves their bottom line and creates a differentiated product and experience. In that regard, retailers and points of commerce will work in 2022 to […]

2021 saw an explosion of activity across FinTech and FI partnerships, increased sophistication of customer-facing tools and resources, a reinvigorated focus on using technology to support the customer journey, and adapting to a new Covid reality. In 2022, those same tools will become more sophisticated and truly impactful in customers’ lives, mobile-first technology will dominate […]

In 2022, banks and credit unions will look to expand their view on financing options for customer, using creative thinking, flexible options and expeditious customer service to improve the customer experience and gain a competitive edge. Consider the following options when thinking about how your financial institution approaches financing options. Buy Now, Pay Later The […]

Many financial institutions are openly engaging with FinTech organizations to support their innovation initiatives and expand the way their organizations can ensure security, create personalize back-end value adds, and give customer-facing tools that can deepen their relationship with an organization. Below are a few examples of how FinTech can be leveraged and applied to your […]

2021 was a transformative year for financial services, with an extended effect of Covid-19, a low-interest and heavy inflation business environment, and a challenging new regulatory environment in the expansion of cryptocurrencies and online payments. Financial institutions should focus on the lessons learned from the past year, largely in terms of the importance of innovation […]

Looking ahead to 2022, financial institutions can expect a cooling down of the market in order to curb above-average inflation, an emphasis on talent management, a booming crypto market and an emphasis on payments modernization. Consider a few of the following trends when thinking about your strategy for this next year: Fed Rate Hikes The […]

The past two years have driven more and more customers into the digital space, including late adopters who may be less tech-savvy than other customers. With this in mind, your digital offerings have increased in importance, and your financial institution should focus on competitive advantages to differentiate your brand. Consider the following approaches to help […]

Considering the amount of effort your financial institution puts into acquiring new customers, your attention to retain customers by differentiating yourself should be a top priority. However, in the banking world, differentiation can sometimes prove challenging. Consider the following ways to make your financial institution stand out and create a unique, personalized experience for your […]

As a financial institution, your organization has the unique opportunity to play a daily role in the lives of your customers. The chance to serve as a constant underlying function of their purchasing, organizing, budgeting and overall family wellbeing entrusts your organization with a great deal of responsibility and upside. When you consider customer experience, […]

Financial institutions tend to react to customer needs, and then work to serve those needs as best as possible. A request for a new loan results in a timely response and a competitively low rate. If a customer overdrafts, a bank may transition money into their account to notify them of the overdraft after it […]

Most financial institutions focus on their customers in a large brushstroke, considering the ways their offerings interact with their customers. In particular, financial institutions get more granular regarding customers journeys — working to understand various customer paths leading to different products and services, and the touchpoints along the way. Getting a granular perspective on the […]

Most financial institutions have heard of and considered adding universal bankers to their staff. These jack-of-all-trades representatives fill the roles of both a teller and a personal banker, serving as a diversified representative who can handle a wide variety of requests and tasks in a variety of settings. The benefit of the universal banker is […]

When banking professionals think about topics such as personal finance, there are a series of logical arguments that come to mind, which serve as common, no-nonsense, universally accurate advice. For example, the idea of investing for retirement early in order to reap the benefits of compound interest is inarguably touted as sound financial advice, yet […]

By turning a spotlight on your organization’s customer experience strategy, you can begin to ask yourself hard questions around the efficacy of your customer experience strategy and, in turn, identify opportunities for improvement. Consider the following questions when looking for ways to improve your customer experience. Is it Intuitive? Consider your organization’s mobile app. How […]

When a financial institution undergoes a major shift toward improving customer experience, there is often talk around new initiatives, improved technology and an effort to work more efficiently as an organization. All of these ideas are great, but it’s important to think of customer experience less as a short-term initiative, and more as a long-term […]

When executives and directors of financial institutions think of their brand, it’s easy to think of the people who make up your organization, your core values, and the mission of your organization. However, this internally perceived brand reputation can be very different from the way current and potential customers perceive your brand. Most notably, the […]

Financial institutions who fall short on customer experience tend to lack a sophisticated and well-defined plan for improving customer experience. More importantly, this lack of organization is typically due to a lack of conviction about the efficacy of customer experience improvements. Customer experience is about so much more than a vague, happy sentiment a customer […]

FinTech partnerships are incredibly valuable tools. Rather than taking on the responsibility and burden of understanding an intricate sub-element of your business environment, such as security or sophisticated customer data analysis, you can partner with an organization to take that burden off your hands and find mutually beneficial ways for both of your organizations to […]

Universal banking is a tried and true method of developing traditional tellers and process-focused staff into organizational consultants with a wide-reaching breadth of knowledge and abilities to serve customers. These jack-of-all-trades banking staff members can meet a customer, learn about their unique needs, and address a wide range of requests, from loan applications, to account […]

In 2021, banking technology that was once at the forefront and considered exploratory is quickly proving its mettle, becoming adopted by a wider audience, proving profitable for financial institutions, and improving the overall customer experience. Consider the following when thinking about your overall digital suite, and how you can effectively incorporate the following four features […]

Many financial institutions think about technology first, trying to roll out the most sophisticated and elaborate suite of technology they can muster. Despite this, they sometimes fail to engage their customers in a meaningful way because their customers were never the focal point of that technology in the first place. Pre-existing services, the status quo, […]

If mobile-first banking was already underway, Covid-19 simply accelerated the trend. Moving into the future, this piece of your business is an absolute must to have rock solid. Consider the following to make sure your digital transformation is mature and prepared for the future. Establish Your Digital Leadership Any successful financial institution should have a […]

By now, your organization likely knows that having a staff of universal bankers offers your organization more flexibility in terms of staffing, creates more career fulfillment by providing opportunities, and most importantly, creates a better customer experience by enabling one continuous interaction to serve customer needs. With all of these benefits in mind, you should […]

Digital offerings, whether mobile or online, are created with the intention to enhance the customer experience, bring customers closer with your brand, and develop a richer atmosphere for everyday consumers to address their financial lives. Sometimes, when thinking about the digital experience, it’s easy to get carried away with brainstorming new features, somehow convincing ourselves […]

The Universal Banker, a jack-of-all-trades financial services representative who is trained in a wide variety of tasks, has never been more relevant than now. Transformational technology, omni-channel experiences, complex financial situations, an evolving branch, and a highly competitive customer experience landscape all add to this relevance. When training your banking staff to be as knowledge-diversified […]

2020 was a difficult year for business owners, employees and the entire financial world. Beyond the public health crisis ensuing from Covid-19, the economic engine of the world was hampered by restrictions limiting interpersonal interaction. Now, in 2021, your new and existing customers are dealing with the the effects of this economic lag, even as […]

When the professional world, both in terms of financial services and beyond, thinks of customer experience, certain catch phrases come to mind: omni-channel experience, budgeting tools, and your mobile app’s interface. However, how often is your customer experience truly focused on human interaction? When most organizations map out their customer journeys, there are many non-human […]

Too often, financial institutions position themselves as background utilities, ready when you need them, but often failing to engage customers on a regular basis. In order for your financial institution to be top of mind and constantly deepening relationships with customers, you need to be proactive in your communication. Think about the following ways you […]

As a financial institution, you offer a variety of services and products, ranging from business loans to the value derived from your personal banking mobile app. Each facet of your organization – the people, the technology, the unique value propositions – serves as a unique reason a customer might seek out your organization. In this […]

In order to satisfy your customers, you need to know them, and in order to know them intimately, you need to gather, record and make available as much information about them as possible. How are you currently managing your relationships with your customers? What do you know about them? How accessible is that knowledge, and […]

Financial institutions aren’t perfect. This harsh reality is especially difficult to accept when executives and directors work tirelessly to analyze every pain point, improve every point of contact, and regularly roll out new initiatives and offerings to improve the customer experience. The regular rolling out of new initiatives should give us solace in this imperfection; […]

When we think of our own financial institution, we think of active service, the inner-workings of our digital platform, and the countless ways we work to engage with customers and improve their experiences with our organization. However, the reality for customers can be quite different. Customers might not think of your financial institution as being […]

Though it might sound surprising, Gen Z is more likely to use branches than even Millennials. This goes against common intuition. Aren’t Gen Z the most tech-fluent generation yet? Will they even want branches at all? The reality is their financial uncertainty, the evolution of the branch and the experiences they’re listening to and absorbing […]

The digital explosion of small, medium, and large financial institutions only accelerated in 2020 due to in-person restrictions from Covid-19. As a result, many organizations chose to make this a major focus, and the space evolved at a rapid pace, and it’s important your organization takes stock to see where the industry is headed, and […]

2020 was a year of huge change, with a global pandemic, government stimulus checks, and an immediate need to switch to a more digital way of life. On the tail end of this past year, banks and credit unions will need to adjust to the new reality, the aftermath of Covid-19 and how the global […]

While you probably think of your financial institution as a combination of services, digital products and the individuals who make up your organization, your customers view your organization as a brand. They think comprehensively about their experience with your organization, and diverse pieces of your business, such as your mobile deposit, their debit card, and […]

While most organizations have a solid digital plan in place, many find it hard to separate themselves from the crowd. Digital and omni-channel banking is certainly a must-have, but as a major part of your business, it should serve to help your brand and organization stand out and impress. Consider the following to make sure […]

It may be difficult to think ahead during times of uncertainty, but financial institutions should take a moment to consider the way the financial services world is changing, and how they can best serve customers in the following year. When planning for the year ahead, consider the following trends and possibilities for your organization. Ramped-Up […]

2020 was a year unlike any other. Covid-19 was a massive shock not only to the public health of the world, but to the economic systems that rely to varying degrees on interpersonal interaction. Financial services are unique in that banks and credit unions feel their customers’ financial stresses — seeing the large-scale economic disruption […]

With Covid’s impact on all aspects of life, it’s important to take stock in you organization’s ability to ride the wave of change, incorporate new obstacles into your plan, and create a meaningful and valuable experience for your customers. Those who can be agile and ride this wave of change will be rewarded with loyal […]

Most financial institutions are constantly evaluating and re-evaluating their digital platforms, thinking of ways they can improve the technology they offer, stay up-to-date with the competitive landscape, and check the necessary boxes to consider themselves digital leaders. However, too often, these measures don’t maintain a customer-centric approach. Leaders and decision makers feel pressure to “keep […]

Covid has likely had major implications on the way your financial institution operates and serves its customers on a day-to-day basis. Make sure you’re considering the following to ensure customer satisfaction during a tumultuous time. Help Out and Listen Make sure your organization is in tune with the stresses of your customers, and understand the […]

More than ever, technology should be at the forefront of your overall strategy when thinking about your financial institution. In particular, you should think about the way your organization leverages FinTech partnerships and enhances your mobile presence to improve customer experience, stay competitive and lay the groundwork for meeting customer expectations in the future. The […]

Let’s be real: There are a lot of negatives to to Covid-19. Many small businesses are struggling, as are individuals, especially those who have lost their job or seen their income reduced. And, perhaps worst of all, as a financial institution, you’re privy to some of the financial struggles of your customers and seeing their […]

It might sound like an oversimplification, but sometimes the best customer experience is the one the customer doesn’t realize they’re having. Customers are increasing their interaction with financial institutions through digital platforms, and in order to enhance that experience, your organization should streamline online activities so customers can easily and conveniently interact with your financial […]

Your financial institution’s social media strategy may feel inconsequential. After, all, if every organization has a social media account, aren’t infrequent posts enough to get by? While this type of thinking can be alluring, the reality is that if you aren’t taking your social media strategy seriously, you are leaving money on the table and […]

Move over Millennials, Gen Z now has a seat at the financial table. It may be hard for older professionals to believe, but the oldest Gen Z consumers are already 23 years old and some have entered the workforce. Banks and credit unions should treat this generation as a huge opportunity: an opportunity to establish […]

To put it lightly, customer service has changed in the past decade. To put it accurately, customer service and experience has completely transformed, and like other industries, financial services must continue to evolve and grow with customer demands. Specifically, banks and credit unions have traditionally provided value in ways separate from customer experience. Security, regulation and […]

One of the biggest exciting-yet-uncomfortable realities of financial services is how much the role of financial institutions is changing. For executives and directors, this can be extremely unnerving. Ideas of digital transformation and customer engagement come to mind, but it’s hard to see how those ideas look in practice without a full understanding of the […]

Updating digital systems in financial services can be expensive, inconvenient, and down right intimidating. Most organizations are concerned with their day-to-day, and are often so focused on their current performance metrics, that it’s hard to step back and imagine tearing that entire system apart. However, tearing your current digital platform apart opens the door for […]

Existing customer data gives businesses insights and opportunities otherwise unthinkable as recently as 15 years ago. Stock brokers, Netflix and data miners are all using customer data to anticipate needs, create valuable offerings and better communicate with their customer base. Financial institutions have huge potential with analytics, both in terms of customer data and the […]

The Internet of Things (IoT) connects objects other than a computer or a smartphone to the internet, allowing all sorts of devices in stores, town centers, kiosks and stations to have internet compatibility. IoT technology is important for banks and credit unions because it provides a new area to expand their market reach and gather […]

Cloud computing has gained popularity in recent years, especially on an individual level, with applications like Google Drive giving everyday people a place to remotely store their photos, legal documents and other files. For financial services, many organizations are already on board. However, some small and mid-sized banks and credit unions may not have made […]

If the last 10 years have taught us anything about financial services, it’s that the only constant is change for banks and credit unions. Most organizations had to completely challenge their own status quo as mobile technology took off, creating an environment that required smaller and mid-sized banks and credit unions to adapt, reallocate budgets […]

For most customers, navigating their financial lives takes guidance, patience, and a healthy dose of self educating. Understanding 401ks, college savings plans such as 529s in ways the can leverage tax breaks takes a considerable amount of time and effort to understand. As a financial institution, you’re already an expert on all of these topics. […]

More than any other time, your mobile app is likely experiencing an influx of traffic and new users due to COVID-19. As such, mobile is going to be dictating your overall customer experience and brand perception more than ever before. Simply put — what are you doing about it? This major change deserves your attention, […]

In 2020, it’s easy to get intimidated with the speed of change in the financial services world. Even the most confident executives may wonder how to keep pace with trends, regulations and technology. The key is to have the right individuals on your staff, and 2020 demands unique skill sets to meet a unique financial […]

With COVID-19 dictating how much of our business and social lives work, it’s easy to throw in the towel on any plans you had and simply try to stay afloat. In some ways, this is good. You should be flexible enough to sense market forces, adjust and potentially preserve capital during uncertainty. However, now is […]

Flexibility is not only appreciated, but demanded of businesses and consumers alike during COVID-19. Most individuals are seeing their lives drastically changed and are being forced to adapt. As a financial institution you should work to support your customers by adjusting to their new behaviors, aiding them through new processes and being a valuable and […]

Brands are defined by how they’re able to serve their customers during times of trouble and uncertainty. A financial institution that creates a meaningful relationship during a time when a customer is stressed or anxious about their financial future is able to transcend the typical business-customer relationship and become a more meaningful partner in that […]

When directors and executives think about customer experience for their financial institutions, old cliches may come to mind. Images of customers smiling, staff giving an exceptional level of service, and good old fashioned hard work all feel relevant. The reality is that a customer experience strategy challenges the most fundamental assumption most financial institutions (and […]

When directors and executives of financial institutions think about improving customer experience, it’s easy to want to “throw technology” at customers. The concept of new and improved tech features sounds appealing, and decision-makers are constantly told about new ways they need to keep up with innovative new technology. However, tech alone isn’t the answer. Instead, […]

Historically, financial institutions have been reactionary or synergistic with customer actions and needs. If a customer needs a new loan, a bank or credit union will provide a customized, competitive offer. If a customer overdrafts, a bank may transition money into their account to notify them of the overdraft after it happens. However, in the […]

When a customer works with any type of business, their satisfaction of the price, quality and delivery of the service/product only makes up part of their loyalty to that business. The aspects that truly solidify their relationship with the brand are the interpersonal and emotional bonds they form. They want to see familiar faces, feel […]

When it comes to marketing for financial institutions, most individuals will think of Millennials, the center subject of marketing for the last 10 years. Acquiring young consumers means a major lifetime value of the consumer, and Millennials are now entering a more evolved stage in their earning potential. However, Gen Z is now on the […]

The customer experience for financial institutions, and customers’ perceptions of banks and credit unions, are changing. In a constantly evolving industry (and one that is evolving quicker than it ever has in the past), it’s important to take a step back and understand the current state of financial services. At a high level, customers want […]

In 2020, our hope is that financial services leaders and decision makers choose smart paths to grow and improve their business. Here are a couple resolutions to consider this next year in order to strike a balance between making yourself a customer-centric organization that also is keeping up with tech trends. Accept that FinTech is […]

With the oldest Gen Zers already at age 24, this generation is already becoming relevant to financial services, establishing their financial lives, beginning to enter the workforce, and possessing a variety of unique characteristics that will pose financial institutions with challenges and opportunities to command their attention. Consider the following as your financial institutions works […]

What is blockchain? At a high level, blockchain technology is a Distributed Ledger Technology (DLT), where each independent user has possession of the entire framework, creating a  decentralized and widely replicated “source of truth” when it comes to existing transactions, accounts and underlying information. This decentralization is important because the wide replication and distribution, when […]

The world of financial services is changing faster than ever, and it’s important that when you set your goals and strategy for 2020, you hire the right individuals to get you there. Your human resources are your most valuable asset, and putting the right pieces in place can help you keep pace with a changing […]

Most financial institutions have already taken major steps to improve and innovate their digital and mobile presence. Moving forward, this piece of your business is an absolute must to have rock solid. Consider the following to make sure your digital transformation is mature and prepared for the future. Establish Your Digital Leadership Any successful financial […]

If there’s a single trend of financial services in 2019 that is worth following, it’s transitioning to an API in order to embrace open banking. Application programming interfaces open your customers’ data up to third parties, allowing them to easily access and utilize customer data. In this way, moving to an API opens the door […]

Google recently expanded its Google Pay program to include checking accounts, marking a major step in the direction of financial services. Whether the tech giant is to succeed in this endeavor remains to be seen, but banks and credit unions should make note of this major shift in business strategy from one of the biggest […]

Customer-centricity is a hot topic, but some organization still fail to create a culture and experience that truly puts the customer first. Pre-existing services, the status quo, a well-intentioned focus on technology, and overwhelm due to change all distract from a truly customer-centric financial institution. Take these steps with your executive and management team, and […]

Entering the fourth quarter of 2019, the financial services space is evolving faster than ever. Is your organization keeping up? Consider the following topics and have an honest conversation within your organization about the way you are working to evolve, improve, and stay relevant in an industry in flux. Those who can be agile and […]

First impressions are hugely important in the world of digital banking, online shopping and the multitude of competition for attention in the digital space. Therefore, when thinking about your financial institution’s efforts to draw in new customers, respect them by creating trust and providing value, being as clear as possible about what makes your institution […]

For financial institutions preoccupied with day-to-day operations, social media can feel burdensome. Many directors and executives see an online social media presence as a necessary evil — something that they won’t particularly benefit from, but are constantly told they need to do to keep up with other brands. However, social media offers a multitude of […]

Social media strategy should start off small. The most important thing is to get your social media presence off the ground, learn as you go, and improve over time. Use the steps of creating goals, developing good content, and creating a simple monitoring plan as a launchpad to either get your social media interactions off […]

Establishing a social media strategy for a financial institution can feel daunting. Price barriers associated with external consultants, intricate analytics platforms. and wondering what you don’t know about social media can all feel like huge obstacles stopping your social media strategy from getting off the ground. Sometimes, an employee-led approach can be a great way […]

Financial Institutions spend a great deal of effort understanding customers on the back end of their transactions: Seeing their monthly statements, overall financial picture and helping them make educated decisions about their overall financial health. However, on the other side of those transactions is a complex and shifting world of transactions, many of which are […]

Technology is a major disrupting force in the world of financial institutions, and in quarter three, banks and credit unions should think about the way they are leveraging their FinTech partnerships and working with their mobile presence to enhance customer experience, stay competitive and lay the groundwork for meeting customer expectations in the future. The […]

When finance professionals think about their skill sets and interests, there are likely to be certain trends that arise within this profession: A propensity for statistics, an acknowledgement of the highly personal interactions that go into personal finance, and a genuine interest in helping consumers build their wealth and make smart financial decisions. However, beyond […]

According to a recent article from the Washington Post, despite the current unprecedented growth the economy has seen over the past 10 years, many Americans are still struggling. Small emergency funds, underfunded retirement savings and low wages despite a low unemployment rate mean individuals are still struggling to establish financially stable presents and futures for […]

With half of 2019 already gone, financial institution directors and executives should have their minds toward the future. We tend to think of technology as a means to an end — delivering a superior customer experience — but staying up tot speed on tech evolution helps decision makers identify future opportunities and understand where the […]

When we think of “customer experience,” the following scenario typically plays out in our minds: A customer is interacting with a store representative, receiving attention, information and diligent care. The customer leaves, excited about the incredible interaction they had and raving about how attentive the store representative was. However, in 2019, there are so many […]

The digital/in-person life of a financial institution’s customer is rapidly shifting. Interactions with branches have lessened, but still remain thoroughly important, serving as key moments for brand differentiation. Understanding this dynamic and the way customers think about brands based on this shifting landscape can help your organization deliver the highest possible service. Digital Only Struggles […]

Some bank employees and executives may feel concerned about the existence of physical branches in the future. Buzzwords such as FinTech and blockchain, along with an increasing number of digital and mobile transactions, may lead one to believe the branch is a thing of the past. However, physical bank and credit union branches are here […]

Most organizations engage in sophisticated customer journey mapping. Each touchpoint is analyzed and optimized, generally with the goal of creating a joyful and satisfying customer experience along each step. Beyond making touchpoints satisfying and engaging, brands should work to expedite the customer journey. Doing so respects your customer’s time, shortens the overall purchase process, creates […]

In a financial services environment that is evolving faster than ever before, innovation and adaptability are key facets of business growth for most financial institutions. Creating a seamless omni-channel experience has become a core expectation among consumers, and they now look to their financial institutions for creative and useful ways to better manage their finances. […]

“Personalization” is a hot topic within the customer experience world. The core concept of personalization is to establish a brand interaction and customer journey that feels less like a major corporate personality, and more like a reflection of the customer making a purchase. When this concept is applied to financial services, delivery looks like a […]

Most customer experience initiatives focus on touchpoints, and rightfully so. Touchpoints, or moments when a consumer interacts with your brand in some way, are the stepping stones of the overall customer journey, and improving individual touchpoints leads to greater customer satisfaction. With that said, the overall customer experience and value derived from the customer journey […]

How much do you know about your internal analytics team? If you’re an executive, you may have valuable insight, but what about the managers and universal bankers at your various branches? How much does your app development team understand the day-to-day experience of a teller? While these groups have somewhat disconnected responsibilities, they all work […]

With 2019 in full swing, this year is already shaping up to be hugely transitional in the world of financial services. Change can be anxiety inducing, especially in an industry that has traditionally functioned under a premise of security and heavily regulation. With that said, Changes in open banking and FinTech open up a new […]

Apple’s recent release of the Apple Card follows a familiar trend: tech and major tech organizations playing a disruptive role in financial services. For bank and credit union executives, these types of changes can feel like an existential crisis. However, while things are changing faster than ever before, financial services decision makers need to see […]

Self-service opportunities in banking can streamline a customer touchpoint, increase utility of your brand and allow your organization to provide more value by focusing on complex tasks customers truly wouldn’t be able to handle themselves. The key is knowing when and where to utilize self-service, and any pitfalls that can change this approach into a […]

Financial institutions are consistently seeking to improve their services, usually looking at their customer interactions on a micro-level. The process of creating long term, organizational change around these interactions can be intimidating, especially when change in customer experience runs the risk of disappointing. However, by breaking down the customer journey, identifying key points, testing change […]

The customer experience for financial institutions, and customers’ perceptions of banks and credit unions, are changing. In a constantly evolving industry (and one that is evolving quicker than it ever has in the past), it’s important to take a step back and understand the current state of financial services. At a high level, customers want […]

Small and mid-sized community financial institutions have always performed well when it comes to in-branch customer satisfaction. However, the according to The Financial Brand, community financial institution customers are most often dissatisfied with their FI’s digital capabilities and experience when compared to large national banks. By leveraging your internal staff, seeking out the right talent […]

Predictive analytics is already changing the world. Stock brokers, Netflix and data miners are all using customer data to anticipate needs, create valuable offerings and better communicate with their customer base. Financial institutions have huge potential with analytics, both in terms of customer data and the capacity to help customers by better understanding their behaviors. […]

Open banking is a new venture for established financial institutions to share customer data with third parties, notably FinTech partners, to bring more value to the customer. There is an inherent risk in sharing this data, but the benefit of partnering with FinTech organizations offers immense value. Notably, customers can benefit by viewing their finances […]

2018 was a big year for financial services. Innovation with the advent of FinTech partnerships, a major push for digitization and a focus on omni-channel experiences defined a big transitionary period. In 2019, these areas of growth and change will continue, along with astute tailoring of new technology and opportunities. Most importantly, financial services organizations […]

2019 will bring about change for financial institutions and other businesses alike, with an overriding theme of using technology in a more sophisticated, customer-centric way. Until recently, data and technology have often felt like solutions to business challenges. However, customer information and digital interactions open up a myriad of new challenges and potential pitfalls. As […]

Digital strategy is becoming increasingly important for financial institutions, especially as we see more and more omni-digital customers focusing a larger percentage of their brand interactions on digital channels. Moving into the future, financial institutions must be agile and innovative in their digital approach. Consider the following factors as your financial institution moves into the […]

Most financial institutions put time, energy and money into their in-branch customer experience. They think about each need, each touchpoint, and how the experience can best serve those who support their business. And, likewise, most financial institutions (and businesses in general) think about their online presence. However, the physical storefront and the online presence don’t […]

Omni-channel interaction is imperative to master for the modern financial institution. Rather than focusing on various channels’ individual performances, omni-channel marketing puts the customer at the center, and views the channels as a means to an end. Most importantly, the omni-channel-focused financial institution ensures that whether a customer interacts in a branch, on their phone […]

In 2018, the modern financial institution has to evolve, grow and innovate more than ever before. Consumers now demand faster, easier and more convenient customer service than ever before, and navigating a constantly changing world can be challenging for financial institutions, whose entire business practice revolves around regulation and security. Consider the following ideas when […]

Financial Institutions need to communicate effectively to be competitive in today’s landscape. Particularly in terms of the dynamic between decreasing branch visits and a high importance on emotional connection as an important element of loyalty for financial institutions, omni-channel communication is more important than ever. Banks and credit unions must analyze their customer journey with […]

Despite a somewhat slow uptake in mobile payments over the years, the revolution is now quickly approaching, especially due to key enhancements and adoption by both consumers and vendors. Business Insider predicts mobile payments to increase to over $500 billion by 2020, illustrating the need for financial institutions to be on board for the coming […]

One of the most effective ways managers can encourage good, long-term employee behavior is through the use of incentives. Giving employees a tangible reason to improve, whether that reason be monetary or otherwise, serves as the lasting fuel for customer experience improvement, helping to drive innovation around improving customer experience and helping to sustain momentum […]

When we hear about customer data, especially as financial institutions, we often think about customer security. What could happen to our customers’ data? How do we keep it safe, and out of the wrong hands? While security is paramount to financial institutions, executives should challenge themselves to think of customer data as an opportunity. Data […]

For any successful business in 2018, innovation drives growth. Refining processes, improving customer experience, expanding services and becoming more cost effective all require new ideas. Beyond the ideas themselves, implementing and changing requires a lot of work – and discipline. Without a structure in place to foster innovation, companies are left with a lot of […]

For most businesses and organizations, change is the only constant. Companies are constantly trying to improve, which usually means refining their processes in order to be more cost efficient, drive revenue and increase customer satisfaction. Additionally, regulatory changes in the financial services industry cause financial institutions to have to regularly adjust. With all this change, […]

Employers constantly focus on developing and improving their employees to drive their company forward. Employees often fall along a range of skills, from novice to innovator, and employers have to meet them where they are in order to identify what skills or behaviors they should aim for. Once those skills are identified, managers can begin […]

Artificial Intelligence (AI) is permeating across every type of business, helping them act in more sophisticated, data-driven manners. In March, Adobe anticipated the number of enterprises using AI to increase from 15% to 31% in the subsequent 12 months, meaning much of this adoption has already happened. Among the different types of businesses and organizations […]

According to KiteWheel’s State of the Customer Journey 2018 Report, in-app experiences are growing 50% year over year. Consumers are increasingly using apps for key brand interactions and are defining their brand perceptions based around these mobile experiences. In this sense, businesses should prioritize their customer experience specifically in-app when they think about developing a […]

Any successful customer experience improvement initiative requires intimate knowledge of who the customer actually is. There are classic pieces demographic and background information, such as geographic location, gender or age, but these elements alone don’t tell the whole story. In order to accurately meet and improve service to customers, businesses need to think about the […]

Coaching employees can prove to be difficult. Managers and directors want their employees to actively pursue initiatives to increase profitability, sometimes in the form of improving customer experience, using sales tactics to increase revenue or offering the right products/services when the opportunity presents itself. However, taking company goals and pursuing them through lasting change in […]

In 2018 and beyond, traditional financial institutions and FinTech companies are making serious moves in the form of partnerships. While financial institutions offer a captive audience and the security of adherence of financial regulations, FinTech companies offer a new, creative and practical way to help consumers handle their personal finances, accelerating innovation among the financial […]

Customer feedback is a huge part of directing and improving customer experience. Feedback provides insight into pain points, areas for improvement and can be solicited at various customer touchpoints to better understand what is going through a customer’s mind at a given time. However, customer participation, or the active involvement of customers in your brand, […]

The average Millennial consumer has certain preferences when it comes to their buying habits. They want the brands they interact with to exercise a strong degree of corporate social responsibility. Also, they have less tolerance for unintuitive technology – they expect apps, interfaces and online transactions to happen with ease. Importantly, Millennial consumers in general […]

“I want to improve, but I don’t know where to begin.” This phrase has been uttered countless times by business decision makers. Most executives have a good understanding of how customer experience drives bottom-line revenue and growth. However, the actual process of improvement sometimes proves to be more elusive. Executives want to improve touchpoints, but […]

More and more, marketers focus on the emotions customers experience while interacting with their brand, and the decision-making implications behind those emotions. Historically, marketers assumed customers were perfectly logical individuals who would complete airtight analyses around price, quality and ease of use before a purchase. However, the emotional drivers sometimes outweigh these traditional considerations. Marketers […]

Most companies function in silos. It’s a difficult habit to break – the reality is that certain teams require a lot of communication within their own departments and can function with minimal communication to other departments. Once a company becomes too siloed, the departments are rearranged and forced to transition into a new structure. Then, […]

When we think of customer experience, we think of the delivery of goods and services to the customer. We think of the painlessness of the experience, the value they get for the money and the ease of working with our businesses. We don’t always think about how the words and phrases we use to interact […]

Any meaningful undertaking in a business takes time, and time is something most CEOs and executives don’t have. Specifically, they don’t have the lenience of multiple years to execute a large-scale plan or initiative. This time period is simply too long, and shareholders, owners and board members don’t have patience or flexibility to run a […]

Perhaps surprisingly, despite the impetus on brands to deliver outstanding customer service, Forrester has reported slipping scores for 2017, and predicts other issues for 2018. As Forrester explains, new tools and transitionary technology, like artificial intelligence, are hurting brands’ customer experience delivery. Additionally, efforts to automate processes, highly aware and marketing-familiar customers and lack of […]

Mapping and analyzing the customer journey is common practice for most marketers. Each point along the customer journey, from a customer’s first contact with a brand (maybe through an ad or word of mouth) to a parting interaction, is identified and analyzed as a “customer touchpoint.” Generally, touchpoints are assessed and improved on a case-by-case […]

When businesses promote a product or service, they focus on the key customer touchpoints when thinking about customer experience. Times like first contact/awareness of a product, purchase point, and utilizing a product or service for the first time come to mind. These are the obvious, meat-and-potatoes aspects of the customer experience marketers focus on. However, […]

Often, we think of customer experience across the entirety of the customer journey. We analyze each point and try to maximize the experience as best we can. However, all moments are not created equal. There are specific moments that leave impressions on customers. Specifically, the ends and the extremes of the customer experience stick with […]

Coaching in the workplace is central to a successful business. Happy employees, satisfied customers and continuous improvement in an increasingly sophisticated and competitive landscape are all essential benefits of a strong coaching culture. Sometimes, it can be difficult for managers and directors to know if their coaching is effective. How can they know if they’re […]

The rules of management are changing with an evolving workplace. Managers have the difficult task of creating work cultures that are more agile than ever before. Consider the way most businesses are shaping themselves: Flexibility and innovation are highly valued and integrated into the fabrics of businesses. Similarly, managers’ coaching styles need to reflect these […]

2018 will be the year of customer intimacy, among other innovations in financial services. Specifically, this coming year will be defined by the mainstream leveraging of customer data to influence communication, sales and positively impact the customer experience. Here are a few major trends to keep a pulse on this year: Customer analytics Data analytics […]

Welcome back! With the holidays officially over and the new year in full swing, it’s time to think about 2018 and how customer experience expectations and innovations will evolve. CSP predicts four major advances in customer experience for 2018, including: Personalization of experiences Tactical data Unification of touchpoints and services Emotional expectations from customers Let’s […]

Holidays are an economically abnormal period. According to USA Today, the average American spends $1,189 during the holidays, creating a flurry of economic activity in a short amount of time. This activity provides opportunities and challenges, especially for the retail space. B2C business owners and managers should consider these factors during the holiday season: An […]

The universal banker is a jack-of-all-trades representative who can solve a wide variety of problems for bank customers. From loans to digital services, the universal banker is highly trained to take customers through their entire interaction once they walk in the door, and this leads to the universal banker having a better understanding of the […]

Customer experience research helps align brands and companies with the consumers they want to satisfy. However, the way consumers think about their purchases and the products/services they interact with is multi-faceted. For companies who conduct customer experience research, this is great news. Businesses that take the time and effort to learn about their customers stand […]

Customer journey mapping helps bring a unique and important perspective to businesses and products. This spans the entire path to purchase and beyond, from initial need or exposure to a product/service all the way to eventually being finished with the product/service. In between, there are a plethora of marketing, customer experience, customer support, research, and […]

When a customer works with any type of business, their satisfaction of the price, quality and delivery of the service/product only makes up part of their loyalty to that business. The aspects that truly solidify their relationship with the brand are the interpersonal and emotional bonds they form. They want to see familiar faces, feel […]

When a new customer walks through the doors of a financial institution, they offer potential. They have the potential to be a loyal customer, a promoter of the financial institution and a lucrative business partner. Walking through the door confirms that the financial institution’s promotional strategy is working – they learned about the brand and […]

CSP is happy to have guest-blogger, Andrew Huber of Harland Clarke return this month and share his insights on creating a customer experience strategy that is successful. “How are we doing?” This question is at the foundation of any organization’s quest for continuous improvement. For banks and credit unions, the answer encompasses more than an […]

Managers and directors must be good coaches. The very nature of managing a staff team requires those in charge to make individuals within the team more skilled, smarter, and happier due to career satisfaction. Unfortunately, some managers fail to handle teaching moments with grace and sensitivity, and leave their employees feeling like a failed performer, […]

Key performance indicators, or KPIs, are becoming an increasingly important tool for financial institution executives as they move into the future. True to their name, they offer a measurable, quantifiable look at how well a financial institution performs over time on key drivers of revenue and profitability. Examples of KPIs include, but certainly aren’t limited […]

CSP is happy to have guest-blogger, Andrew Huber, Program Manager at Harland Clarke, share his insights about customer experience (CX) and the need for financial institutions to deliver outstanding service at every touchpoint. You likely know that the key to any strong, long-lasting business is delivering an exceptional customer experience (CX). Unfortunately, when it comes […]

Employee engagement is an important part of any business, but its importance extends beyond feel-good factors. Sometimes, the business world speaks about employee satisfaction as a non-essential element of business. There is an impression that employers should strive for good employee satisfaction, but if employees aren’t entirely happy, the bottom line still must be met […]

When a financial institution evaluates itself to identify opportunities for improvement, key performance standards, also known as benchmarks, are essential. Benchmarks paint a clear picture of a bank’s performance. More importantly, benchmarking sets up a long-term framework the bank can use to consistently measure its performance against key performance standards over time. This feedback, gained directly […]

What should a manager do when an employee’s performance falls short? Consider the following scenario: An employee isn’t reaching his personal performance requirements. Maybe his sales are low, his ability to open new accounts is subpar or he receives weaker customer satisfaction scores than his colleagues. During a performance review, the employee is informed of […]

Passionate customers tell you what makes your brand exceptional Often, customer experience research focuses too heavily on business shortcomings.  Managers want to know when customers are dissatisfied, what caused their dissatisfaction, and how to fix the problem.  As a result, decision makers overlook positive customer feedback.  Managers expect positive feedback, and when it’s received, they […]

While you’re hard at work trying to maintain lifelong customer relationships, it can be easy to overlook the relationships among your staff. It seems obvious that a friendly work environment leads to greater productivity, decreased stress, less turnover and increased satisfaction—and in fact, research shows that this assumption is true. Happier employees lead to a […]

One way to segment your customers is by their lifetime value. Compared to many other measurable customer attributes, lifetime value is the kind of big-picture description that can be difficult to observe or estimate at a glance. But it’s also one of the most valuable pieces of information you can have about your customers. Customer […]

Customer segmentation can be an immensely useful tool in getting actionable insights from your customer research. From those insights, you can devise strategies to improve the customer experience, because you have a more specific understanding of what customers want. But segmentation is far from simple. To get the most out of it, you need to […]

Customer segmentation helps banks get to know their customers on a more granular level. Segmentation reveals specific intelligence that could otherwise be obscured by the sheer volume of data. These insights, in turn, inform messaging strategies for marketing and customer service strategies. Segmentation can also help banks better understand the customer lifecycle and predict customer […]

In this season of annual meetings and strategic planning, those with a 30,000-foot view on banks and credit unions are predicting what the year will bring. Some of these predictions are fueled by polls and studies, while others come from the informed instinct of seasoned experts. Having served the financial services industry with quality customer […]

from Steve Kutilek, President & CEO of CSP The more things change, the more they stay the same. This often-quoted bit of irony seems appropriate as I reflect on the customer experience lessons of 2016 and look ahead to 2017. The details of customer experience management continue to change – technological innovations, new channels of […]

With her background in both financial services and managerial/professional development, Brittni Redding was a natural fit to join CSP in 2016. As our Director of Client Education, Brittni has been instrumental in developing and supporting CSP’s Manager Development and Training solutions. Brittni’s hands-on role with our clients, and her previous experience in a variety of […]

Of the many communications channels that weave together to form an omnichannel customer experience strategy, email continues to be relevant and valuable. Email marketing isn’t just about marketing; it’s a way of maintaining your customer relationships in between more direct touchpoints, like transactions and customer service calls. Like social media, email reaches people where they […]

Most consumer-facing businesses could stand to learn a few things about customer experience and employee engagement from Chick-fil-A. I recently connected with a friend and colleague of mine, T.J. Hammond, who works in learning and development at Chick-fil-A. I’ve enjoyed a knowledge-sharing relationship with T.J. for several years based on our shared beliefs in what […]

One of the biggest banks in the U.S., Wells Fargo, made one of the biggest mistakes in recent banking industry history. By pressuring their sales staff to grow the number of customer accounts by nearly any means necessary, they wound up crossing some major ethical and legal lines and created a scandal that has hurt […]

Think customer attrition deserves less of your attention than customer attraction? Think again. Much of any company’s focus is channeled into attracting new customers and procuring large and sustainable accounts. These are the fuel sources for successful growth. It makes sense to spend time and effort into maintaining these gateways and developing them as wide […]

In a competitive business climate that increasingly revolves around customer experience (CX), there is much to be learned from companies who have made a name for themselves based on quality of customer service. Below is an overview of some of the most prominent industry leaders and what makes them excel. USAA: Maintaining trust through technology […]

Banks and credit unions are subject to extensive federal regulations regarding how they interact with customers and handle customer data, especially as it relates to lines of credit. Examples of consumer lending regulations include: The Fair Credit Reporting Act (1970): Regulates the collection, dissemination, and use of customers’ private information as it pertains to their […]

Customer self-service continues to rise in popularity as companies adapt to customers’ demand for convenience and independence. Customer service experts agree that self-service is one of the biggest developments for 2016. In 2015, Microsoft’s annual Global State of Multichannel Customer Service Report surveyed 4,000 consumers. When asked what they expected from customer service, 90% of […]

As a business leader, you know the importance of keeping your finger on the pulse of customer loyalty. A critical part of customer relationship management, customer loyalty goes well beyond a customer making a purchase. Loyalty is steeped in the relationship between the company and purchaser. A loyal customer believes your organization offers the best […]

Cross-departmental collaboration is a reflection of a healthy internal culture. When employees feel comfortable working together, communicate effectively, and understand each other’s roles and functions within the system, your customer feels the difference. What gets in the way of cross-departmental collaboration?  Obstacle 1 – Tunnel Vision When employees get too limited by the tunnel vision […]

A version of this post was featured by influential Customer Experience speaker and teacher Shep Hyken as a guest blog in August 2016. See it here. Data inspires confidence because it serves as a rational, objective bottom line that provides order and structure to the customer experience. It appeals to the logical, pattern-oriented left brain, […]

Customer service via social media has been a growing trend as more and more businesses realize the power of these platforms. But conducting yourself as a business on social media is far from self-explanatory. Here, we review eight tips for engaging with your customers on social media.  If you’re a business with a social media […]

Customer loyalty is a hot topic, but what exactly is a loyal customer? The first thing that might come to mind is “a customer who keeps doing business with you.” That sounds reasonable; however, it’s also incomplete. It’s likely that some repeat customers come back only because they are under a binding contract, intimidated by […]

Employee training is pulling away from the model of slideshows in a dark conference room with stale bagels. Because attention spans and time are both in short supply, training must cut to the core issues and deliver worthwhile solutions – or in other words, you need to know what you’re doing and do it well. […]

Customers often base their opinion of a company on their service experience, so you want yours to be top-notch. Proper training helps employees achieve customer service goals, which in turn provides motivation to continue doing well and to keep improving. As you embark on coaching your employees to make your customer service experience even better, […]

The blueprint of a brand comes to life with the accumulation of loyal customers, and it expands its reach by shaping those customers into advocates. This two-tier configuration is a launching pad. There are two parts to the first tier. First, the customer needs to believe the services have quality. One successful transaction can plant […]

Retailers love store credit cards and purchase financing. When a store offers its customers credit, those customers are more likely to continue shopping there and making larger purchases. The store then collects additional profit on each sale in the form of interest, usage fees, and penalties. When retailers partner with banks to provide lines of […]

Professional development is an ongoing responsibility shared by both employees and their employers. However, managers and human resources personnel are often tied up in handling the paperwork of employment – hiring, firing, benefits, and grievances – leaving little bandwidth to focus on developing employees’ resources, talents, and career journeys. Most businesses conduct some kind of […]

It’s Tuesday. Lunchtime. You’re headed to your favorite local sandwich joint. You sit down, don’t even have to glance at the menu. You’re all ready to place your order when your waitress walks up and says, “Hi, I’d love to serve you, but we’re out of food right now. No drinks either. Please try again […]

You wake up one morning and discover, to your surprise, that at some point overnight, your ears have turned bright blue. You ask your spouse to pinch you and make sure that you’re awake (you are), and your kids confirm that you’re not just seeing things. You know you’ve been a little stressed lately, and […]

The process of gathering and analyzing customer experience data involves several translations. Desired outcomes are translated into measurable attributes. Attributes are translated into feedback tools (such as survey questions). Customers translate their sentiments into quantifiable scores – data points. Data points get translated into ratios, averages, and frequencies. The collected data can then be translated […]

The ongoing cycle of customer experience success is comprised of four main influencers: Employees, Customers, Management, and Data. In this series, CSP examines the Employee segment of that cycle and the benefits of focusing on internal culture to drive success. So you’ve been convinced of the value of employee engagement metrics. You want to see […]

The ongoing cycle of customer experience success is comprised of four main influencers: Employees, Customers, Management, and Data. In this series, CSP examines the Employee segment of that cycle and the benefits of focusing on internal culture to drive success. One of the main advantages of measuring employee engagement is the ability to take something […]

The ongoing cycle of customer experience success is comprised of four main influencers: Employees, Customers, Management, and Data. In this series, CSP examines the Employee segment of that cycle and the benefits of focusing on internal culture to drive success. Understanding Employee Engagement As defined by the Corporate Leadership Council, “Engagement is the extent to […]

How are women involved in their family’s finances? How confident do they feel about their financial know-how? What tools and services do they want their banks to provide to help them manage their money? These are the kinds of questions financial institutions need to be examining to optimize the customer experience for their female customers. […]

Sometimes, bad customer experiences happen to good companies. In the worst cases, they happen to good customers whose loyalty you’ve already worked to earn and keep. It could be a customer service email that went into a black hole and was never returned. Long lines, long hold times, or shipping delays could test a customer’s […]

Google introduced the idea of the Zero Moment of Truth back in 2011, and has invested a lot of effort into getting companies to buy into it. The idea is that the pre-purchase phase of the customer journey, in which a customer researches, comparison-shops, asks for recommendations, and reads reviews, is essentially a countdown to […]

Change is the only constant. It’s also one of the most pressing management challenges out there, and one of the most ambiguous and headache-causing. Navigating the course of change is something CSP knows all too well. In our nearly 30 years in business, we’ve guided banks, credit unions, and other businesses through the process of […]

According to the 2015 Temkin Experience Ratings, which rank the customer experience of 293 companies over 20 industries, credit unions have earned the highest ranking for financial services over the past four years. USAA topped the list just above credit unions (which were rated as a group, not individually), followed by a bevy of big-name […]

We start this lesson in leadership with a classic metaphor: A professor stood before his class with some specific items in front of him. When class began, he wordlessly picked up a large empty glass jar and proceeded to fill it with rocks about three inches in diameter. He then asked the students if the […]

While you’re immersed in next-year planning, we’d like to tap on your shoulder on behalf of your customers. Assuming you want those customers to stay with you to 2017 and beyond, now is the perfect time to zoom in on your customer experience management strategy. Here are some of the key areas to focus on, […]

Think about the traits you most closely associate with an effective manager. They might include decisiveness, charisma, commitment, strategic thinking, and the ability to engage employees. These qualities all share a common root that is often invisible at first glance: self-awareness. Self-awareness refers to a person’s perception of him/herself and how accurately it reflects the […]

Think back to the people in your life who have recognized your potential and used their talents to help you discover and shape your own. When a coach like this is present in the workplace, his or her influence can have a profound impact on the professional development of the entire team as well as […]

We’ve written at length on this blog about important changes in the evolving banking industry, including the rising popularity of universal bankers, online customer support, FinTech firms (especially among Millennials), and an omnichannel approach to improving performance across all points of contact with customers. As the industry forges ahead, so must the banking customer experience. […]

Benchmarking is the process companies use to identify and establish key performance standards, or benchmarks, and measure their performance against those standards over time. With a benchmark analysis, a company can compare its current scores in critical areas against its own past performance, as well as against its competitors. Done in-house from the ground up, […]

Though born decades apart and into very different circumstances, Baby Boomer (born 1946-1964) and Millennial (born 1980-2000) customers show a surprising amount of overlap in their preferences and priorities for the customer experience at their banks. Baby Boomers are Aging Youthfully Baby Boomers came of age during the wild 1960s and 70s, and while they […]

Millennials want businesses to meet them where they are, and that includes their financial institutions. So how does a bank go about satisfying this demanding demographic? In Part One of this series, we got into Millennials’ heads to see the world through their own lenses. Knowing what they value and prioritize can help you shape […]

At many businesses, the only time a customer sees or hears from the CEO might be a statement issued to the press, a column in the quarterly newsletter, or in the worst cases, a public scandal for which the company leadership is held accountable. Otherwise, CEOs, at least from the customer’s perspective, are mythical creatures […]

Employee engagement is a critical component to a satisfying customer experience. Employees who believe in what they’re doing and in the company they’re serving are likely to provide better service, and lead to better relationships with customers and higher satisfaction. Companies spend millions per year on surveys, programs, and initiatives to support employee engagement. In […]

A satisfying customer experience is organizational, not just transactional. The most direct way to affect your customer experience is to start with your own staff. Everyone must be on board, especially managers and executives. It’s critical that the top decision-makers at your business believe in the customer experience and stay tuned in to the voice […]

Capgemini has released the 2015 World Retail Banking Report and their Customer Experience Index, calculated from the results of a comprehensive Voice of the Customer survey of more than 16,000 respondents in 32 countries. The CEI has dropped only slightly from 72.9 in 2014 to 72.7 in 2015, indicating that customer satisfaction is stagnating as […]

It seems like everybody and his brother has a blog these days, including businesses. Some industries are more suited to blogging than others, and financial services is one of those industries. Some banks are already on this bandwagon, but for those who still need some persuading, let us tell you about some of the benefits […]

These days, many of the touch points between customers and businesses happen not in person, not on the phone, but in the cloud. Never have customers had so many choices, nor businesses so many options, for communication and service. Companies have had to step up their investment in digital customer service solutions to meet consumer […]

You’re doing all the right things. You have a Voice of the Customer program in place. You’re capturing, measuring, and evaluating both customer sentiment and employee performance. Your customer-facing staff is vetted and well trained. A superior customer experience is a priority at all levels of your organization. But when the VOC results come in, […]

Training and coaching sound like they could refer to the same thing: imparting information that someone else—in this case, your employees—can learn from. In fact, training and coaching each serve a distinct purpose to your organization and can’t be interchanged. Knowing the differences between the two, and how and when to deploy them, is the […]

Common wisdom holds that you only get one chance at a first impression, the best opportunity to influence on a person’s overall opinion than anything that follows. Yes, it’s true that a first impression can only happen once. But first impressions are also happening all the time. Every interaction between a business and a customer […]

Traditionally, Customer Experience Research falls into two main categories. In the first category, there are market research firms that take an academic or scientific approach to collecting data and presenting the findings. These providers emphasize the purity of their data and the rigor of their methods and processes for collecting that information. In the second […]

Big Data is a big topic. In all the conversation about the potential for data to reveal key customer insights, broad statements and big promises are far more common than specific examples of the real-world answers a business might hope to gain. There’s a reason that the word “data” is plural. An individual datum reveals […]

It’s a customer experience manager’s job to keep an eye on the big picture of satisfaction: the various programs in place, the ever-updating customer data and information, and the overall strategies to attract and retain customer loyalty. But when any given customer walks through your doors, calls up your customer service, or engages with you […]

Instating a Voice of the Customer program to capture customer experience insights has many practical benefits: It takes something vague and subjective, like customer experience, and turns it into quantifiable metrics. It clearly identifies the key drivers of customer satisfaction that are unique to each business and each customer base. It shows trends, progress, and […]

As we’ve stated in a previous post, there is no such thing as one-size-fits-all employee training. There are actually two layers of truth to that assertion. Not only should each business customize its training program to best meet the expectations and needs of its customers, each employee has distinct learning preferences. These preferences will affect […]

Customer Intelligence (CI) is a discipline within Customer Relationship Management (CRM) that relies on the collection of customer information to gain insights into behavior. Using Customer Intelligence methodologies, companies can assemble and examine data to uncover customers’ preferences, motivations, patterns, wants and needs, and ground their strategy in that information to deliver a better customer […]

Innovations in mobile and digital platforms have influenced significant paradigm changes in how bank and credit union customers interact with their institutions in the virtual space. Now that wave of change is bleeding over into the physical world, with the invention and adoption of the universal banker. The future and function of the brick-and-mortar branch […]

The frontlines of customer service and sales are where the most direct and personal customer experiences happen. It’s also an area where customers tend to be more vocal about their satisfaction, or lack thereof. A good experience can make someone’s day, and a bad one can ruin it – and humans are just predisposed to complain […]

eMarketer (@eMarketer) recently hosted an informative webinar on the outlook for the financial services industry in 2015 and beyond, based on data collected this year. The projections point strongly in the direction of mobile banking and payment options gaining broader favor and driving demand. While the Millennial generation has motivated much of the digital advances […]

There’s plenty of debate out there among financial services professionals about the fate of the traditional brick-and-mortar branch. What’s clear is that in the meantime, a new species of bank has been gaining ground and turning heads: the online-only bank. While consumers are justifiably wary of cybersecurity concerns, the promise made by these services is […]

As the saying goes, you only get one chance to make a lasting first impression. The beginning of your business’s relationship with a customer is one of many moments of truth that will shape that customer’s continued engagement and loyalty. Onboarding may be near the top of the sales funnel from the enterprise’s point of […]

The emergence of Big Data has been one of the most disruptive events of the new millennium, impacting practically every industry. Technology has leapt forward again and again over the last decade, and brought us new tools for accessing, collecting and delivering data with mind-boggling volume and velocity. With the floodgates open, businesses large and […]

“Omnichannel” is a buzzword that’s emerged in recent years to replace “multi-channel” as a way of describing how customers interact with a business. While multi-channel indicated that there are a number of distinct touchpoints, both physical and digital, that matter to a customer’s experience, omnichannel goes a step further to reflect that customers are using […]