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Online-Only Banks Forcing Traditional Institutions to Upgrade Their Customer Experience

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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 twofold.

On the Dollars and Cents side, they lure consumers with low- or no-fee banking, perks they can afford due to the lower cost of running an online bank.

And on the Customer Experience side, one word sums it up: convenience. The anywhere, anytime availability of these banks, and the fact that most of them are designed specifically with mobile in mind, is attractive.

Even these digital banks realize the value of a human touch, so many of them also promise the availability of customer service personnel to help as needed.

Today’s consumers have grown accustomed to managing much of their life online, and to being able to get online at a moment’s notice. The fact that these banks don’t tie them down to a particular location or region is another plus.

This emerging competition should be a strong nudge to traditional banks to evaluate the promises they’re making to their customers and what is being done to fulfill those promises.

It’s also yet another incentive to put the spotlight on your digital and mobile services and user experience. Using Voice of the Customer data and insights, you can zero in on the key drivers of satisfaction and make the necessary improvements to meet that goal.

A robust VoC program is your best asset in customer experience management. As we enter 2015, now is a good time to ask: Are you getting everything you need from yours? Contact CSP today to find out what you could be missing.




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