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. It begins with asking the right questions about the key components of the customer relationship lifecycle:
- Acquiring Customers: Which products and services capture potential customer’s interests? Which marketing channels are the most productive for prospecting customers?
- Maintaining Customers: How can you better manage customer expectations? How could you better fulfill promises to keep customers satisfied?
- Maximizing Customers: What opportunities do you have to up-sell and cross-sell? How could you improve your referral and recommendation solicitation?
- Customer Loyalty: How else could you increase your customers’ purchasing power? What customer loyalty programs might you consider offering?
- Customer Retention: How can you keep your good customers and reduce “churn?”
It’s enough to make any bank manager feel a little lost in the dark, feeling around for a light switch that will illuminate a clear path through. Every bank will have different goals, different needs, and different customers motivated by different key drivers, so while the destination is the same, no two enterprises will walk the same path.
The Three Stages of the Journey to Improvement
It begins with Stage 1, Data Infrastructure – the collection and reporting of Voice of the Customer data from feedback tools like surveys and evaluations. This becomes the Customer Intelligence that is the backbone of every successful CEM strategy. With this foundation, banks can better anticipate their customers’ needs and be proactive in offering personalized solutions.
Stage 2 is Performance and Insight. Once the data is collected, it’s time to do a deep analysis of the performance of all metrics, down to each branch and each retail position. In this step, we identify what’s changing in customer needs and expectations by sifting through data currently siloed in various channels and integrating it into a complete, 360-degree view of the customer experience.
Stage 3 is Holistic Strategy. Using the data and information from the previous two stages, the real work of improvement begins. This is the opportunity to perform an alignment check on the bank’s internal culture to see how closely it matches customer needs, wants, and expectations, and make necessary adjustments to establish and maintain the proper alignment.
There you have it: a clear path from Data to Information to Knowledge.
In our 25+ years of Customer Experience research, CSP has served as a “trail guide” to hundreds of banks walking their own paths to improved customer experience. We believe a bank’s value to its customers is defined through relationships. Employees, not smartphones or laptops, should remain at the center of those relationships.
Our experts are here to lead you through the three stages along the journey. More articles like this one can be found in our STARS library, available to current CSP clients as part of our full-service delivery. Contact us with any questions you may have.