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Tagged: mobile banking

New Challenges in CRM: The Complete Digital Banking Experience

April 27, 2016

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 later.” She turns away with a “bummer!” look on her face.

error messageObviously that type of service wouldn’t fly in the restaurant industry. Nor does it in the digital banking world. Gone are the days when your website can display a pop-up politely announcing, “Sorry, we’re having technical difficulties. Please try again later.” Customers have come to expect more in these times of Amazon same-day shipping and eerily relevant Google ads.

Consumers are increasingly becoming accustomed to the immediacy, ease, and reliability of online experiences. And they’re becoming less forgiving when corporations don’t measure up to their expectations. In today’s world, banks must be aware of serving up a great digital customer experience, much as your favorite sandwich place must serve up a great lunch every day of the week.

What makes up a great digital experience?

Digital customer experience goes beyond having an easy-to-navigate website and the ability to check balances online. Your customers may expect any of the following types of tech-encounters now or in the near future:

  • mobile banking digital appMobile apps to check balances and make money transfers, with GPS technology to show the nearest branch and ATM locations, along with up-to-the-minute lending rates
  • Real-time remote check deposits using scan-and-upload technology
  • Digital wallet, offering the opportunity to pay using a smartphone
  • Text-to-ATM withdrawals
Ham and cheese, toasted

Your waitress knows you always come in on Tuesdays. And you always order the ham and cheese with a side of slaw. You don’t even have to ask anymore. And she always remembers to toast your sandwich for you. Isn’t that nice?

Banking customers want that same nice, toasty feeling when they’re online or on-the-go. Whether sitting at their desktop, on the couch with their tablet, or out and about with their cell, consumers like things quick, easy, and convenient. Customer-centric services that predict what people want, cater to their individual needs, and meet their expectations will help you attract and retain customers.

68 percent of Millennials believe that in just five years, the way we access our money will be totally different.

Setting goals for digital customer experience and measuring satisfaction aids banks in providing value; offering quick, easy, and effective solutions; and advising before a customer even makes an ask. That’s critical at a time when Millennials are becoming key decision-makers. A survey from a division of Viacom Media showed that 68% of Millennials believe in just five years, the way we access our money will be totally different, and one in three are open to switching banks in the next 90 days.

Analyze the entire digital experience

A good or bad experience with any of your digital touch points has the potential to make or break the customer experience. It’s critical to look at the full digital experience and not just one element of it. As technology continues to evolve, so too will the digital definition and customer expectations.

CSP is passionate about improving the customer experience on all fronts. We strive to adapt to whatever technology throws our way. That’s how we help you continue building customer loyalty and retention. Contact us today with your questions about customer experience management for digital banking.

What Baby Boomer & Millennial Banking Customers Have in Common

July 30, 2015

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

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Baby Boomers came of age during the wild 1960s and 70s, and while they might not be able to rock’n’roll all night and party every day anymore, they’re not ready to resign to their rocking chairs just yet.

Here you can begin to see some of the commonalities between Boomers and Millennials. Both generations entered adulthood against the backdrop of oversea war, economic depression, and social unrest. The 2008 recession hit their wallets hard: Boomers watched their retirement funds wither, and Millennials worry if they’ll earn enough to pay off their immense student loans. To varying degrees, both groups know the value of doing more with less and balancing their desire to make purchases against the risks of running out.

It’s Not Just About Retirement

Sure, retirement is a pressing issue for Boomers exiting the workforce and preparing for a new phase of life, but it’s not the only thing they’re doing with their money.

Despite the setbacks of the recession, Baby Boomers earn about 47% of all income in the United States, totaling $4 trillion. [Source] With their adult children leaving home and establishing their own families, instead of settling in, Boomers are active and adventurous. They want to be able to keep up with their grandkids and are using their spending power to catch up with all the dreams they may have put off during their parenting years.

That might mean new car purchases, home renovations or relocations, or even starting a business – all things they’ll be looking to their banks to help them finance and navigate. These products aren’t just the territory of young adults getting established.

As we’ve reported previously, Millennials, too, are entrepreneurial adventurers who tend to value experiences over material goods. So while they may be renting a while longer before they purchase a house and putting off traditional milestones like marriage and child-rearing, they see that as freeing up capital to pursue their dreams while they still have youth on their side.

They’ve also absorbed their parents’ concerns about funding their retirements and, according to the Transamerica Retirement Survey, 74% of Millennials have begun saving for retirement a full 13 years earlier in life than Baby Boomers.

This knowledge should lead banks to carefully consider how and to whom they are promoting their small business, retirement, and home equity products and services.

Linked In with Technology

A major slice of shared territory between these two generations can be found online, and in particular, on mobile.

Millennials and Boomers alike are early adopters of new tech products and are comfortable navigating the world through the lens of their smartphone or tablet. 71% of Boomers bank online at least once per week, and their use of mobile is expected grow exponentially over the next few years.

So by prioritizing a streamlined, personalized, and mobile-optimized experience, banks can satisfy both sets of customers.

Where they differ, though, is in their concern about the security of their financial information. Millennials, who have largely grown up with tech, tend to be more trusting; Boomers are willing to adapt and learn, but remain suspicious about the trustworthiness of devices, networks, and data banks.

61% of Boomers believe the risk of their financial data being compromised will rise within the next three years, compared to 45% of Millennials. [Source] Adults who are not already using online banking options are even more suspicious and unlikely to be converted, no matter how slick the user experience. Nothing will send customers of any age on the hunt for a new bank like finding that their personal information is at risk, for which they unforgivingly hold the institution responsible.

With data breaches making headlines on a regular basis, banks who want to promote their online and mobile services must communicate a strong message of security, not just convenience.

Want to know more about the demands of different demographics within your target market? CSP can deliver all the intelligence you need and offer solutions to meet your specific goals. Contact us today with your questions and concerns.