In banking, it’s clear customer experience matters, and the stakes have never been higher. Study after study confirms the importance of providing personalized, integrated experiences for satisfaction and retention of financial services customers. According to JD Power, “Nearly 90% of retail banking customers who are highly satisfied with the advice provided by their financial institution say they “definitely will” reuse their bank or credit union for another product” (The Financial Brand). And it’s not just about happy customers… Boston Consulting Group data indicates personalizing customer journeys can lead to a 10-30% increase in revenue.
But, when it really comes down to it, how can banks, saddled with regulations and security challenges, compete with the experiences offered by customer-obsessed tech powerhouses and agile fintechs?
To satisfy customers in an increasingly competitive market, banks must identify and optimize on critical opportunities to connect with customers in more personalized, meaningful ways, both in branch and remotely.
But what exactly are those opportunities, and how can retail banks deliver when it matters most?
Opportunity #1
When opening a new account
Account opening is, in most cases, the very first touch point for customers, and first impressions can be everything. Whether it occurs on a managed device in the branch or on a customer’s own mobile device at home, the account opening process itself, regardless of delivery channel, must be seamless, simple, and efficient.
And when it isn’t?
Opportunity #2
When customer satisfaction is on the line
Customer service, one of the most fundamental components of the overall customer experience, is still an enormous opportunity for growth for retail banks. Overall customer satisfaction is directly tied to problem resolution, and currently, almost all customer service delivery channels are failing to produce tangible results.
According to the J.D. Power 2019 U.S. Retail Banking Satisfaction Study, “declining satisfaction in the areas of problem resolution and telephone customer service offset the gain [in satisfaction scores from 2018]. Telephone is the most frequent servicing channel customers use to resolve problems. Customer satisfaction scores also decline in online assisted customer service (online chat, email or social media channels). Of all the delivery channels measured in the study, only ATM increases in customer satisfaction.”
When only ATMs experiences are increasing customer satisfaction, banks have a lot of work to do. And what about when the initial attempts to resolve issues don’t deliver?
The same survey indicates that “[Bank] Reputation declines further when customers perceive that problems are unresolved or resolved in a manner put the bank’s interests ahead of theirs.
When issues go unresolved, or the resolution is perceived to be in the bank’s best interest, reputation scores plummet.
To effectively guide customers through problem resolution, banks must employ sophisticated, interconnected collaboration tools that integrate call management and customer relationship management systems. Tools like Cisco’s Contact Center provide contextual experiences with comprehensive reporting so customers are connected to the right resources at the right time. Context in communications is crucial to helping customers and employees navigate the red tape and, ultimately, find the right solutions together.
Learn more about Cisco Collaboration Solutions.
Opportunity #3
When it’s time to get personal
Customers step through the doors of a retail branch looking for a trusted advisor, and banks must remember this. Certainly, when it comes to mobile engagements and simple transactions, speed and efficiency are the name of the game, but in-branch customer engagements demand a different focus entirely.
Opportunity #4
When customer trust is on the line
In a world where customers can access sensitive information from anywhere, security vulnerabilities abound. Sometimes, regardless of preventative measures and safety nets, the worst-case scenario occurs. Customers will inevitably face data breaches, identity theft, and fraud. The vulnerability customers experience in these moments cannot be underestimated.
In these moments of helplessness, banks must provide customers with the confidence that comes with secure, comprehensive network visibility and a plan for threat mitigation. While there will always be evolving threats, banks can reassure customers with confidence in their own security strategy.