Not unlike retailers, banks are challenged to provide a quality, consistent customer experience in their locations and online. Analysts have said that we’re in the Age of the Consumer, and that is apparent – people want to feel like their bank knows them, understands what they want and need, and helps to fulfill those wants and needs from any channel they choose. They want personalization, both with regard to the relationship they have with their bank, and in the product/service mix they are offered.
While the potential lifetime customer value is high if you can meet these demands, the challenge of earning that loyalty is real. Chances are, you serve thousands of customers. Do you know how to identify the wants and needs of each individual so you can make them feel appreciated and valued?
Think of your favorite store – it’s highly likely that one reason you like the store is because of a particularly knowledgeable and attentive salesperson. They are always ready to help, they know what you like, and they have a sense of what items work well for you.
You rely on the knowledge that the store always has something that will meet you needs. You know you probably will walk out with a new item – whether or not you had gone in with something specific in mind. That is the same kind of confidence, reliability, and ease that people want from their bank customer service.
Keeping in mind that customer experience is perceived, not created, there are a few things you can do to encourage the parts of a bank relationship that keeps your customers happy and loyal. A large-scale study of banking customers identified five main elements of a great bank customer experience.[1]
The consumer banking market is crowded. Customers can choose from or build a mix of traditional storefront banks, online banks, and fintech companies (e.g., PayPal). No wonder customers want more than they did five years ago. They can expect that their bank will be more than a place to deposit and withdraw money and seek financial advice. By taking a few steps to individualize the customer experience, your bank – and your customers – stand to benefit from a profitable relationship for a long time to come.
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[1] Financial Consumer Demands for Tomorrow's Digital Bank, CGI and The Financial Brand, 2015