Financial Services

Category Description

Jun 12, 2020

How to Improve Customer Experience in Banking

by Gordon Polovin

The customer journey in the banking market The minute individuals begin thinking about the institution they want to look after their financial transactions and safeguard their assets; the customer journey has started. The customer experience (CX) at every touchpoint along the way will guide him or her or the company to the final destination.   Banks, to no small degree, have lost brand value by becoming commoditized. The opportunities for differentiating customer services are limited when it comes to retaining existing customers and turning prospects into new ones. Strategic decision-makers cannot ignore CX and NPS (Net Promoter Score) as pivotal to their plans. Indeed, NPS surveys are the bottom line indicators of a customer’s willingness to recommend a bank to friends and family. It’s the litmus test of whether or not marketing and sales enablement are getting the job done as expected.   The quality of banking customer services figures into CX and the customer journey through numerous touchpoints. However, it goes a lot further than offering lower fees, higher returns, and new online options. Failure to recognize the valid drivers of CX in a banking scenario will ultimately result in an uninspiring competitive performance. The worst thing coming out of an NPS survey is a picture of more bank detractors than ambassadors. Nothing travels faster than bad news.    So what can bankers do to make sure that each touchpoint keeps propelling existing customers and prospects positively forward to the next one?       Monitor your customer journeys to […]

Read More

1 min read

Financial ServicesBig Banks = Big Satisfaction?While some may have a negative association with ‘Big’ anything [Big Brother, Big Data, Big Whatever], recent studies have shown that Big Banks are overtaking...

2 min read

Financial ServicesCredit Unions: Improving Perception, Growing BusinessCredit unions everywhere face the uphill task of conveying their value proposition to their members. Not only do they have to fight their competitors to...

5 min read

Financial ServicesYoung Professionals Seeking Meaningful Careers Add to Banking Talent GapAn insightful article in Efinancialcareers highlighted an interview with a Millennial woman who had this comment about the financial services industry:

3 min read

Financial ServicesThe Dodd-Frank Disconnect – The Price of Regulations on Community BanksThe Dodd-Frank regulations—enacted in response to the collapse of Lehman Brothers and the other near failures of 2008 and 2009—have caused banks to be more...

4 min read

Financial ServicesCommunity Banks Forced to Re-evaluate Technology’s Role in Serving CustomersDuring the 2016 FDIC Community Banking Conference, Strategies for Long-Term Success, a community bank executive delivered an eye-opening report: Her own institution, with assets of...

4 min read

Financial ServicesA Competitive Edge for Community BanksIn the mid-1990s, predicting that technology would transform banks protected by regulation and incumbency, Bill Gates declared, “Banks are dinosaurs, they can be bypassed.” Banks have...

4 min read

Financial ServicesHow Banks can Leverage Employee Engagement for a Competitive EdgeUnemployment is at its lowest rate since 2009, and job openings have increased by 73 percent. At the same time, Baby Boomers are rapidly retiring,...