Banking and financial services companies are putting great effort and resources into making the customer experience they provide a special one. All else being equal — and often it is in banking — customer experience is going to be the defining advantage.
In a recent Cognizant perspective and video on the Four Key Considerations to a Superior Banking Experience, I shared how, in our increasingly digital world, banks can use the power of technology, data and new forms of engagement to create new levels of customer loyalty and stickiness.
An outstanding digital customer experience can also help grow the business by creating innovative cross-sell/up-sell opportunities.
What will it take for banks to deliver that kind of experience? Here are four key considerations:
- Customer interfaces. The right digital applications and a solid online banking platform are essential to creating a seamless customer experience from the desktop to a mobile device to a branch visit. As bank customers increasingly use online services and apps to conduct business, providing consistent, easy-to-use interfaces will become even more essential.
- Data and analytics platforms. Data analysis can reveal patterns in customer actions that help anticipate their needs and interests, providing insights to support next-offer decisions. Banks will need to balance using customer data and protecting customer privacy.
- End-to-end processes. New, nimble competitors are compressing the lending process from days or weeks to same-day fulfillment. To overcome the constraints of multiple review touch points and disparate systems and processes, banks need end-to-end digitization and process rationalization.
- People. Technology may be fundamental to next generation customer experience, but so are people. All the technology in the world won’t improve customer satisfaction if branch personnel don’t respond to long lines, wait times, and growing customer frustration levels.
At the end of the day, great customer experience is about making every interaction with the institution special. That means every point of engagement and every moment of engagement matters. What’s working at your bank to improve customer experience and satisfaction? I’d enjoy hearing about it.
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