Lessons learned from the Digital Banking Report that can be applied to any organization, shows the need for more focus on the customer experience. It has been proven that the power of the customer experience is the most important element of long-term competitive and financial success. According to a study by Kantar, banks and credit unions who focus on the customer experience receive 1.9x more recommendations, 2.1x of customers are more willing to try new products, and there is a 1.9x greater share of wallet.
Five key points identified by Kantar Consulting to improve the customer experience in banking, can also be applied to your organization:
1. One size doesn’t fit all. Personalization and customization is critical to create a sense of connection with customers. Treat your customers as VIP’s (Very Individual Persons).
2. Banking doesn’t have to be boring. ALL businesses must continually be looking to stay innovative and be creative in the way they engage their customers. Online and offline.
3. Use the data advantage. Analyze your customers. Disney is constantly collecting data on who and where their guests are coming from and what they want and need. Using this data helps you to create points of contact that will exceed your customers’ expectations and this is what creates the Wow that builds customer loyalty.
4. Know your brand. What do you want to be known for? Product quality and pricing are the expected. What will set you apart from the competition is to surprise and delight with your service delivery, responsiveness, helpfulness, advice, etc. Customers will remember these aspects of your business. Think Amazon.
5. Look beyond banking. You can never rest on your laurels. Study world-class businesses outside your industry and look for opportunities that you can adapt to your organization.