The banking and financial industry is at an important turning point as it revisits and addresses key touch points in the customer experience of services. The financial industry is rapidly being replaced by fresh and powerful e-commerce / internet retailers that provide a promising customer experience. As a result, traditional banking and financial industries are at great risk of customer retention.
But what is preventing the industry from providing a comparable customer experience? The answer is the sheer complexity of it all, as well as the cost of redesign. In addition to these issues, brands are unable to pinpoint what is causing the gap between their services and customer satisfaction. This problem has several aspects. There are numerous silos in the banking and finance industry. One of the issues is internal silos and their reservations.
Internally, the various divisions and products within the same brand do not connect. Although there is consistent interaction, the customer's experience is hampered because multiple interactions come from multiple channels, confusing the customer's perception. The industry needs to manage and streamline different areas and focus on operating as one.
On the other hand, the same customer may use multiple services from the same bank. In such cases, the brand examines the same customer behaviour and customer habits across all channels. A learned customer experience framework shifts the focus from the traditional approach of looking at the same customer's behaviour in different divisions to looking at their behaviour as a whole. Customer journey in retail banking is used to fully understand the customer behaviour entirely which eventually leads to tying the surveys and metrics to a customer centric operational KPI.
Customer expectations have shifted dramatically over the last decade. Traditional markets such as banking and finance industry are already competing to be bigger, better and faster. The market requires brands to be digital, memorable, easy to understand, accessible across all channels, effective and efficient. Companies need a 360-degree view of their customers through omnichannel strategies. Customer satisfaction can only be achieved with fully coordinated customer experience strategies.
The industry must:
A good customer experience in financial services is simply creating a positive mindset about how the customer interacts with the brand and how they are treated through every channel. Customer experience transformation in banking is what brings customer loyalty which results in customer retention. It is also known to everyone and proven that it is nearly 8% more cost effective to retain a customer than focusing on potential customers because an existing customer that is satisfied is more likely to bring potential customers straight to the business. The customer experience framework in the banking and finance sector works on customer experience management that results in:
Our CX solutions focus on all-round customer experience transformation through surveys, metrics, analytics and auditing by using the CXM framework to combine physical measurements with digital Platformation™ capabilities. We are dedicated to finding the right customer experience strategy that can lead to a competitive advantage.
Sonata GBW is a global technology company specialising in customer experience CX measurement, platform-based digital transformation, supporting businesses to become connected, open, intelligent and scalable. A global coverage of 105+ markets with over 27 years of experience as a market leader through extensive measurement capabilities, powerful and intuitive reporting and analytics platforms gives us the leverage to improve customer experience. It has presence across USA, Canada, EMEA and APAC regions. If you would like to know more on how we can help you, please fill out the business enquiry form below.