Financial institutions are at acrossroad. There is a financialcrisis and it is the customer who is suffering, causing abreak of loyalty and trust andtherefore a loss of business.
How to address this?
Financial institutions cancontinue to focus on re-engineering products, systemsand policies, or they can turntheir focus towards thecustomer and customer experience.
What is “customer experience?”
According to Peter Merholz,“Customer experience refersto the totality of experience acustomer has with a business,across all channels andtouchpoints”.All interactions with thecustomer should culminate ina positive customer experience if customers goaway feeling that their personal needs were met andthey were treated properly.On top of that, "Loyalty andtrust," says Jessica Debor in her article ‘CRM Gets Serious’ in
, "is now drivenprimarily by a company'sinteraction with its customersand how well it delivers on their wants and needs."This white paper will focus on theinteraction that the customer haswith the customer-facing staff theydeal with.How do customers feel when theyleave the bank after dealing with amember of staff? By delivering theright experience, financial institutionshave the opportunity to win back their customers’ trust, loyalty andbusiness.
The Challenge Financial institutionsFace
David Amano, Senior Partner atDachis Corp, reports walking by aBank of America branch in the USAand instead of seeing a bank full ofATMs and promotional materials, helooked through the window at whathe calls an ‘oasis’. Right at the frontof the branch was a lounge with aflat screen TV, designer lighting,leather chairs and gourmet coffee.
This is all nice on the surface, buthere’s the problem. Financialinstitutions are creating “pleasantenvironments” in physical space andthrough technology solutions (suchas CRM systems). But will this cut thecake?Do all these “positive” feelingsremain once the banker startspersonally interacting with thecustomer? Or do these feelings