Accelerated digital adoption and use during the pandemic have created an urgency in enhancing digital channel functionality and performance. For most FIs, and particularly community-based ones, there is a danger that digital banking enhancements will be focused on the commoditized aspects of service – such as speed, access, and convenience. And while providing convenient access to customers is a priority, the pandemic has also highlighted the importance to many customers of having access to and engaging with, financial advisors for a wide range of needs. Balancing transactional efficiency with advisory engagement will be a major strategic challenge for community FIs not only in 2022 but for years beyond. The challenge is to deliver on convenience but to differentiate based on personalized service that delivers real financial benefit to each customer’s specific needs … and to do this across all channels and touchpoints. It’s a huge undertaking but one that is necessary to deliver the CX that can set you apart from your competitors. What are some of the key steps to undertake?
Segmentation
Improving customer experience requires a lot of work: Mapping customer journeys, leveraging data to identify customer needs and behaviors, adding channel functionality, reviewing technology and people, delivering solutions, and adding value streaming. It’s… a lot. Because this undertaking is so massive, it is best to identify and prioritize your key growth segments and apply these efforts to those specific groups to achieve full impact.
Leverage Data
There is data for everything. How are you using it? Combine and analyze the data available to you to find opportunities to improve the customer experience and guide service interactions. Between your monthly MCIF build, website analytics, and other data sources, a broad range of information is at your disposal. Put that information to work to improve each customer’s journey.
Understand that Customer Journey
Who is your customer? Where and what do they spend? Who do they pay and how? Data allows us to drill down and better understand our customers and their journeys – and to uncover ways in which we can engage customers on matters and at times that are most valuable to them. All departments should put more emphasis on the customer journey, but it becomes especially relevant in business banking to drive the redesign of business processes.
Personalization
Your customers crave a more personalized experience, and the use of personalization has been driven by the pandemic. Personalization creates value and supports brand differentiation. Personalization uses the data you have about particular customers to tailor the experience for them. A recent study showed that 36% of Gen X and Boomers would share more personal information if that meant they would receive better, tailored service. For example, based on your visitor’s location when they visit your website, they will be directed toward the branch location nearest them. Or perhaps you tailor the ad widgets displayed on the website based on the pages they have viewed. And that’s just the tip of the iceberg.
Unsure where to get started? Our Customer and Market Growth Opportunity Assessments deliver an insightful analysis of your customer base and markets and provide the basis for making informed strategic decisions. To learn more, give us a call or complete the form below.