Technology can solve the finance sector’s customer experience deficit
Kill channels, set the CX standard, and help your company keep up
Caroline Francis, our Director of Marketing, looks at why the biggest priority for IT leaders in the financial services industry is improving customer experience. The right IT decisions can improve the digital experience, and let the rest of the company offer better service.
According to a recent industry poll in Melbourne, the biggest priority for IT leaders at banks and financial services is improving customer experience (CX). There are two crucial parts to this: getting the digital CX right, and giving everyone in your company the technology they need to serve your customers well.
History helps to explain the sector’s CX deficit. By organising into channels (like digital services, branches, and call centres), companies traded clear managerial lines for clouded CX. With different sets of IT tools, each channel creates its own disparate experience, leaving unhappy customers to move uneasily between them. It gets worse when those IT tools are incompatible: the space between what your customers expect and what they get widens when none of your staff can see everything that a single customer does.
Where larger, better-known companies are struggling with CX, smaller non-traditional competition is emerging. Younger consumers in particular are willing to “bank with a non-bank” if the experience is better. Close that gap and you don’t only get happier customers; you also blunt the competition.
The right technology can kill the channel mindset
Customers don’t think in channels. They just want to deal with you however’s easiest at the time, and switch in and out of digital avenues at will. It’s a struggle to meet ever-changing customer expectations, but the right technology will play a huge role in improving your CX.
Your two big responsibilities
Get the digital user experience right
New customers usually begin their research online, and existing ones largely bank there. Digital services are your flagship experience, which makes it your responsibility to set the standard for your company. Every interaction and transaction that customers can make with you needs to be online and be easy, because that’s what customers expect.
Free the whole company to be great, too
Your systems need to make every interaction and transaction available everywhere else, as well. That starts with a solid, reliable technological core.
Technology should help your people provide fantastic service. Everyone who works with customers needs a clear and complete picture of the person they’re serving and your relationship with them—a single view, shared by everyone who needs it.
And once you have all your customer data in one place, it’s not just service that gets easier. Quick, clear customer analytics can help everyone do better work for your customers.
Can it really be done?
Taking responsibility for CX across the entire company isn’t going to be a quick, easy job. But we’re helping clients do exactly that.