Tip 3: Innovate Services for Convenience and Consistency

I like to think of service innovation as the face of banking transformation. That is because customers connect closest with the by-products of service transformation – 24×7 access, Internet and mobile banking to name a few. While most banks have rolled these out on the back of modern core systems, their real challenge is to maintain the consistency of service delivery across all channels, at all times. A seasoned banker we work with, once defined good customer experience as “consistency” and I reckon that sums it up pretty well…the essential premise being ‘make and keep the promise. Every one of it.’

When banks transform their services, they must ensure that those are in sync with the organisation as a whole, including its stated values and policies. For instance, a bank that projects itself as safe haven must back that claim with a truly outstanding security infrastructure, extending to its services as well. And when they launch a new service like mobile banking, they must communicate why it is absolutely safe for customers to use it.

Banks can take service innovation to another level by publicising their Service Level Agreements and doing whatever it takes to meet them. Services are also an avenue for providing additional value to customers. So, even as High Net Worth clients receive personalised advice from relationship managers, others can avail of help at banks’ kiosks via a remote advisor.

Then there are Customer Advisory Councils. That’s an innovative way to listen in to the customer’s voice, that’s worked well across other industries as well.