Tip 5: Woo the Customer with Innovation

Among banks’ biggest challenges is the restoration of customer confidence which got knocked out of shape during the crisis. Using public relations to rebuild reputation is all very well, as long as that is backed up on the ground. And that means delivering on the promise of trust and security through customers’ banking experience.

I’ve heard it said that customer experience is really more about being consistent than anything else. So, even as banks innovate on customer experience to reflect new openness, they must ensure that the same values are reflected in their products, services and channels through Service Level Agreements, regulatory compliance, transparent products and other measures.

Along the way, they must pack as much value as possible into each banking experience. While customers expect consistency, they also desire personalized attention. By providing staff with a 360-degree view of customers, enriched with tacit intelligence about their interests, opinions and pain points, technology can enable staff customize each interaction. Empowering customers is a great way to improve experience. Through the use of online financial management tools or remote advisory services, banks can educate customers and render them capable to take better financial decisions. I’ll come back to this when I talk of channel innovation….another day…another post.