ARGO Blog | Banking Technology and Healthcare IT Trends

How a Listen-Respond Strategy Can Work for your FI

Written by ARGO | Jul 20, 2023 2:00:58 PM

Customer centricity in an Omni-delivery environment requires technology capable of projecting empathy through listening and responding to expressed and derived customer needs. Success depends on embedding listening posts capable of detecting, quantifying, decisioning, and engaging consumers through human assisted and automated channels throughout the customer journey from the early awareness and consideration stages through relationship expansion.

Meeting customer needs requires engagement over time. Institutions engage in order to educate, offer relevant products or services, follow up with intelligent surveys, refer to financial specialist, nudge to return to an incomplete process or application, notify of events or promotions, or schedule an appointment with branch or contact center staff. When the institution understands needs through listening, and responds with relevant engagement, the customer feels heard, and the institution benefits from increased acquisition, relationship expansion, and improved customer experience.

Financial institutions attempting to remain competitive by implementing bolt-on digital solutions rapidly lose the ability to meet fundamental customer needs such as feeling heard and known. Successful digital listening technology increases the customer perception of empathy in an Omni-delivery ecosystem. Customer needs leadership solutions enable the financial institution to:

  • Detect customer needs through active website and digital sensory;
  • Engage customers with appropriately timed and targeted content;
  • Retarget abandoned applications;
  • Assist customers meet longer term goals through financial education and planning;
  • Offer relevant products and services for goals attainment;
  • Onboard new customers and offer related products and services;
  • Improve customer experience by monitoring service requests against service level agreements;
  • Predict and mitigate attrition risk.

For more information, download the Improving Customer Needs Leadership interview with David Engebos, President and COO of ARGO.