How Financial Institutions Can “Listen” to Customers and Prospects in a Digital Era

Banks and credit unions recognize how customer‑centric delivery business models can increase customer acquisition by accurately interpreting and rapidly responding to needs. To achieve optimal results, however, FIs also recognize the importance of effective listening as a prerequisite to providing a competitive customer experience.

Listening to customers within a digital delivery environment offers a greater challenge than traditional, human-powered, face-to-face channels like the branch or contact center. When executed correctly, digital technology is quite capable of supporting a new business model strategy that includes effective listening. Key success factors include:

When to Listen

In the digital marketplace, research shows that consumers are typically 60 percent through the buying process before they actively engage with an institution. Successful solutions employ digital listening to detect and proactively engage customers earlier in the customer journey.

How to Listen

The four pillars of successful listening capability include:

1. Sensory listening detectors—Detecting and interpreting customer needs based on digital behavior.
2. Personal financial planning—Obtaining self‑disclosed information related to customer needs
3. Questionnaires—Asking a single question or posing a series of related survey questions to obtain direct feedback.
4. Customer help requests—Receiving user input from digital tools such as Chat or clicks on FAQs or Help links and engaging when a need is detected.

Response Timing and Accuracy

Responses resulting in action is the key. While technology drives listening capability, resulting responses can vary from automated to human staff engagement. Banks and credit unions can utilize a digital solution to detect and listen, and intelligent decisioning to determine the most effective response – whether technology-based or routed to branch staff, specialty product groups, or contact center personnel – in a timely and efficient manner.

ARGO Connects extends customer acquisition, experience, fulfillment, and service capability to prospects and customers across their journey stages in an Omni-channel delivery ecosystem. The ARGO digital model effectively listens to consumers, employs data-driven decisions, applies predictive analytics, and appropriately initiates workflows through both digital and human channels, enabling FIs to acquire new customers, reduce risk, optimize branch and contact center staff utilization, and strengthen customer and member relationships.

For more information, visit the Importance of Listening to Customers and Prospects in a Digital Era, solution brief.