Customer engagement enhances an institution’s customer-centric business model. Accumulated customer engagement results from the financial institution’s interactions translating into an exceptional customer experience. An institution positively impacts engagement by demonstrating its knowledge of the prospect or customer’s point of view, unique needs, issues, financial understanding, and product interest. With this insight, the institution can deliver high-quality, relevant, and timely content demonstrating understanding and care for the consumer.
Customer engagement contributes to a customer-centric model through:
- Proactive needs leadership
- Customer value recognition
- Customer feedback
- Relationship expansion/retention
- Intuitive and frictionless fulfillment
Methods for achieving customer engagement success include:
- Active and reactive listening through human and automated channels, outreach and education via strategic campaign programs
- Advisory assistance through a goal-centric financial solution
- Accelerating customer acquisition and nurturing by anticipating and meeting the customer’s unique needs.
Voice of the Customer (VOC) is a term that describes customers’ feedback about their experiences with and expectations related to an organization’s products, services, and brand. VOC helps drive customer-centric engagement by equipping the institution to understand customer pain points and analyze them sufficiently to isolate root causes and needs. Acting on customer feedback allows an organization to address and correct issues contributing to customer frustration and dissatisfaction and improve the quality and positioning of the institution’s brand. VOC includes elements of listening and communicating to assess customer sentiment and disseminate helpful content such as educational material, relevant offers, invitations to speak directly with a staff member regarding concerns, and simple apologies for any failure to meet customer expectations.
For more information, download the “Listening to the Voice of the Customer” interview with David Engebos, President and COO of ARGO.