Elevating Customer Experience to Drive Growth in Banking

In today’s financial services landscape, 90% of customers expect consistent experiences across multiple channels. Banking services continue to become increasingly commoditized, making it crucial for financial institutions to meet and exceed customer expectations. Based on ARGO research, there are four key actions banks should consider for becoming a customer’s first choice:

1. Engage customers early on their journey with helpful information that is targeted and relevant to their needs.
2. Provide convenient access to the service they need in and across their channels of choice.
3. Listen to their changing needs, offering them personalized help on their path.
4. Ensure decisions and engagement are timed to their needs and desires.

To meet customer needs and expectations, institutions must deploy a broad approach to fulfillment. Rather than simply adding basic digital channel-specific services to their offering, institutions should have a firm understanding of the customer journey. Such a model might capture less than half of the opportunity on the positive side and generate customer dissatisfaction, as seen in the high abandonment rates in today’s industry. Historically, banks employ a custodial customer care business model where the banker does the work for the customers. This is successful for branches but fails in today’s digital-centric world. Consumers are empowered by successful digital delivery.

As functionality moves to the hands of consumers, banks must simplify and protect the process. Partnering with innovative solution providers that elevate that entire customer journey experience empowers banks to become market leaders in customer acquisition and relationship expansion. Taking this approach feeds far more opportunities into the purchasing phase. It then onboards those customers and accounts smoothly into the service and support phase, leading to happy customers and the opportunity to significantly expand relationships.

For more information, download our interview: Omni-Channel Fulfillment