The shift from delivery of financial products and services to acting in concert with each members specific financial needs is taking place in Credit Unions, with similar efforts underway at in Community banks. The suggestions the author makes are applicable to importance of creating the optimal experience for the consumer throughout the interaction with the FI. Some choice advice, and the most pertinent was well put in the following passage:
• Make the business of serving your members easier for your staff, too.
Whether it be software upgrades, process improvements or constant training on member service—it’s hard to extend simplicity when administration is complex. Consider eliminating rules, policies and procedures that complicate matters over time. Well-thought-out elimination of rules rarely raises risks, but often increases the member’s experience—leading to higher level of product use.
Mercator Advisory Group recognizes the steady stream of software-based solutions and technology-enhanced product lines can easily take center stage in our mindset. Consumer facing employees’ use of these tools will follow naturally when they are incorporated in achieving the objective of providing extraordinary financial service from a place of collaboration with the consumer. The innovations mentioned in the article are but the beginning of the expansion of machine augmented personal delivery. We’ll be tracking these advances and how they affect closer and efficient customer interactions
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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