For financial services organizations, pursuing customer satisfaction—and especially its ideal, customer delight—tends to be a particularly speculative and ever-evolving proposition. That is because customer expectations are being shaped and driven not by their interactions with traditional banking and investment products, but by their daily, often hourly, experiences with apps from the usual FAANG suspects, a host of peer-to-peer payment apps, and other non-financial apps. How can you improve the customer experience?
These products provide easy, always-on, and immediate satisfaction in purchasing, communications, news, even voicing an opinion. Customers—with a certain amount of right on their side—have been conditioned to expect the same type of experiences from their banking, brokerage, and bill paying. They also see how peer-to-peer payment apps emulate many bank functions as well as provide exciting opportunities to dabble in crypto and other speculation with a few taps. That these products and services are offered by companies mostly or entirely unregulated is of no interest to the customer trying to settle up with his co-workers for that group lunch order.
These expectations go beyond apps. Customers are seeking—no, demanding—delight across every touchpoint, whether they’re in line, in the lobby, on the app, or on the phone. An unfortunate experience in any one of these channels will negate and possibly undo any positives found across the others. Here in the “Age of Easy Alternatives,” a brand can stand only so much fragmented and inconsistent experience before customers overcome their inertia and are seduced away. They are seeking greener grass and fleeing deeper weeds.
“Best-in-class experience”: What it looks like… and what it means
Much like hopefuls on dating apps, brands tend to overestimate the charm of their value proposition. The stark truth is that existing and prospective customers engage with the brand for only two (sometimes concurrent) reasons: wishing to solve a problem (e.g., pay or dispute a bill) or advance an agenda (e.g., buy an expensive watch). Whether the journey to these ends is human aided (in-person visit or call center) or digital (app or website), the best experiences shift the perspective from “What can we offer?” to “How can customers best achieve their objectives?”
Companies can create an enviable consistency of experience by using rich data to sharpen their focus on outcomes, then segmenting and fine tuning as needed. Moreover, experience becomes a mindset that is woven into the DNA of a company’s culture and operations, driving growth and competitive difference.
Using employee enablement to supercharge customer experience
You probably know the importance of employee engagement, i.e., involving employees as stakeholders in pursuing the corporate mission. Employee enablement takes the concept a step further by providing employees with the resources they need to become part of the mission — that is, their fulfillment is integrally tied to that of the company. It is a dynamic that gives employees not just the equipment, technology, and information they need, but also the power to make decisions to enhance their productivity and effectiveness.
Some examples are a workforce that, organically and by its own design, develops strategies to improve the corporate culture, reduce turnover, eliminate bottlenecks, and deepen relationships both with customers and among themselves.
An enabled staff, seeking its own superior experience, is continuously incentivized to offer strong customer experiences. Outstanding customer service becomes the standard, as do natural, clear-cut pathways to cross-selling and upselling.
This new way of looking at workers and work can produce positive long-term transformation.
Upscaling better experiences, backed by measurable results
Harmonizing the voice of the employee with that of the customer creates a natural and highly advantageous confluence of interests. Employees see themselves not as vendors, but as trusted advisors working for their customers’ best interests because they understand what the customer wants to achieve. Product focus is replaced with customer focus as employees learn to take initiative, over-deliver, follow up, and constantly ask what more they can do for the customer.
When optimized, this mindset allows employees to see every customer interaction as an opportunity to listen, learn, and interact with customers as individuals (not as “walk-ins,” “calls,” or “account numbers”).
For their part, customers are made to feel valued and heard, and more confident that the brand will deliver on a satisfactory outcome. They are less worried about being sold whatever is on the wagon or whatever is the hot product that day. In addition to the bottom line, the results can be seen in higher Net Promoter Scores, stronger customer loyalty, retention, greater revenue per customer, and greater lifetime value.
By adopting and encouraging employee enablement, companies can provide greater value at scale and drive exponential growth, as opposed to fighting their market for incremental gains. Done properly, it is a thoughtful and strategic transformation with several steps (and probably a few missteps) along the way.
However you plan to approach this journey, the first step is always the same: work to create an atmosphere of trust and consideration that makes it easier for employees to do their work and for customers to do business with you.
It’s one experience guaranteed to delight.