Given the changing nature of retail banking and the drive to self-service for a wide-range of mundane tasks, the actual touchpoints where actual high value service delivery occurs are taking on great importance. The article hones in on the area where FIs exert a high level of control, what the customer experiences when interacting with their representatives and the outcomes of those interactions.
“We refer to it as Promise Making and Promise Keeping,” says Woods. “Some banks do really strong brand work and a nice job of shaping the promises they make to the market. But those are short-lived and suspect without an experience strategy that ensures those promises are kept. Few banks are able to differentiate on product alone, in turn putting extra pressure on the need to know their customer base and deliver the right experience.”
Mercator Advisory Group recognizes the idea focusing on customer services and generating positive impressions is by no means a new idea. However, the rate at which we are identifying FIs taking a committed approach to make progressive change to this critical area is increasing. Cultivating closer customer relationships and developing improved understanding of what customers need from their FI in terms of expertise and assistance is being taken up as a core objective across the market. Those participants that have a heighten understanding of the approach and the tools that are being enabled by technology innovation will gain market leadership positions, and be actively sought by consumers.
Overview by Joseph Walent, Senior Analysts, Emerging Technologies Advisory Service at Mercator Advisory Group
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