Competition for customers within the Financial Services industry is intensifying. Attracting and keeping customers takes more than simply offering the products they want; it also requires you to provide an excellent customer experience that makes every interaction easy, seamless, and responsive. There are steps financial service institutions can take to develop a superior digital customer experience strategy:
1. Commit to a Customer-First Approach
Digital customer experience should be driven by a strategy that is centered on the customer’s needs, preferences, and expectations. Today’s customers want easy access, transparency, prompt response time, and real-time transactions; and they want them through their preferred interaction channels. Customer experience is the customer’s perception and the total impact of all their interactions with your business. Exceptional customer experience is developed over the entire customer lifecycle and involves every touch point.
For financial institutions that provide B2B services, the customer experience strategy may offer a more “high-touch” process that includes direct interaction, sales support, onboarding, and detailed explanations of products and services. For B2C, a successful customer centric strategy must embrace the total digital experience including advertising, social media interactions, and a cohesive content experience.
2. Provide A Consistent Customer Experience
Customers expect consistent and reliable communication from their financial service institutions both online and offline. This is especially true when it comes to financial product, service, and fee information. While the world of finance is evolving quickly, your digital customer experience must remain consistent. Recent statistics suggest that average smartphone users have up to 80 apps on their phones, and engage with 9 apps per day. Customers have developed an expectation that their favorite app’s use, functionality, and navigation will remain consistent. Any radical or unanticipated change could disrupt the experience and lead to lower engagement.
From the outset, steps should be made to safeguard consistency across the customer experience:
- Define customer journey maps for each customer group that capture behaviors throughout the entire process including identification, evaluation, buying decisions, and post-buy activities.
- Form a strategy to engage customers across all touchpoints and pinpoint digital and physical channel preferences for each customer segment.
- Align your internal employee processes with the customer experience to empower your staff to efficiently serve your customers.