It is not a question of “if” it is only a question of “when” you will start deploying chat and chat automation at your bank. It should be on your radar screen for several reasons, the first of which is that it will soon be the fastest growing and the most preferred communication channel among your customers. That trend got a boost when Apple announced last week the production release of its Business Chat product.
Tag: Customer Experience
Assume for a second that your bank screws up and causes a problem. The customer comes in or calls to complain - Do you apologize? Of course, you do – but then what? For the most part, community banks are fantastic and solving problems and making customers happy. What comes after an apology for a bank is mostly natural. However, given the rise of data analytics, now there is starting to be a science. In this article, we explore what it quantitatively takes to not only restore customer satisfaction but to make it better than before.
Since your bank's primary value proposition is service and you are likely striving for a superior customer experience, then it would make sense that the first stop you should make is to improve your ability to communicate with the customer. In this day and age, customers have more channels than ever to communicate with your bank. The issue is preference varies widely. In this article, we explore retail bank customer preferences and talk about some ramifications for the future.
In past articles, we have talked at length about using agile methodology for application development, for technical product innovation, and for your risk processes. We are fans of forsaking the traditional “waterfall” approach for new products whenever possible and getting to marketing in a pilot program as quickly as possible so you can learn and iterate to success.
Last week we tagged along with The Bank of Charles Town (BCT) crew who, like us, are heavy believers in “cultural tours.” BCT used a series of these tours to kick off their strategic planning season with the purpose of grabbing ideas that could spark creative thinking. Almost every time we debate if it makes sense to put the crush of our To-Do List on hold for a day and spend time at an unrelated industry. Fortunately, every time we come back from one of these tours, we have a list of tested ideas that end up saving us countless hours.
While online account opening and digital lending are great, there is one function that is the most in demand by bank customers, yet most banks don’t think to provide any digital functionality around it. It is the one function that drives up the most cost for a bank and is the most significant reason why bank customers still say they want a branch. Solve this problem, and you start to become a true digital bank. In this article, we look at the data around the problem and how to solve for it.
After getting frustrated with not being able to find usability data for mobile banking, we gathered 415 customers and potential customers to ask them what they thought of a variety of features. The results surprised us. We presented some of our findings earlier this week, and now we present Part Two of three covering four more specific topics. In each case, we chose a base case and then compared variations for usage and desirability by each customer. The numbers below are the percentage points difference, positive or negative from the base case (Version A).
If you are looking to improve your banking app, you will find that everyone has opinions, but few people have data. Even the specific app design shops or user experience “experts” largely have design experience but have never applied any rigor to figuring out what banking customers want. Given this issue, we decided to take it upon ourselves to convene 415 customers and potential customers in order to get their opinion and usage data on what features and design they like the best.
In a recent article, we highlighted why community banks should differentiate themselves from competitors by offering better service, and we discussed the five crucial steps that banks must take to improve service. In that same blog, we identified four attributes that most community banks possess that can be used to differentiate their brand against competitors in the market. In this blog, we explain how community banks can position these four attributes to provide superior service that most borrowers would find valuable.
Most community banks believe that they can differentiate themselves from competitors by offering better service. However, the empirical data shows that the majority of banks fall into the trap of competing on price and credit structure, and neither of these competitive attributes is aligned with long-term bank success. Why is there such a disconnect between many bankers stated objective of competing on service and the reality of competing on price or credit structure? One reason is that while management and employees would like to offer a better level of service to their customers, few b