We all know that the constantly changing customer behaviour and technological advancements have had the highest impact on the Financial services industry. Today’s customer has ready access to information and demands a level of service that the traditional players in the industry find difficult to deliver. According to the research by Bain & Company more than 50% of the customers’ interactions take place online or through mobile banking.
Financial services industry cannot remain ignorant of this trend. Customer experience is going to be the single most important aspect of the brand building process in the near future, helping the industry players build trust, thus resulting in credibility.
One bad experience is all that takes for your present customers to opt for your competitors in this “flat” world. This fuels the loud and clear buzz around creating an experience for your customers.
The biggest mistake companies make while trying to improve the customer experience is, lack of visualizing the end-end experience of the customers. If you wish to maintain a long lasting relationship with your customers, you must learn to continually engage them, and at the same time, find compelling avenues to garner new customers.
Following are a few examples to understand how innovations around building “the” customer experience are creating new frontiers in the Financial services industry:
It is important to ponder over this as Financial Services will never be the same, given that we live in an era of constant evolution.
The future of financial services from a device standpoint will be entirely based on Mobility. Customers prefer the ability to interact with their banks on multiple hand-held devices, thus giving them more control and ease of use. By 2020, it is anticipated that there will be more than 50 billion connected devices globally, with mobile being the primary Internet device for most individuals. This could be a demanding situation for the Financial services industry.<However, it is important to note the silver lining in this cloud–an opportunity for the industry players to provide better service to their customers and build a community of loyal brand advocates and promoters. <
The advent of Social networking has created transparency like never before. This has given the customers a “voice” to voice their opinions, thus influencing the buying decisions of the other customers. The biggest challenge for the traditional players in this industry has been replacing the legacy systems and processes.
We need to understand that today’s customers expect mobility, ease of access and simplicity in their interactions with you. Also, you can now monitor social channels to know what exactly your customers want, gone are the days when you had to rely on third-party research to obtain information about your customers.
How can you be sure that you are providing what the customers really want? Involve the customers in your strategies and learn to think from their perspective. If you give customers the ability to choose the services they want and the way they want them to be delivered, the guess work is no longer needed. Instead, they get what they want each time while you gain a more valuable, personal connection with your customers.
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