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The banking industry is notoriously competitive. That means financial institutions must offer an array of services at various rates with different levels of convenience and structure. Credit unions and traditional banks each have their pros and cons. After analyzing the value proposition of credit unions vs. banks, a consumer may benefit in switching from one to the other. While there may be some crossover between the advantages of each type of institution, there are few notable...

Within the last decade, droves of customers have turned to technology to simplify their daily activity. With the touch of a screen, a ride across town is at their disposal with Uber. Consumers can book an overnight room with Airbnb. One swipe right on Tinder and a relationship can blossom. While financial service companies can also use modern tech to improve their customer experience, too many don’t. Optimizing the user experience around financial services is among the...

Is the customer always right? Maybe not, but their thoughts will always be an integral part of improving customer experiences. The Voice of the Customer (VoC) refers to feedback from customers on “their experiences with and expectations for your products or services”, according to survey software company Qualtrics. Feedback is more than just a survey—collecting VoC data is an in-depth process that compiles detailed information that companies can use to improve processes successfully. What components make up...

Gamification in the workplace is all the rage these days, but what exactly is it and can it have any measurable effect on a Key Performance Indicator (KPI)? Especially within the past several years, the term has become one of those ubiquitous buzzwords that tend to pop up all over the place across multiple industries. Gamification, in a business sense, could be described as using gaming techniques to motivate people to reach performance metrics. A closer look...

The banking industry is undergoing a tremendous wave of innovation, prompted by necessity.Experts agree that banks who fail to make major changes in the next few years will become the laggards in the industry. Industry leaders create each new development to meet the challenges presented by new digital markets. What happens next determines what the entire space looks like moving forward. There are seven new ideas in particular which are disrupting the banking industry right now and...

Much like the Internet transformed the way people shop online, smartphones continue to innovate the way money is exchanged. Uber and Spotify, for example, are just two mobile apps that are growing far beyond initial expectation. Unsurprisingly, their business models rely heavily on mobile payments through one-click interactions. While many such industries have shifted towards mobile ecommerce (m-commerce) business models, there is one industry that lags behind: fashion. When it comes to purchasing clothing and other...

Business owners are finding themselves in an interestingly flipped position as the global job market continues to improve. In a recent interview with Forbes, Ana Recio, (head of recruitment atSalesforce), says “The days of begging for a job are gone. It’s a candidate’s market. We send them‘thank you’ notes after interviews now.” And she would know what she’s talking about. The CRM company is hiring 6,000 new employees every year to keep up with their 30%...

There’s one major reason why you’re still making cold calls: they work. Sales expert Alen Mayersays cold calling is “an effective and powerful sales tool” — when done correctly. In a study byDiscoverOrg, 75% of 1,000 IT senior executives reported that they’d made decisions to book an appointment or attend an event as a result of cold calls they’d received. From poor delivery to a bad script, it’s easy to mess up a cold call. But steer...

There’s no secret about it: happy employees are productive employees. However, not a lot of American employees are happy. According to a Gallup poll, a whopping 51% of workers are not engaged by their jobs and a full 17% are actively disengaged, which, in layman’s terms, means this: They hate their jobs. To add insult to injury, according to a similar Gallup poll, disengaged employees cost the American economy up to $350 billion in lost productivity. Sales jobs in...

A new year means reflecting on your customers’ habits — including their spending patterns. After the holiday shopping frenzy, it’s no wonder that many customers are encountering feelings of loss aversion. The principal of loss aversion suggests that people will avoid monetary losses at all costs, even when it doesn’t make logical sense. For example, people may hold on to items that they know they’ll never use or spend extra money unnecessarily just to earn vouchers or...