Retail banking (or consumer banking) accounts are a large part of any bank’s portfolio. While corporate accounts come and go with the ebb and flow of today’s market, consumer accounts can be relied upon to provide stability for a bank through the ups and downs of an ever-changing economy. BAI claims that “For most banks, their retail franchise is the most valuable part of the company.” For this reason, it is no wonder that there is so...
Over the past few years, fintech has disrupted traditional financial services by putting customers first. According to a PwC report, 53 percent of financial institutions see themselves as customer-centric compared to more than 80 percent of fintech companies. As one global banking executive says, “We thought we know our customers, but fintechs really know our customers.” Emphasizing a seamless customer experience is growing even more important as services become more automated and individualized. Here are a handful of...
Earlier this month, Apple opened a new branch of its retail stores in southern Manhattan. Apple World Trade Center welcomed huge crowds of zealous fans and customers, elated at the chance to sample the newest offering from the company. Considering the hype and magnitude of runway for any new Apple product, the enthusiasm displayed at the grand opening wasn’t unexpected. The cheering crowds, meticulous building architecture, and grinning employees remained synonymous with the brand. Only one thing...
These days, consumers are becoming more and more connected to non-stop content that is based on their personal preferences. This flow of information spills out to people on their phones, tablets, and other machines. To get access to these data-driven solutions, customers must provide personal information. It’s easier for users to give up personal details when they trust the names of the providers. Names like Siri, Alexa, and Cortana would have seemed like characters in a Greek...
Successful companies understand that the customer experience doesn’t end once the sale is completed. Although not as sexy as marketing and customer service, the customer support center is an important but often overlooked means of improving the customer experience. Companies that offer a multichannel customer support strategy (two or more avenues of contact) are off to a good start. However, an omnichannel approach allows for holistic, smooth contact channel transitions and integrates customer information for an overwhelmingly...
Research has shown that adding video chat to your existing sales process can foster many benefits: longer customer visits and positive brand association, reduced drop offs, declining return rates, and even an increased likelihood of customers leaving product reviews. Right now, video chat for companies is largely an untapped resource. However, experts believe usage of video chat as a sales platform will explode within the next several years as video calling adoption rates among consumers have skyrocketed....
What is the 7% rule? Believe it or not, only 7% of all communication is conveyed verbally. That might sound very low, but factoring in vocal tonality, body language and other subtle cues this rule seems more plausible. There are various perspectives on the validity of this rule in relation to customer success. UCLA professor Albert Mehrabian developed the 7% rule in 1971 when writing a book discussing his research on nonverbal communication. The conclusion from his...
Customers, especially those in the digital space, increasingly have more choices than ever before. Most of us generally assume that more variety is linked to higher levels of satisfaction, but this need not always be true. Choice proliferation without sufficient customer support, which assists the customer during and after the buying process, may be linked to customer dissatisfaction. Businesses that fail to invest in the happiness of their customers are more likely to fail in the...
We’ve discussed the strong numbers behind these strong customer experience strategies and taken a look at how they impact banks positively. With banks moving beyond their sole focus on competitive rates, here are three banks which excel at shaping an outstanding customer experience and have a reputation for strong revenue gains to boot. USAA Bank USAA is known for its stellar customer experience tailored specifically to active and retired military personnel and their families. Despite having a mere...
Competitive interest rates are used to influence both the market value of bank assets and the customer’s ability to repay their mortgages and other loans. Because a change in interest rates can affect the cost of borrowing as well as bond and investment yields, financial institutions tend to be careful about any rate change. Keeping interest rates competitive is imperative for a financial institution. Not only do low rates drive investment into the stock market, they...