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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...

Over 93% of Americans have some type of financial transactional account, including checking, savings, money market, and call accounts. However, despite desiring a variety of choices in order to make informed decisions for their families and businesses, most Americans choose large national and regional banking institutions for their financial needs. In fact, big banks account for 74.8% of the total financial account market while smaller banking institutions and credit unions account for only 18.2% and 7%,...

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...

We’ve all failed at work. Whether it was an awful first interview, failure to secure funding from an angel investor, or failure to close a sales deal, everyone has tasted bitter defeat. The best thing about failure? There is a lesson to be learned, making it preventable in the future.  Failure is an especially difficult pill to swallow in the realm of the customer experience (CX). It can mean losing a customer or negatively affecting a...

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...

Customer Experience, or CX, is the collection of interactions between a business and its customers. The customers’ perceptions of this experience and the resulting feelings about the company dictate brand value and are measured with metrics such as NPS. Brand value ultimately determines the company’s future and longevity.  As such, understanding your personal approach to CX is critical. To evaluate your own CX approach, consider discovering your CX personality.  While no one personality type is better than...

Customer Experience, or CX, is the collection of interactions between a business and its customers. The customers’ perceptions of this experience and the resulting feelings about the company dictate brand value and are measured with metrics such as NPS. Brand value ultimately determines the company’s future and longevity.  As such, understanding your personal approach to CX is critical. To evaluate your own CX approach, consider discovering your CX personality.  While no one personality type is better than...