Financial Institution Executives’ Concerns
Executives are concerned about sustaining performance when market conditions are so uncertain. They know they need to:
- Improve customer retention
- Grow their financial partnership with customers
- Offer more products to customers
- Offer more services to customers
- Offer more convenience
- Integrate the experience of all channels
Financial institution executives are concerned that as their customer segments diverge, the consistency of the brand suffers across channels.
Forward-thinking executives understand and embrace the challenges faced by their institutions because they see huge opportunities available to those that can focus on building a consistent brand experience that:
- Reverses the current erosion of customer trust
- Attracts new customers and retains current customers
- Deepens the customer relationship by offering additional products and services across all channels
- Integrates customers’ experiences of all channels
As more and more people use technology to interact with their financial institutions, the need for a consistent experience across all channels is critical. Banks and institutions that truly provide a differentiated experience know that their people are the key to providing an experience that’s second-to-none. Technology will continue to evolve and provide new ways for customers to interact with their institutions, but the winning organizations know the power to build customer trust starts with people who interact with the customers.
Build Customer Trust
In order to attract new customers and retain existing customers, institutions need to address the widespread erosion of customer trust. Those that can reverse this trend by aligning each and every interaction across the customer experience to consistently increase customers’ trust hold a reliable source of competitive advantage.
Two things are necessary to build a competitive advantage from the customer experience. First, leadership must provide vision and commitment. And second, the organization must develop and deploy a core competency in establishing and increasing customer trust in each channel of customer interaction.
Even while customers are using the services of one bank, they are constantly reevaluating their current relationships through the collection of various input that forms their impressions and sets their expectations. They continue forming both logical and emotional judgments that reflect how attracted they are to any given brand and whether or not they’ll continue using their current institution. Their expectations are not just built on your marketing or advertising. They are created based on their service experiences across all brands and all industries. Financial organizations must realize they are no longer just competing against the branch across the street but with everywhere their customers shop.