According to a 2014 Global Consumer Banking Survey conducted by Ernst & Young, customer experience was identified as the key ingredient for winning, growing and retaining customers in an increasingly competitive banking environment. Those findings come as no surprise, especially in a commoditize world of retail banking but before we discuss what drives a quality experience, we first must define it.
Marketers have been grappling with the definition of customer experience for quite a while. Sometimes it’s defined as digital experiences and interactions, such as on a website or a smartphone. In other cases, customer experience is focused on retail or customer service, or the speed at which problems are solved. In today’s omni-channel retail world, I believe it is the seamless end-to-end interaction of each customer touchpoint – the integration of those interactions in a centralized database and the ability to deliver a personalized client experience based on client preferences.
To be really successful in the long-term, banks will need to create a cohesive, simple and personalized customer experience. If achieved it will be the competitive differentiator helping to drive growth, loyalty and ultimately, separate them from the pack.
In the end, the banks who truly embrace the “customer-centric” philosophy and truly understand their customers’ preferences and behaviors are the banks we will want to bank with today and in the future.
If you have any customer experience stories or comments you would like to share about companies who delivering rewarding customer experiences, please pass them along. We love to share.
Steve Facini, is the CMO of the financial services, automotive and media practice areas at ondemandCMO. You can reach him at [email protected]
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