It does not really take a genius to figure out that the entire banking industry is shifting from its traditional channel of branch based banking to newer channels like online, mobile etc. With 1 in every 4 internet users accessing banking online, customer experience is undergoing a dramatic paradigm shift. The entire thought process on how to approach customer experience management now needs to incorporate the fact that that alternate channels of banking are becoming the new primary banking channels. Banks which are aware of this shift will be able to continually delight their customers.
So how does a bank make sure that their customer experience remains top-notch across these new channels? Will the traditional approach to customer service be sufficient to keep the new-age customer happy? The short answer is No! Banks have always tried to improve customer experience by having great customer service through the means of polite call-center agents, smiling branch staff but slowly and steadily, the dependency of Customer Experience on customer service is diminishing. In fact, Bill Price in his book ‘The Best Service is No Service’ hits the nail on the head by saying that customers need to be liberated from customer service, and the same applies to online banking too. Online Banking customers would be satisfied if they can carry out their banking activities without requiring any intervention from the bank’s customer service team! Think about it, when you log on to your bank’s internet banking portal, as a customer you feel pleased if you can smoothly conduct your transactions without any hassles. A smooth and user friendly internet banking portal is instrumental in ensuring positive experience and thereby improved customer satisfaction.
Now imagine a situation where you log in to your internet banking portal in order to apply for a credit card with a high credit limit. You click on the ‘Cards’ section and immediately an advertisement pops up mentioning a great offer on a premium credit card with a really high credit limit. You are pleasantly surprised at the fact that the portal almost read your mind! You click on the advertisement and enroll for that particular card, still pretty amazed by the awesome intuitive capabilities of the portal. You rave about this incident to your friends and positive word of mouth gets around – clearly your bank has managed to delight you through their intuitive capabilities and without the help of any customer facing/customer service team. The bank has just made a transition from providing customer satisfaction to ensuring customer delight.
The above situation is not really a hypothetical situation; technology has reached levels where the bank is able to dynamically reorganize their website/portals to suit the individual needs of a customer. Based on the customers’ past history, recent transactions, and similar information, analytics can be used to predict the next move of the customer and proactively offer products/services to him. The information left by the customer on the portal allows banks to pre-empt the customers’ needs and satisfy him proactively.
The entire process of achieving customer delight can now be done without the use of any customer service team, and the bank can save on huge costs that are generally incurred through inbound call-center calls, employing a customer service team etc. The shifting trend of primary banking channel from branch to online banking now gives banks the liberty to achieve customer delight without actually spending on customer service teams – so you can now have a delighted customer with almost zero investment in customer service!
Awesome isn’t it?
- By CustomerXPs
CustomerXPs offers real-time, intelligent products that empower banks with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions.