Tagged: Customer Engagement

Effective Customer Retention through Early Customer Attrition Detection

Effective Customer Retention through Early Customer Attrition Detection

Communication to customer across channels should be consistent. For example, imagine the irony when a customer has a service issue, is agitated and has lodged a complaint, he receives a call from the Inside Sales team regarding a banking product sale. Hence, it is important to avoid disconnected and impersonal marketing campaigns to avoid customer churn which has become a major problem in banks today. Curing churn is possible with the help of right technology, active involvement of all the stakeholders across functions in fighting against the identified churn root causes, and an organizational level strategy to prioritizing excellent customer experience above anything else.

How ‘not’ to delight customers – A Customer Experience Faux-Pas

How ‘not’ to delight customers – A Customer Experience Faux-Pas

With every bank going that extra-mile to improve customer experience, sometimes efforts are made without a proper understanding of what the customer really wants. It is impossible to know everything about a customer, but the bank should be receptive to all the information that can be extracted from the transaction behavior of a customer or even from the conversations (verbal/non-verbal) between them. The banks that are most proactive in getting such information capturing systems and processes in place would be the ones leading the race. Try and cross the barriers to understanding a customer, and positive customer experience will automatically follow suit!

Why the “Real” in Real-time is Now More Important in Banking Than Ever!

Why the “Real” in Real-time is Now More Important in Banking Than Ever!

People are talking in real-time, to each other and so Brands better be on their toes as well to keep up with this new consumer-producer’s pace! What is the response? Simple, technology! If consumer power increases with the ability to be real-time, so should employees/users. Instances of powerful real-time technology especially in Banking are perhaps limited in current usage to select communities like Traders. What about the average Joe at the Branch teller counter? Brands and reputations can just as easily be destroyed due to a simple clerical error or a bad mood even!