In today’s World – Banks have to find ways to differentiate
In Mid-Jan 2018 a small revolution started in financial services as the EUs new Open Banking rules hit the UK – this revolution has significant consequences for consumers who now have full ownership over their personal data and are able to personalise how they manage their finances.
Customers may not yet have woken up to this revolution – but they will, and that means major changes for banks. With customers now having access to all of the information they need, they can make decisions without ever having to speak to someone at the bank.
It’s great for customers who are now firmly back in control, but for banks it has become so much harder to differentiate themselves and their challenge is around creating customer experiences to attract a new generation of customers; engender loyalty in existing customers; and retain those who may be considering moving.
What to do?
There are a myriad of things to be done and banks must not underestimate the size of the task. They need to start somewhere, and soon, so as not to be left far behind.
Here are the 3 top things which will help to make an immediate difference:
- Get close and connect – be curious enough to understand your customers, not just on a transactional basis but at an individual and human level. Be curious enough to understand their needs, keep it simple and own the customer experience outcome each step of the way. Every human interaction needs to offer more than can be achieved in a few clicks on a website – understand what you need to do to make the experience different.
- Think differently – too many banks are hampered by process and the way things ‘have always been done’. Throw the manual away – challenge yourselves to look for new approaches that free customer facing people up from ‘tasks’ or ‘process’ to spend more time engaging with customers, break out of silo’d thinking and find fresh ideas that add real value to the human experience you want to create. The words “that’s not what we do” should not exist in this new world whilst the language of “let’s see how we can make it happen” does.
- Be empowered – your front-line staff speak to customers every day. They know what the right thing to do for a customer actually is, but are typically restrained by an environment where the prevailing approach is “computer says no”. If your customers are ‘feeling’ your processes – then your bank becomes the same as your competitors. What our 20 years of experience has shown us is that by creating a culture where front-line people are entrusted with making good real-time decisions for customers then you are helping them to, not just be empowered, but feel empowered, and that means happy customers who stay with you and who recommend you to friends, family and colleagues.
Interested in how Blue Sky can help you to stand out from the crowd and create customer experiences to attract the new generation of customers?
Drop us an email at: email@example.com