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The seven deadly sins of customer experience transformation don’t include gluttony or wrath, but perhaps you’re envious of what your competitor is doing to improve their customer service ratings and NPS scores.
When you’re a customer with an urgent question or issue, time is of the essence. Delay of minutes – or even hours – can have a huge impact on revenue and customer satisfaction.
Snowstorms, computer outages, lightning strikes! Oh my! For all business and leisure travelers, a common fear is what happens when there’s an unforeseen event, including technical glitches or extreme weather conditions, that cause last minute delays. Airline travel is a calculated process of time management.
Uber, Lyft, and Airbnb are all the rage. Why? They are examples of companies that have utilized disruptive technologies and business models to simplify an existing process, and provide an easier customer interface and better customer experience. Uber, Lyft, and Airbnb have taken the friction out of the customer journey and emphasized the experience. But why is this relevant to the financial services industry?
Digital transformation has impacted a number of industries over the last several years and healthcare is at the forefront. Given current margin pressures and ongoing industry changes, health plans face a strategic imperative to consider fundamental changes to their operating model. Digital initiatives serve as a catalyst in organizational transformation that can help payers reimagine their business processes and customer engagement techniques. With digital, payers can drive more efficient automation, have stronger connectivity with members, and deliver more advanced data-driven interactions.
Over the last decade there's been a significant decline in branch banking. In the past four years, Bank of America, Chase, and Wells Fargo have cut more than 15% of their branches, bringing their branch levels back to that of the early 1980s. Why? The change in customer behavior. With digital and mobile banking, customers don’t need to visit a branch for most of their banking activities. This leads us to an interesting question: what will banking look like in 2020?
I used to work in a destination hotel rooftop cocktail bar. The guests would often queue for over an hour to get a table with a view. The expectation of that experience was that waiting in the queue at the bottom of the elevator would be worth it, because, when they reached the 23rd floor, they’d be treated to a table with a view of the city and a delicious cocktail.
Over the last decade, banks in the Asia-Pacific (APAC) region have accounted for over 46 percent of global banking profits. However, the region now seems to be settling into a new era of slower growth rates and increased challenges in generating significant profits. From a consumer standpoint, Asian consumers are moving quickly into digital banking. According to McKinsey research, there is a 96 percent and 94 percent digital penetration in Australia and Singapore respectively. The same research also states that more than 80 percent would be willing to shift some of their holdings to a bank that offers a compelling digital proposition.
Deck the halls with boughs of shoppers… Fa-la-la-la-la-la-la-la. What tune are your online shopping carts singing this Black Friday season?
Unsurprisingly, with the acceleration of all things digital, web traffic on retailer’s sites this holiday season is expected to eclipse 2014 and 2015. Deloitte reports that with shoppers now allocating half of their holiday spend to online shopping, a real shift in consumer behavior has taken place changing not only how consumers purchase, but also the landscape of Black Friday.
For banks and financial institutions, the demand for digital customer experience can no longer be ignored. Financial services organizations are focusing on engaging and enhancing the customer experience for their diverse client portfolios, and for banking clients that means developing a better, digital customer experience. This digital push presents both challenges and opportunities for banks. It has also transformed customer expectations to have a customer experience that is simple, fast, personalized, continuous and integrated. No longer is the emphasis solely on embracing the digital age – it now becomes about a seamless integration of customer service channels to attract, engage, and retain today’s connected banking customer.