Customer Effort Financial services Industry

Where’s The Friction In Your Customer Experience?

What recent years have taught us is that customer experience can be a game changer for business success. As Forrester Research’s Harley Manning and Kerry Bodine insightfully pointed out, customer experience is “the best predictor of business success… It’s not just customer service – it’s every interaction, from the point at which they discover you to the moment of purchase to each of the touchpoints in the ongoing relationship.”

Because each product and every process in your business is part of the customer experience ecosystem you want to build, tracking and improving those can be a real challenge. From customer support hold time to the mobile app design, and the terms & conditions – customer friction needs to be measured and lowered.

The Impact of Experience

Today’s customers are loyal to banks that recognize their individuality and respond with products, services and experiences that are personalized to their unique needs. A perfect example of how this fact impacts banks is Shanghai’s robot bank, that opened a few days ago in China. Although finely tuned to function fully automated, human-free, and process requests in record time, the bank is low on customers, who appear rather ambivalent. One might infer that while no human interaction might sound like a good idea, sometimes it is an experience that people want, even if in small doses.

People also expect an easy interaction throughout all channels, want to enjoy user friendly and intuitive experiences, and if brands don’t deliver, be sure that everyone will soon find out on social media. One way to solve this is to strive to create experiences that are an extension of customers’ regular lifestyle as much as possible – for instance banks could ask for biometric verification instead of multiple passwords, and a mobile phone-based authentication code instead of a physical token-generated password.

Read the full article and find out more about the neuro-world on Buyer Brain’s blog.

See also

Of Customer Effort and Journeys

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Reality Check – Are Financial Services Leaders In A CX Crisis?

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What’s Next For Brick&Mortar Retail?

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