Customer experience, or CX, refers to how businesses like banks and credit unions engage with their customers at every point in their buying journey. CX is more important than ever in the financial industry due to the digital evolution, with low barriers to entry, technological advances, and an increase in customers with a digital affinity. In fact, 70% of U.S. respondents said they use digital banking as the primary way to access their accounts. Because of this evolution, FinTech companies threaten to take over the market. According to a report, FinTech is now viewed as the new normal by almost 73% of Americans. With a dedicated customer experience team and a CXO, however, banks and credit unions can stay competitive and inspire high customer loyalty.
What is a CXO?
A recently introduced executive role, the CXO is responsible for preventing customer neglect and ensuring that every part of the customer journey is positive and user-friendly. These people are consistently investing in and improving employee engagement to enhance the level of service customers receive. The CXO must activate design and CX strategies, improve both customer and employee understanding of the brand’s value proposition, and prioritize the customer’s viewpoint when making decisions.
Incorporating this position into your bank or credit union is simple; the easiest way to stay competitive is to differentiate yourself by improving the customer experience. Many traditional banks are already doing this, making the mobile and online banking side of their operations more user-friendly to keep customers at the center. This customer-centered approach can continue in all areas of your branch network by reorganizing the extensive product range you already have to focus on your customers, particularly in lending, financing, and personal financial advice.
Leveraging CX in Banks and Credit Unions
Your customers expect efficient, personalized service at every step in their relationship with your institution, and you know that driving customer loyalty is critical to success. A CGS report found that 80% of customers feel more emotionally connected to a brand when customer service solves their problems. The study also concluded that a great customer experience makes that person five times more likely to recommend your brand and more likely to purchase in the future. Innovating the customer experience to meet their evolving needs and exceed their expectations is what drives customer loyalty.
One of the easiest ways to do this is with automation in your branch network. Adding new technologies (such as self-service coin counting kiosks) allows your employees to focus on the customer’s journey and overall experience in your branch. In fact, 28% of companies in the financial sector attributed improved customer experiences to their implementations of high-performance computing, deep learning, and machine automation. Increasing employee engagement enhances the level of service provided to the customer, improving their experience and inspiring them to return.
Prioritizing CX to Stay Competitive
With ever-evolving technology, the competitive advantage of banks and credit unions lies in promptness, reliability, and personal contact. While customers often prefer to contact their bank, whether on the phone or in person, as needed, they still value having a single source of resources if problems arise. Even with increased automation, it’s important to continue to cultivate and communicate these strengths while making the customer’s journey your number one priority. Having a customer-focused approach allows you to understand your customers’ individual needs and expectations, inspiring consistent customer loyalty and satisfaction. See how a fully-managed coin program helped OceanFirst Bank enhance both the member and employee experience in this Coinstar for Financial case study. For more news and financial industry insights, follow us on LinkedIn!