The CX journey to customer lifetime value

Harvard Business Review defines customer experience (CX) as “the cumulative impact of your customers' end-to-end journey with you, the multiple touchpoints over time, which create a true competitive advantage to companies that get it right.”While that is an accepted definition for retail, CX for financial institutions has historically been considered from the post-sale or transactional perspective, i.e., Read More

By |2020-05-27T19:03:45-05:00May 5th, 2020|Comments Off on The CX journey to customer lifetime value

Automated self-service is great … until it is not

There’s little debate that automated self-service technology has captured the imagination of financial service providers. Banks, credit unions, lenders, wealth management firms and other providers of all sizes and geographies are scrambling to deploy digital customer service solutions into their contact centers and customer service organizations.These technologies can help financial institutions increase productivity, lower operating costs, build Read More

By |2020-05-27T18:16:21-05:00April 17th, 2020|Comments Off on Automated self-service is great … until it is not

Cybersecurity protection for bank customers starts with awareness

The probability is high that a bank customer will at some point experience a cybersecurity incident. Above and beyond the financial and operational risk, cybercrime comes with substantial reputational risk for banks, as customers are far less likely to trust institutions whose products and services are frequent targets for breaches or hacks.While banks are ramping up their Read More

By |2020-05-27T18:16:23-05:00March 12th, 2020|Comments Off on Cybersecurity protection for bank customers starts with awareness

How customer experience benefits from operational efficiency

As the banking industry faces tighter margins and increasing competition for customers, many financial executives find themselves looking to cost reductions and department downsizing to better their bottom lines.Yet, those who take a balanced approach and identify the right operational efficiency initiatives may find that what’s good for profit margins may also improve the customer experience. Automation, Read More

By |2020-05-27T18:16:24-05:00February 20th, 2020|Comments Off on How customer experience benefits from operational efficiency

Moving toward a modern approach to customer experience

Everyone is still trying to make sense of CX. Chances are you've encountered endlessly diverse interpretations, opinions, strategies, theories and analyses by now about the emergence of customer experience (CX) as a fundamental business strategy. However, one principle connects them all: CX is critical, and it will only become more important as digital consumerism grows. Harvard Business Read More

By |2020-05-27T18:16:26-05:00January 17th, 2020|Comments Off on Moving toward a modern approach to customer experience

Three ways to acquire new customers

How will a financial services organization drive new customer acquisition in 2020? As always, it’s high on the list of priorities for leaders in the financial services industry. New customer acquisition ranked second on the list of priorities in BAI Banking Outlook: Trends in 2020, moving up from third the previous year. BAI research suggests three areas Read More

By |2020-05-27T18:16:26-05:00January 13th, 2020|Comments Off on Three ways to acquire new customers

Customer experience will be the digital imperative in 2020

Digital transformation used to be code for “what are we going to do with all of these branches?” The transformation efforts focused on changing the branches and everything associated with physical distribution. But while branch strategy remains important, much progress has been made. Bankers have changed their branch footprints, reimagined branch design, introduced new technology approaches and Read More

By |2020-12-23T15:59:40-06:00January 10th, 2020|Comments Off on Customer experience will be the digital imperative in 2020

Five steps, sure bets on the road to customer experience success

Let’s say your bank or credit union wants to raise its customer experience game. What step would you take first? Balloons in the branch lobby? A cute email on the customer’s birthday? Or how about something substantial—like New Math 101? “The first is that you have to acknowledge and understand that customer satisfaction, management and monitoring is Read More

By |2020-05-27T17:58:09-05:00April 26th, 2019|Comments Off on Five steps, sure bets on the road to customer experience success

Pay attention to retention: How banks can turn around client churn

It’s been almost 250 years since Adam Smith penned “The Wealth of Nations,” helping set off an industrial revolution now in its fourth iteration. What would Smith think of today’s “Exponential Age,” defined by its breakneck speed of change? Perhaps he’d be overwhelmed, for indeed: Disruption is everywhere. Firms of all types go out of business every Read More

By |2020-05-27T17:58:09-05:00April 10th, 2019|Comments Off on Pay attention to retention: How banks can turn around client churn

Lend them your ears: How better-listening banks win and keep customers

Refinance your home! Buy a car for a low fixed rate! When they interact with consumers, some banks seem to prefer a one-size-fits-all communications model with a heavy emphasis on product pitch. We get it: Email and direct mail are both so easy and play well in a “document-this” metrics-driven era: How many people opened the email? Read More

By |2020-05-27T17:58:11-05:00February 26th, 2019|Comments Off on Lend them your ears: How better-listening banks win and keep customers

Pulling an Uber: Can banks deliver a similar customer experience?

Velcro, Kleenex and Jell-O: Many brands have become so much a part of people’s lives that they are now used as universal references for all products in that category—or sometimes verbs, as is the case with Google. But can you imagine anyone using Citi or CapitalOne in the same way as “I Googled it” to describe a Read More

By |2020-07-17T14:53:07-05:00February 20th, 2019|Comments Off on Pulling an Uber: Can banks deliver a similar customer experience?

How will you deepen customer relationships and build trust in 2019?

Customers continue to value relationships with their banker at the branch. It’s where they experience the warmth of the human touch: a handshake, eye contact or the sharing of a personal story. Familiarity, of course, builds trust. But here’s a key question: How do you maintain trust and deepen customer relationships when people are not visiting the Read More

By |2020-05-27T17:58:13-05:00January 8th, 2019|Comments Off on How will you deepen customer relationships and build trust in 2019?

Winning beyond share of wallet: What’s your relationship value?

Bankers invest so much time and attention toward driving “share of wallet” (SoW) that many tend to treat it as the de facto metric for measuring return on investment (ROI) in digital technology. But this constitutes just part of the story. Banks often miss another piece that’s just as important—if not more. It happens before share of Read More

By |2020-05-27T17:58:17-05:00September 13th, 2018|Comments Off on Winning beyond share of wallet: What’s your relationship value?

BAI Beacon 2018: Banking in action

To kick off 2018, BAI named artificial intelligence its Trend of the Year. Since then, we’ve seen an explosion in the talk surrounding AI to match the technological revolution taking place before us. And as we close in on BAI Beacon 2018, it’s a safe bet that AI will dominate many a conversation at the event. Discussion, Read More

By |2020-05-27T17:58:34-05:00June 27th, 2018|Comments Off on BAI Beacon 2018: Banking in action

In the new world of ‘phygital’ insights, tech anticipates customer expectations

For many of you reading this piece, the term “phygital” (pronounce FIDGE-it-al) will be brand new. In a short time, it has come to stand for something incredible: Never has the world seen experiences from the real and digital worlds so strongly interspersed. The enabling technologies have been developing for years, but now is the time they’ll Read More

By |2020-05-27T17:58:34-05:00June 25th, 2018|Comments Off on In the new world of ‘phygital’ insights, tech anticipates customer expectations

Non-growing pains: Does your customer loyalty focus hurt expansion?

Many executives and marketing professionals view consumer loyalty as the Holy Grail: Simply put, loyal customers will stay with you and give your bank a stable customer base and stable revenue for years to come. Loyalty ranks as so important that most metrics used to assess consumers, such as a promoter score, focus on that trait and Read More

By |2020-05-27T17:58:41-05:00January 17th, 2018|Comments Off on Non-growing pains: Does your customer loyalty focus hurt expansion?

Clever leverage for customers: Enhanced experiences through AI and machine learning

As banks, credit unions, and financial services organizations look to better serve their customers, many seek new, innovative ways to understand wants, needs, and behaviors. Increasingly, this means the use of digital tools and transformation initiatives—as well as customer and predictive analytics, artificial intelligence (AI) and machine learning. All those high-tech means add up to a most Read More

By |2020-05-27T17:59:37-05:00September 20th, 2017|Comments Off on Clever leverage for customers: Enhanced experiences through AI and machine learning

Podcast: Social media, consumer care and customer acquisition

More than ever, a social media presence for banks means more than mounting a Facebook page or sending out generic Twitter messages. Melissa Musgrove of Regions Bank shares how her institution leverages social media to address service inquiries, handle complaints quickly and win new customers. She also stresses the need for replacing sales pitches via social media Read More

By |2020-05-27T17:59:39-05:00August 25th, 2017|Comments Off on Podcast: Social media, consumer care and customer acquisition