Process Blueprint for Financial Firms to Better Engage Customers
Traditional finance is transactional business. So how can a financial services firm best start differentiating on customer experience?
TLDR;
Globally, banks are losing business to fintechs largely differentiating on better customer experience. If you are still not thinking engagment, remember that banking is indispensable, banks are NOT!
Here’s a 4-step plan to revamp your Continuous Engagement Strategy:
- Plan your Continuous Engagement Strategy, goals and key metrics
- Implement your Plan of Action iteratively by geography, customer tier and service offering
- A/B Test and measure delta in actual versus expected baseline metrics
- Course Correct and weed out engagement hypotheses that failed, do larger roll out of hypotheses that succeeded
Who should Read This?
You might find this useful if you are head of, or part of Customer Experience, Digital Transformation or Innovation teams at a Financial Services firm. IN particular, if your firm is in banking, microfinance, credit union or society, fintech, financial intermediary, or related businesses.
Current State Assessment
- Baseline your current state, by creating a journey map of the various customer touchpoints.
- Define the goal state you need to arrive at in the short run, medium run and the long run.
- Identify people, process and technology gaps to reach goal state.
- Gather data on the use of different customer channels currently in place
- Survey your customers to understand their needs — and your partners (when applicable)
- Assess the capabilities of your technology systems to provide fast responses, high availability, and transparency to your customers and partners
- Look for a technology partner like Crelytics to help you fast-track deployment of an origination engagement strategy — and not just for customer acquisition, but all the way through servicing for a great seamless experience.
A Few Engagement Strategies
- Show your customers you care : Help them meet financial goals
- Ask the right questions when forging relationships: Find out what your clients need, and deliver it
- Acknowledge customer pain points: And transition those frustrations into positive action. Let your clients call the shots on where, when, and how they consume information.
- Connect with customers on an emotional level : Don’t forget the value of genuine, face-to-face interaction
- Don’t be afraid to venture outside the established norms in the financial services and banking industry: Leverage local teams to better tap into local customer insights.
- Follow through based on signal from the feedback loop in your Continuous Engagement Process, consistently.
Conclusion
Many customers are not asking for a completely online experience when it comes to getting their next auto lease or loan. Instead, they’re looking for a more supportive level of engagement with their service provider, including the ability to communicate in a variety of different channels.
There are many deep-tech AI enabled strategies that can be employed to maximize customer engagement. At Crelytics, we are leveraging AI for automated customer interactions, risk assessment using thousands of alternative data sources and deeper insights. Contact team@crelytics.io or visit https://crelytics.io to learn more.
