Many believe that every touch point involves a personal interaction. This couldn’t be further from the truth as technological development has led most of the activity in our daily lives to be done through a screen. In fact, it is estimated that 90% of banking today happens through the screens of our mobile, computer, or ATM. We can also add that with as the Internet of Things (IoT) grows, there will be even more devices with which we will interact, such as: a digital assistant in the form of a talking AI (like the Amazon Echo), our car, the dishwasher, etc. These are new participants in banking interactions that will make the ecosystem even more complex to handle.
So, why must we pay special attention to the customer journey in our organization? Because it’s the one that will allow us to focalize our efforts in improving every step of the experience.
I don’t know a bank that does not include improving customer experience in their strategy. However, I see that most think the experience is only about an advertising campaign, launching a better app to the market or renovating their branch offices, and while these are some actions associated to such effect, customer experience projects are intimately linked to processes and information systems, and even more to something that no one considers: employee commitment.
Improving customer experience is a change in organizational culture as every process affects this experience. Have you ever thought about contracts or small lettering that customers don’t understand or omit because it’s hard to read? This is also a touch point, and as such, it generates a positive or negative experience. Generally negative.
Customer experience uses NPS (Net Promoter Score/System) as an almost standardized metric worldwide. However, for NPS to translate into high praises for your institution there must be other metrics that allow key teams within the organization to be assessed and feedback about a systematic and consistent base that can evaluate the implemented changes and take the pertaining corrective actions.
Institutions that are committed to providing a superior customer experience must begin by establishing a goal at the highest level, as may be the COO (Chief Customer Official), who is responsible for defining macro and micro strategies that report to the General Management or CEO in alignment with the strategic objectives of the organization, but of transversal action as each process within the organization must be orchestrated to provide a better customer experience.
However, in a world that operates in real time, and where our customers expect immediate and right answers, we must be able to measure customer interactions in the moment they occur; this means that the organization should be able to evaluate a call center or online banking interaction seconds after it happens. We do have the technological mechanisms to do so and involve the key teams that will take action in following up with these interactions.
Customers constantly express the way they think and feel, and they reward us by using our products, or punish us by using other available options because they feel their bank does not tend to them and neglects their interests as they see no tangible benefits that make them say: I recommend my bank.
Customer experience is more than a fashionable buzzword we must join to avoid being out; it means affecting the customer’s behavior through moments that promote loyalty and positively affect the economical value for both the organization and the customer.