How Business Customers Like To Communicate With Their Bank
Customer experience (CX) is fast becoming the buzzword of the banking realm and with good reason. The CX score is the client’s perception of their experience with a bank, and it includes all communication, from direct, in-person contact to emails and internet banking.
Research shows that 81% of companies compete partly or fully on the basis of CX. This means every client interaction matters and that requires a dogged approach to optimize communication. Here’s how.
The Technological Advantage
Customer Communication Management (CCM) and Customer Relationship Management (CRM) play an important role in the way banks interact with their clients. In fact, it forms the foundation of client communication.
CCM: A good CCM system allows banks to pivot all their communication in a client-centric way, whether it’s print media or online communication. Previously, communication was very one-directional and this had its effect on CX. CCM also allows banks to communicate across multiple channels such as email, SMS and even social media.
CRM: These systems provide banks with an instant overview of the interactions with a client and how it affects their entire banking relationship. CRM systems record and collate information to ensure banks have all the information they need across various departments in order to effectively communicate with their clients.
Open and Digital Communication Channels
It all starts with the do-not-reply emails that go out to customers who might have a real interest in communicating with the bank on that chosen topic. For instance, sending a mailer to a client about changing interest rates and how that impacts their bank products is a surefire way for queries to build up.
A do-not-reply email forces customers to take an extra step such as look up a telephone number, which can result in a missed opportunity at a client interaction. By allowing responses, not only do you increase client retention, but you also open up the opportunity to cross-sell.
It’s not just emails that need to be treated this way. Customers want a consistent digital engagement experience across multiple channels. Paper statement delivery, electronic statement delivery, and emails may have sufficed in the past, but customer expectations now include on-demand data-driven insights with an opportunity to schedule time directly with their representatives through their mobile devices or laptops.
Intuitive Product Design
Gone are the days of clunky interfaces and spotty website design. Intuitive design elements are important in terms of how clients view their interactions with your brand. Chatbots, contact forms, video calling and secure messaging through the app are just a few ways intelligent design can improve a customer’s perception of communication with your brand. Accessibility to banking through apps and responsive websites also allows those with concerns, such as health, social or safety, to access banking.
The Bottom Line
Banking needs to keep evolving as technology and customer needs evolve. While the competitive playing field might still be a range of superb products, customers are becoming more aware of the total banking experience. Communication is at the heart of customer experience and can be the real game-changer in terms of accessing a bigger portion of wallet share.