The Bain & Company report on the future of retail banking, referred to in the previous blog, presents what it calls “The Customer’s Manifesto”. This list consists of 10 fundamental consumer needs and expectations that banks and credit unions need to address. Financial Institutions (FIs) that can commit to upgrading their businesses using the latest technologies to take a more customer-centric approach will successfully satisfy these needs:
You look out for me and recognize me as a valued customer
A personalized approach in every channel is vital to meeting this expectation. This is simple enough in the branch, as well as in certain digital channels such as email, social media, and Internet banking. Savvy FIs can take this a step further in each of these channels, as well as their websites, with video calling, offering it proactively through widgets on their sites and Internet banking portals, and “click-to-connect” links in email and social media. This proactive approach to offering greater convenience with a personal touch demonstrates an effort to save consumers heaps of valuable time.
I can easily find simple, clear product and service information.
In digital channels, a well-structured website and intuitive Internet banking experience can satisfy this requirement, but not completely. No matter how informative the site or how user-friendly the Internet banking portal is, there will always be visitors and users who need a little extra help. They can always call or use live chat, but FIs can deliver a far superior customer experience by offering instant browser-based video connections with financial experts who can share documents and other content in real time.
Whenever it's convenient for me, I can easily get trusted advice or help by phone, video or in the branch.
The two key words in this sentence are convenient and trusted. Consumers are fed up with complex interactive voice response systems. While visiting the branch provides the trust that only face-to-face contact can deliver, this option is often inconvenient. Only video calling and conferencing truly delivers both convenience and a sense of trust. There will always be a significant segment of consumers who simply prefer the phone and the branch, but they’re still likely to appreciate video calling as a third option should they be unable to call or visit their local branch.
I can apply for a product or service through one channel and seamlessly finish the transaction on another.
To provide a seamless closing experience, banks and credit unions can incorporate document sharing with real-time web-based collaboration and a simple, secure electronic signature, or eSign, process into their online channels. eFace2Face is currently the only complete browser-based video calling, collaboration, and closing solution that ensures a truly seamless experience whenever, wherever, and on whatever device the consumer chooses.
I can buy the same products at the same price, regardless of how or where I go.
This has more to do with pricing strategies and tactics than technology, but video calling can certainly simplify negotiations, not to mention up- and cross-selling.
I can access all my accounts on any device.
A growing number of consumers will want a full range of device-agnostic services, not just account access. It’s only logical that they’ll also want to meet experts and complete transactions on any device.
I can do most of my day-to-day banking through digital channels.
This expectation is also likely to evolve into a demand to do more complex banking through digital channels – as long as there’s a strong element of trust bonding customer and financial expert, which video calling and conferencing can provide.
I can make purchases, payments and transfers quickly through my smartphone.
It's unlikely that consumers will be closing mortgages or signing for loans on their smartphones anytime soon, despite the fact that the technology that enables them to do so is available. Tablets are better suited to the closing of high-value transactions, with displays that deliver a top-quality experience.
My interactions are efficient, secure and fast—“one and done” with minimal paper.
Real-time collaboration and electronic signature take care of this requirement with ease. Not only can this boost customer satisfaction, employee engagement and productivity, and, ultimately, revenue, the reduction in paper-related expenses can also save FIs hundreds of thousands, if not millions, of dollars per year.
I can easily share feedback, including on social media platforms, and my bank will resolve the issue quickly.
The positive feedback gained from delivering a superior, and surprising, customer experience is a strong indicator of customer loyalty; it can also be a powerful acquisition tool.
Banks and credit unions that are quick to meet, and adapt to, evolving customer expectations will thrive in the face of growing competition. They can get a massive head start by simply and swiftly upgrading their online channels with the only complete browser-based video communication, real-time collaboration, and closing solution to address the priorities listed in the Bain & Company Customer Manifesto.
Meet eFace2Face CEO Dave Patten online to discover how eFace2Face can help your bank or credit union address the priorities listed in Bain & Company’s Customer Manifesto.