Our thoughts on: “Rethink Digital for High-Impact Customer Experiences in Financial Services”

Our thoughts on: “Rethink Digital for High-Impact Customer Experiences in Financial Services”

Micah Margolis and Michael Horney from Gartner just hosted an insightful webinar that explaining that banks and credit unions need to adjust how they think about customer experience – evolving from providing a “better customer experience” to “a better financial life.”

We think about it this way – customers and members want a house, not a mortgage and will respond favorably to messaging and solutions that will help them move into their home sooner. 

No one banks for banking’s sake, it’s a means to an end. And the financial institutions that make that journey more comfortable, convenient and human, are at an advantage for securing loyalty and share of wallet

One of the insights that resounded most powerfully, was the research demonstrating that the proportion of high quality interactions when using only or mostly digital channels was lower for events such as planning a significant life change (like retirement) or handling unexpected situation (like a roof damaged by a storm), compared to day to day transactions. 

This means that banks and credit unions are falling short on their digital experiences for the highest value and most important engagements. Yikes!

They also shared interesting, but not surprising, facts about adoption of digital channels pre versus post pandemic world:

  • 1.3x retail customers using a mobile app
  • 1.5x retail and 2.3x wealth customers using a video app
  • 1.8x retail using chat/text

We suspect that these new habits to handle lock downs, social distancing and staff capacity planning have now morphed into established behaviors, and there is no going back.  

The webinar ended with this idea – how can banks and credit unions help their customer and members have better financial lives? Their suggestion: aim to create a customer goal achievement driven model whereby financial institutions are empowering, empathetic, inclusive and just. And they can do this by meeting customers where they are, knowing their story and anticipating their needs. A lofty but much needed evolution for future customer value. 

Listen to the webinar here.