Meeting Key Priorities For Community Banks and Credit Unions in 2014
In a recent survey of senior bank and credit union executives, noted blogger, Jim Marous, found that a common strategic priority is to improve the customer experience. He cites lower margins, increased competition, higher operating expenses and channel disruption as factors that are pushing bankers to look to customer satisfaction as a means to competitive advantage through differentiation.
Where to begin the journey?
We believe the journey to an enhanced customer experience begins with a methodology developed by Hank Brigman in his book: Touchpoint Power. His four point methodology, while applicable across a spectrum of business models, is especially powerful when applied to the retail banking model as it is evolving today.
Based on reported research from Forrester, more consumers are centering their customer experience on mobile banking. Given this shift from branch and ATM interactions it is clear that many banks and credit unions, while offering transaction-based apps, are not taking the next step to deliver, in Hank Brigman’s terminology, "TouchPoints" that consistently offer customized experiences to advance the customer relationship.
In a recent report The U.S. Mobile App Landscape: An Annual Evaluation of Mobile Banking at Top U.S. Banks, Celent found that larger banks out-develop and out-adopt smaller institutions by a significant margin. "The channel is still relatively new, but leaders in the digital channel space are beginning to take offerings into the realm of value-added services that are context-sensitive, timely, and utilize big data", says Dan Latimore, senior vice president of Celent's Banking Group and coauthor of the report. "There's a large disparity among digital offerings—industry leaders are light-years ahead of the laggards."
At Digital Wavefront, we look at this trend as both a challenge and an opportunity for banks and credit unions. Today's technology tools are widely available and not expensive for these smaller institutions to create and build their mobile banking footprint. Technology can help them contextualize the customer experience and make them feel more connected and more empowered.
How to delight your (banking) customer?
We see technology as this great equalizer between large and small banks when it comes to creating a Touchpoint "hub" through the mobile channel. With many choices, Customer Experience Management will be centerstage as we move into 2014 and beyond. As experts in marketing best practices with experience working with banks and credit unions, ask us how we can help you deliver a delightful banking experience or request our banking case study.