As stated in my previous blog post, one of the top priorities for Banking in 2014 is to more effectively engaging with customers. Given the challenges facing the industry, bankers acknowledge that to regain growth and profitability, banks must find a way to restore customer trust and confidence in those institutions.
This, in turn, requires banks to become more in tune with customers’ constantly evolving behaviors and expectations. And customers demand it.
Our recent research in collaboration with Efma offers some insights from outside the banking industry—from companies that are undisputed leaders in building intimate, long-lasting, and trusting relationships with customers—that can help guide banks’ efforts. We studied more than 100 leading companies across seven industries to identify nearly 200 innovative practices in marketing and distribution that help drive superior customer engagement.
Among executives, providing a superior customer experience both online and in the branch was seen as banks’ top challenge. As one Chief Marketing Officer (CMO) we spoke to noted, “Customers don’t feel comfortable dealing with banks.” This CMO indicated that customers feel like the banking environment is hostile, insensitive and distant.
By adopting a more customer-centric approach to their business, banks can take major strides toward creating and delivering a customer experience that more effectively engages customers, more closely meets their needs—and, ultimately, rebuilds the trust and loyalty that have been lost. But despite the clarity of the challenge the banking industry faces, many banks are unsure just where and how to begin addressing it.
Please download below report to see selected examples of some of the specific practices leading companies and how they keep pace with customers’ changing behavior to create experiences that engage customers and foster strong and sustainable loyalty. By embracing this new customer engagement approach and its leading practices, banks have the potential to spark a RE-banking revolution that can put them back on the road to profitable growth.
Examples in below report include:
- Comprehensive Data collection program called “Consumer Pulse” – by a Multinational manufacturer of products;
- Building a 360-degree engagement platform – by a Luxury fashion retailer;
- Estabilishing an Omnichannel distribution – by a Grocery giant.
