Rant & Rave
It’s a transformational time for the financial services industry, with customers expecting the easy, dynamic and customer-centric service offered by the disruptive challenger brands. Want to be a force to be reckoned with when it comes to CX? We’ve got some suggestions that are right on the money.
The digital age
With lots of new entrants to the market whose offerings are modern, easy to use and agile, the need for financial services organisations to alter their approach has never been greater. To compete with the challengers and remain relevant to the 21st century customer, banks must take a digital first approach and focus on providing an experience that keeps up with continually rising customer expectations.
Open to anything
Open banking has paved the way for new products, services and entrants to the market, revolutionising the way that consumers bank and enhancing the digital customer experience. Although it’s good news for the FinTechs, who make their mark by differentiating themselves through innovation, it can be difficult for the traditional big players to keep up.
Engage your core
It’s all very well having the most up-to-date apps or using AI, but if you fail to engage your customer (and employee) base on an emotional level, they’ll quickly jump ship when the next big thing comes along. After all, according to Accenture, 61% of consumers switched brands in 2016 with 67% saying the reason they switched was because of experience.
On the rise
As consumers get used to the exciting and continually evolving experience they receive from the likes of the retail industry, their expectations are quickly rising. The traditionally conservative service of yesteryear no longer hits the spot, it’s time for a new service standard for the industry and the voice of your customer needs to lead the way.
So, let’s do something about it…
We’re all ears
With a plethora of digital and offline channels, you won’t always know when a customer has interacted with your brand, meaning there’s no opportunity for you to solicit a request for feedback. Enable customer-driven feedback with Listening Posts so customers can share how they feel at a time that suits them. There’s even the opportunity to send pictures, use emojis and interact through social channels such as Snapchat and Facebook Messenger.
Leave no one behind
With the rapid evolution of the financial services industry, you need to ensure you’re enabling customers to keep up with your offering. It’s crucial to understand in real-time how customers feel about change, identifying any impact as soon as possible in order to take action to recover customers, prevent churn and make tactical service improvements.
I’m only human, after all
Digital channels are taking precedence, so it’s important that your in-store and contact centre experience isn’t neglected. These person-to-person interactions bring your brand to life and are often the ones that customers remember, so they shouldn’t just be good, they need to be exceptional. Capturing multi-channel feedback across touchpoints enables a consistent level of service, no matter where in their journey your customer interacts with you.
It's just emotion taking me over
The switching economy is one of the biggest problems facing organisations at present. The customer experience you provide is what will truly differentiate your company and enable you to retain customers. With consumers suffering from survey fatigue, the struggle to engage your customers and find out what will really garner their loyalty is apparent. Take a customer emotion over company survey approach and simply ask your customers how they feel.
Our customers have…
Reduced the cost of complaints by over 30%
Achieved response rates of over 30%
Measured CSat increases of 6.5%
Recorded savings of 20% on feedback budgets
DON’T TAKE OUR WORD FOR IT
“The Rant & Rave Platform confirms what we are doing well, identifies what we could be doing better, and most importantly, it’s all in real-time, so we can take immediate action to improve our products and processes. We have clear visibility of sentiment across all touchpoints within the customer lifecycle, from initial purchase and onboarding, through the service and claims processes, to policy renewal.”
Paul Whymark | Retail Operations Transformation Director | Hastings Direct