As 2020 begins, discover the four key trends banks should watch out for to improve their customer satisfaction. Let the customer show you the way!
Looking back on 2019, one central focus for companies has been to digitalize and automate as many processes as possible. With a cyclical change coming up, this will be a continuous focus also in 2020. Companies must find their way to become even more efficient and cost conscious and still keep a high level of customer loyalty.
In Brilliant's latest study looking at different industries, the banking industry (including both major banks and niche banks) shows to be somewhere in the middle when it comes to how loyal their customers are. About 54% of customers are loyal to the banks compared to top scoring insurance with 64% loyal customers and lowest in telecom 46%.
Brilliant's data over the past five years shows a positive trend in how front-line employees respond to their customers. Once customers are in contact with the bank, they give service a relatively high rating, no matter how critical they are to the bank in general.
Even if we see employee engagement as important for excellent service, it is not the only factor impacting customer loyalty in banking. How easy it is to solve an issue is also a strong part of customers’ experience. This can sometimes be an issue that has nothing to do with customer service. And customer loyalty does not come from a single part of the customer’s journey. Banks and other companies should continue to measure customer experience parallel to implementing cross functional activities, making sure customers have friction free and easy interactions with all functions of the company.
The data that is collected today - both indirect and direct data - usually provides a large amount of open text data and audio files. For those more mature and data intensive companies, it is no longer manageable to read and listen to all. Therefore, we expect to see much more voice to text and open text analysis the coming year. For banking (that also have to take compliance into the equation) this means that customer feedback can be used in a much better and efficient way and can involve other parts of the organisation and drive cross functional collaboration.
In 2020, we will see more programs/systems that can handle all customer interactions and provide a better overview of the whole customer journey with both indirect and direct data. Systems that can engage the entire organization and trigger activities that lead to improved customer experience in all parts of the journey.
Invoice solution companies, customer service, debt collection companies among others will impact the experience and image of your brand. The customer does not always see the underlying players when in contact with your company, nor do they care. The risk of being adversely affected by someone else's demerit is higher and can, in the worst case, also cost more for your company. If you choose to outsource functions, you want them to have the same level of commitment meeting your customers as yourself. We will probably see more collaborations with external influencers to formulate common customer experience goals and cooperate more when it comes to how to deliver the best experience. This to ensure high customer loyalty so customers stay longer.
Brilliant Future is one of the market's foremost data-driven survey and insight platforms for customer and employee experiences. They offer actionable and data-driven human insights that help companies and organizations make decisions that strengthen the business.
Brilliant is a partner of TietoEVRY's Financial BPO service.