Building a Unified Customer Experience

When online banking first emerged in the 1990s, it was presented as a simple method to cut costs. The prevailing logic was that the cost-per-transaction – almost always a balance inquiry – was less expensive than a visit to the branch or a call to the call center. The term “Customer Experience” was not yet part of the digital vernacular, but today it very much is. And with the emergence of AI and new and better Fintech solutions, we have continued to evolve in our efforts to provide a Unified Customer Experience to meet today’s customer standards of service and care.

A Unified Customer Experience is best defined as a consistent, personalized interaction between customers and a company’s sales, product and marketing touchpoints. These interactions occur throughout the customer journey, from discovery to purchase, onboarding, adoption and retention. In the race to create effective Unified Customer Experiences at financial institutions, what elements are most important and make the most difference?

Tom McGill, Profit Resources Director of Customer Experience, described the six components that are crucial to creating and implementing a Unified Customer Experience.

OmniChannel

OmniChannel encompasses much more than just offering multiple channels for the customer to interact with the bank. OmniChannel brings together disparate platforms like mobile, web, ATMs, ITMs, contact center and brick-and-mortar branches, ensuring they are interconnected in such a way that the customer can transition seamlessly between them.  

“If your customer starts the engagement with your institution digitally and runs into a hurdle, they should be able to contact the call center or walk into a branch or enter into a live chat with a human,” McGill said. “However they make their next move, they should be able to pick up where they left off without having the agent or front-line employee ask them all the same questions that they’ve already answered.”

A Unified Customer Experience requires an OmniChannel approach, but that in itself is insufficient. OmniChannel must be tied to the objectives the FI wants to achieve, and robust support needs to be wrapped around it.

Culture

McGill said that creating a Unified Customer Experience begins with creating a culture within the organization that accepts change. Leaders must recognize that change management is a key discipline, and people within the culture who provide solutions instead of hurdles should be celebrated and emulated.

“Recognize that change management is a discipline that needs its own proper care and feeding,” McGill said. “Many organizations we work with are tired, which is understandable because the pace of change is so fast. Often people feel like change is happening ‘to’ them instead of feeling like they’re part of the change and have real influence on the ultimate destination. That kind of cultural weariness shows and eventually impacts the customer experience.”

Streamlined Processes

There’s no doubt that efficiency is a strong driver of customer satisfaction. Customers have a certain level of standards and expectations for customer service that is a result of our rapidly evolving world and its use of digital technology. Using customer journeys to identify friction and inconsistencies, the FI must constantly strive to simplify account initiation, management, transactions and support.

“You should always be looking at streamlining processes, and it’s critical when you’re creating a Unified Customer Experience,” McGill said. “Simple is good. Simple is repeatable, and simple is something that we preach often.”

Data

Creating a Unified Customer Experience requires the collection and leverage of data for effective personalization. Too often, collected data sits in a computer file somewhere, rendering it useless in the decision-making process.

“We need to create some near real-time feedback loops with the data we collect and then do something with that feedback,” McGill said. “If you’re going to collect data, do it in a way that it can help you make better decisions moving forward. And do it in a safe way. Never lose your customers’ trust by compromising the security of their data.”

Continuous Planning

Creating a “road map” may sound cliché, but it’s crucial to have a dynamic map unique to your institution and leading the way to success. It’s the single best guidebook for telling your organization where to go and how to get there. Update it frequently and share it broadly so that the “big picture” is visible.

“The road map needs to be updated at least quarterly because priorities are going to change. Technology is going to change. Customers are going to change,” McGill said.

Responsive Support

Providing timely, personalized support via chatbots, virtual assistants and agents builds the foundation of the Unified Customer Experience. Every touch point is critical as you assist your customer with each engagement and bank activity. Generative AI will have a role to play in bank processes, but FIs should implement it thoughtfully and remember the human element is still vital. The Financial Brand article Digital Channels Sap Banking’s Emotional Appeal warns that “the relentless urge to drive down expenses will tempt bankers to try to use GenAI in place of people who face the public. Cool will rule for a while, but that won’t last so long. Then it’ll be ‘ugh!’”

By implementing the elements of OmniChannel, a culture that accepts change, streamlined processes, leveraged data collection, continuous planning and responsive support, financial institutions are well on their way to creating a Unified Customer Experience. The experience your customers have with your organization builds their relationship with you and shores up their loyalty and engagement, all crucial to your long-term success and profitability.

Resources

Bank Customer Experience Scores are Going Down and I Know Why – LinkedIn

Digital Channels Sap Banking’s Emotional Appeal – The Financial Brand

Profit Resources specializes in identifying profitability improvement areas for financial institutions through revenue growth, cost control, streamlining processes, and effective use of technology. Contact us to learn more about our personalized approach to strategic planning to propel growth and improve profitability.