By : Author
For financial institutions, the quality of interaction with customers is a key differentiator. In this highly competitive industry, being able to build connections that create unique and personalized experiences is essential if banks want to stand out from the crowd and gain the long-term loyalty of consumers.
Customer engagement behavior has become an important area of academic research and is regarded as a significant development in customer relationship management. A report published by marketing and business professors from Cologne and Munster universities in Germany and the University of Groningen in the Netherlands described customer engagement as "a behavioral manifestation toward the brand or firm that goes beyond transactions".
Experts from these and other universities, publishing their findings in the Journal of Service Research, have also pointed out that customer engagement encompasses a "vast array" of behaviors both positive and negative, from giving recommendations, blogging and posting online reviews to even taking legal action against a company.
This highlights how crucial customer engagement is to delivering an exceptional customer experience, and is a key tool that shapes perceptions of a brand and what a company represents.
The right technology
One great way to improve customer engagement is to ensure that consumers are always able to use the latest technology to get in touch and interact with a bank. And this should not only include advanced online and mobile offerings, but also the technology individuals deal with in the physical world, such as the ATM.Today's tech-savvy consumers expect to be able to interact with their banks on the go, whenever and wherever it's convenient to them. This may be via a mobile app, or through an advanced, multifunctional ATM that can offer much more than just cash deposits and withdrawals.
These ATMs now offer banks an opportunity to leverage new interaction models that support the omni-channel, mobile-first customer. With advanced software and web-based applications, banks can tap into the wealth of data they have on their customers and create a personalized experience that's unique to every individual.
This may include displaying targeted marketing messages based on location, time of day, demographics and preferences of the customer, and these promotions can be managed and changed easily.
A friendly face
New technology such as video tellers can also open a new channel for banks to reach and assist customers via the ATM. These machines enable call center staff and tellers to provide guidance to customers anytime, anywhere, just as if they were talking at a branch counter.
This allows banks to bridge the gap between digital solutions and the real world and ensure that however customers choose to get in touch, they will be able to discuss their queries with a friendly, knowledgeable face whenever they need to.
Today's customers are driven by convenience, and the right technology helps banks to facilitate these needs and increase customer satisfaction. By investing in the latest solutions today, financial institutions can open up a new world of interactions, personalize the experience and engage customers with their brand far more effectively.