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The Customer experience: forgotten key to good relationships

By : Robert Johnston

September 17, 2014 08:55 AM

Every customer wants to know that they’re getting value for money and a good service. But for financial services companies, that often means giving customers more than can be achieved through technology alone. It isn’t just about making a call and getting things done - the customer experience as a whole is central to making sure customers stick around.

 

Research from Avaya found that even though 97 percent of business managers agreed that customer experience management was either important or extremely important to their strategies for this year, just 64 percent said they had comprehensive programs in place to stay on top of it. So it’s hardly surprising that study found less than half could deliver everything that customers expected.

 

Customers set the bar high, but they’re not asking for anything that isn’t achievable. Some 70 percent said they expected financial services companies to link all their communication across different channels together in real time. A similar proportion said that when they got in touch, they expected the member of staff they were dealing with to have a single real-time view of them so they could understand their needs.

 

At the same time, 92 percent expected to be told when issues arose as well as being offered solutions. But the simplest of all is that customers want to be dealt with on their own terms - 69 percent said they would like to be seen as “unique.” That means being contacted with products and services that suit their lifestyle.

 

With advances in analytics and data management software, none of this should be impossible for businesses. But technology, a lack of flexibility within the business and insufficient training for employees were among the biggest reasons this couldn’t be achieved. Surely, it makes more sense to invest in enabling a great customer experience to keep them coming back?

 

It isn’t just about providing omni-channel services and making customer contact convenient. It’s about making sure that customers have the best possible experience every time they come to you.

 

Few institutions play as big a role in a customer’s life as their bank. It’s about time they let their customers know how important they are.

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Robert Johnston

NCR Financial Services

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Based out of NCR's R&D center in Dundee, UK, Robert Johnston is a global evangelist for NCR’s retail banking software strategy. Here, Johnston shares his insights on the banking industry and how consumers are driving today's conversation.