“Innovating the customer experience is the ’secret sauce’”

I found this post regarding how Google/Apple have out performed major US Banks in recent years by using some “secret sauce”. Brett King over at www.banking4tomorrow.com recently posted about how innovating the customer experience is bringing gains and how the financial industry is not keeping par.

I recently tweeted about standing at my bank’s terminal on a Sunday evening trying to get cash and the machine running some routine telling me it would be with me shortly. Sure.

So, what do banks as well as insurance companies need to do to “innovate” and engage their customer as well as potential customers? Recent times have seen the move away from the agent or teller providing that all important customer service to more online or automated handling most of which had been created (it seems) during the last century. Not much has improved since then.

“Innovating the customer experience and making “it” really simple to use”

When contacting my bank by phone I am sent down a spiral of IVR prompts suggesting next steps which are usually not the ones I had intended. All the while I am thinking “you have my money. is this what I get in return”. There are not many other providers we contact where the customer has that thought in their heads. This is a unique position of a financial institution as well as opportunity. If this is managed correctly the entire customer experience could greatly improve.

You have all my money, is this all I get?

If only the banks had that in theirs when developing customer service solutions.

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