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Adopting a “Digital First” mindset—putting digital at the heart of the business—enables banks to redefine the customer experience.
Post-login Customer Experience is one of seven enablers that can help financial services providers renew the customer experience in the digital era. Adopting a “Digital First” mindset— putting digital at the heart of the business—enables banks to redefine their relationship with their customers.
Find out more: Banking on Digital
Mobile banking and competitive rates no longer set banks apart in the crowded financial marketplace. To really stand out, banks need a laser focus on customers’ needs, using powerful digital tools and features that respond to the way people actually think, behave, plan, consume and communicate.
Take the post-login customer experience. Banks will need to evolve from a consumption model, where customers are passive consumers of financial products, to an experience-led model, where customers actively and seamlessly engage with the bank on their own terms, across channels. In this new model, consumers get answers to questions about financial planning, how to afford purchases or timely deals. From the customers’ point of view, banking becomes fully integrated with their daily life as it serves wants and needs; products remain hidden from the user, only surfacing as a means to achieve their goals.
Why Does the Post-login Customer Experience Matter?Banks hold valuable data about customers—and their relationship to money. An experience-led service draws upon this information and other data sources to resolve and anticipate specific customer needs. The contextualized, experience-led approach can help banks to:
Increase profitability:With greater context and knowledge of the customer’s issue, banks have increased opportunities to up-sell and cross-sell services. Rather than have the customer fish for the right product online, the bank can proactively recommend a range of services and solutions for their customers’ circumstances—in real time.
Improve customer service and build brand loyalty:A customer intelligence engine refines its knowledge with each interaction to improve relevance. Delivering timely, informed, personalized responses to pressing customer questions or needs, time after time, creates superior service and brand loyalty.
Head off competitors:Industry disruptors offering seamless, relevant and contextualized services, like Google, Square, Amazon or Apple, are increasingly influencing how customers interact with their bank. With an experience-led approach, banks can regain control of and effectively manage the customer experience to deliver the services and products customers want—and can’t find elsewhere.
Practical Guide to the Post-login Customer ExperienceMoving from a product-based to an experience-led model represents a fundamental shift for the financial services industry. Although challenging, a road map with distinct phases powered by innovative technology and a customer focus can help banks adopt the necessary culture change. As companies move through each stage, they will need to provide security, rich interactivity and great visual design at each customer touchpoint.
Stage 1: Product-alignedToday, the post-login customer experience at the majority of financial services companies focuses on specific products, but delivers new, easy-to-use functionality and services to enhance engagement. For example, many companies at this stage, including Barclays and ABN AMRO, are already helping customers gauge current spending and plan their finances with data visualization by providing apps that visualize spend.
How to Get There:
To align existing products with customer needs, banks should create a road map based on the following framework:
Understand customer habits, actions and goals when it comes to managing money and use it to identify their needs. Increase richness of interactions with customers; assistance can be face to face, video, written or verbal chat, search-based, or over the phone
Create relevance from the customer context to tailor products and services for customer segments. Increase segment targeting with financial planning and forecasting tools
Provide immediate gratification and reduce the burden of decision making with experiences that ease transactions. Compete with consumer brands and incorporate gaming, social media and more to engage the customer.
Stage 2: Dialogue-enrichedA few financial services companies, although still primarily product-led, have started to build a dialogue with customers. The post-login customer experience in these companies integrates multiple services and innovative, predictive technologies that tap into the customer’s emotional drivers and assimilate their daily activities with the bank’s offerings. The customer is now able to articulate and fulfill a banking need on her own terms.
For example, a bank can encourage a customer to start saving for her child’s education, sending a variety of deals on children’s savings accounts with a breakdown of the customer’s monthly discretionary spending. She could then, for example, arrange to automatically pay the same amount she spends on coffee each month into her son’s account.
Use sophisticated analytics to gain insights into customers’ emotional drivers and broader network
Act upon the insights to deliver personalized, proactive services that reinforce the connection with the customer. Use predictive planning tools and customer intelligence engines that mine account spending patterns and help customers plan for the future
Integrate social media activity to provide visibility into what customers and their social network like, want and need. The information is combined with the bank’s data and other sources to create a 360-degree view of the customer.
Stage 3: Experience-ledIn the experience-led model, banking becomes truly ubiquitous in the customer’s world—out of sight but always present. The online experience extends beyond a single web site or app; drawing on popular, context-aware technology, the bank can, at any point or context, assess and serve a customer’s needs—and even anticipate them.
For instance, upon entering a store, the bank could trigger certain features on the customer’s Google Glass device, connecting it to their financial planning data and spending history. As they scan the store, they can build up a wishlist of items— and learn when they could afford them. Shoppers could compare prices and get rewards for buying one item over another. The device could also feed through better price offers for the same item found by their bank. When customers purchase an item, a digital receipt is sent to their mobile device.
Develop a product engine that is hidden from the customer but able to generate relevant offerings that focus on what customers really want—for example buy a bigger house through the means of a loan or mortgage. Managing the product becomes secondary
Evolve services with consumer digital technology to offer customers up-to-date, experience-led service ideas
Develop a wide network of partners that provide discounts and help customers get more for their money. A built-in recommendation engine generates customer-relevant offers based on individual banking patterns without customer initiation.
ConclusionWhile conquering the first and second levels is the immediate goal for most banks, they will need to act quickly to reach an experience-led model to fend off new industry players and disruptors. Such competitors have a technological advantage and a customer-centric approach. Customers are already demanding a more experience-led service; financial services companies that manage to transform their model will make their value proposition more distinct, relevant and competitive.
To learn more about building digital capabilities in banking, contact:
About Accenture InteractiveAccenture Interactive helps the world’s leading brands drive superior marketing performance across the full multichannel customer experience. Working with over 4,000 Accenture professionals dedicated to serving the marketing function, Accenture Interactive offers integrated, industrialized and industry-driven marketing solutions and services across consulting, technology and outsourcing powered by analytics. Follow @AccentureSocial or visit accenture.com/interactive.
About AccentureAccenture is a global management consulting, technology services and outsourcing company, with approximately 266,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page is www.accenture.com.
July 31, 2013
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