Part 1 of this article (insert link) shared how retail banking continues to push commercial banking to innovate and develop technology and systems that deliver unique and seamless Customer Experiences (CX).
Considering the value of the customer, banks and financial institutions must continue to focus on the customer experience throughout the system conversion or upgrade process, communicating the change clearly and with much more precision than ever before. Research has shown that improving customer experience increases customer likelihood to renew or buy new products by between 30-50%. “Research from Forrester has shown that customer experience leaders are growing revenue at a much faster rate than their peers,” said Alyson Clarke, principal analyst and a co-author of the report “The US Banking Customer Experience Index, 2018 – How US Banks Earn Loyalty With The Quality of Their Experience.”
The RWC Group utilizes the deep expertise developed from numerous successful full system conversions and upgrades to inform and implement custom CX Blueprints for each client. Experience in conversions has taught us the key elements needed for excellent customer experiences.
Key Elements to A Strong Blueprint for CX Success: Inform and Engage
Our work implementing full client conversions and upgrades has proven that the best approach to developing a successful CX blueprint during a conversion is to focus on the opportunities to inform and engage with the customer along the way. By developing and implementing experiences that align with the individual brand, the transition can be authentic and seamless to the customer.
Ensure the CX Blueprint is informative and engaging with a plan that:
- Communicates changes and upgrades clearly, with a focus on the benefits being developed for the customer
- Delivers available customer support in an authentic and engaging manner for customers across value
- Considers customer interactions throughout the entire conversion timeline and communicated consistently
- Develops a communications strategy that is omnichannel, not just multichannel, without the loss of context and continuity so that the CX is connected and consistent
- Incorporates your employees through training and development