Banks and financial services firms have become more proactive in looking to improve the customer’s experience, according to one industry consultant. This makes it quite likely the J.D. Power and Associates annual survey of
These companies believe enhancing consumer interaction will help to fix their industry’s reputation, says Daniel Durham, a vice president with North Highland, a management consulting firm. That reputation is still suffering as news headlines continue to report the problems these companies are having with housing and mortgages.
But if the interaction is done in a way which is to the consumer’s liking, they are apt to become a fan of the company and spread the word.
There are opportunities for banks and financial services firms to take advantage of technology to create wow experiences for their clients. These firms are looking for ways to meet the expectations of their clients and exceed them, he says.
The company with the highest score on the J.D. Power survey in 2010, 2011 and 2012 was
Some of North Highland’s clients are focusing on the mobile channel. A lot of its clients are investing in what Durham calls the “omni-channel.” They are looking to give consumers the ability to start their interaction with the company in one channel and then change to another channel as the process progresses seamlessly. For example, the customer can start on a mobile device, move to a personal computer and then meet in person with the loan officer and no matter which method is used, the information is accessible.
Companies are looking to educate their clients in order to have a more effective interaction as well as rebuild trust. This can only be done one interaction at a time, Durham says.
Those companies that do well on things like the J.D. Power survey are the ones which listen to what consumers are saying about their brand. They use the information to improve communication and improve performance, he says.
Several North Highland clients are setting up social media command centers to respond to messages from consumers. Those are great for organizations to respond quickly while at the same time retaining controls and approvals needed to ensure compliance with existing laws such as Truth-in-Lending.
Having the center being able to respond to social media messages shows the company is listening to what the consumer is saying, he explains.
