Making the payment is not the part of the customer experience that consumers want a digital wallet (whatever that might be) to improve. The mobile moments of opportunity–to improve the customer experience, to add new levels of convenience to the customer experience, to help consumers make better/smarter decisions about how they manage and spend their money–occur before and after the payment.
The most prevalent (if not only) reason why consumers open a bank account is that they need or want the product. What too many studies identify are the factors that influenced consumers’ decisions.
EY released its 2014 Global Consumer Banking Survey recently, and found that a larger percentage of consumers cited “institutional stability” factors than did those who listed “customer experience” factors as reasons for having trust in their bank. I guess the “customer experience” isn’t that important after all, eh?
A Carlisle & Gallagher study concludes that first-call problem resolution is critical to customer satisfaction and loyalty. But customer service isn’t just “problem resolution.” It includes responding to inquiries regarding transactions, and providing information regarding products when asked about it. Excluding these interactions may result in underestimating banks’ first-call response rates.
If you don’t know who Joe Pine is, shame on you. He wrote two of the best management books ever published. Joe’s now telling banks how they can (should?) move beyond commodities to services, experiences, and ultimately to transformations through customization. But there are some problems with his assertions.
Chris Skinner recently published a blog post titled Banks designed for humans, not money in which he argues that: “Branches are banks’ retail stores but were designed for money. They were designed to handle physical forms of cash and cheques, as secure transaction centres. This is the core challenge of why everyone thinks branches will disappear. Because…
Foot wasn’t exactly the first body part that came to mind, but I’m trying hard to keep it family-friendly here. Yet another consumer survey from yet another technology company finds that bank customers want…..wait for it….a seamless and personalized customer experience. And that consumers are even willing to share personal information with the bank in…