Executive Summary

No matter which company they interact with, today’s consumers have far greater expectations from their user experiences, especially from their favored brands. New, more technology-savvy companies are raising the bar when it comes to customer service, helping to inflate their customers’ expectations, and this includes banks.

This is happening despite the fact that traditional banks have more information on their customers than these new players. Because of this, you need to use your customer knowledge and go beyond traditional marketing. The ideas of “service is king” and “the customer is always right” are being taken to a new level when it comes to providing the kind of experience needed to impress and retain customers today. While at the same time, you need to keep in mind the best vehicle for information and offers, which are being consumed through a growing number of digital channels, including mobile devices, social media, web, email, text, etc.

You can no longer treat or view customers in aggregate, demographic categories. Making broad offers through fixed channels – once a perfectly acceptable course of action that, if done well, could help organizations keep their customers – now falls far short of what is needed to be an industry leader. You need to see customers as individuals whom you know well, and protect and serve like no other.

In order to succeed, banks must continue to be that trusted provider as always, protecting the customers’ financial and personal information. But, you need to understand your customers and know all aspects about them – behavior, context, interests and preferences – in order to properly “wow” them and turn them into advocates. You have to reach the right customers, via the right channel, with the right content, at the right time to improve the customer experience, enhance brand loyalty and increase the customer value – something that sounds simple in theory, but has proven elusive for many.