4 Steps to Benefitting from a VoC Solution as a Financial Institution
Thanks to the complex world of regulations and the threat of new competitors, keeping up with customer centricity in finance poses an undeniable challenge.
While the financial services industry has made great strides toward becoming more digital, is it equally ready for the customer experience transformation? Not quite.
Here are a few steps that financial institutions can take to benefit from a VoC solution and improve the relationship with their customers.
1. Follow the tech trend
According to Deloitte’s Banking Outlook of 2018, change is in store, and only the most technically modern, strategically prepared, and operationally agile institutions can expect to stay ahead. The reason for the shift can be explained by the customer behavior trend towards digital. For instance, of all digital platforms, apps are now becoming the expectation.
While this transformation brings a lot of opportunities for financial institutions to reduce costs and create more efficient processes, the change is not without its share of challenges. Banks must ensure they not only have the right development teams in place but also the right people to follow and track user feedback to optimize the overall customer experience.
2. Ask for input
It’s not only about understanding the why behind the data you see in your analytics. Asking your customers what they expect from your products and services also gives the opportunity to develop your products in a more cost-efficient way.
As mentioned, apps are becoming the center of customer touch-points in finance, and a VoC (Voice of Customer) solution can play a crucial role in building the right features. For example, you may want to ask: how do your customers expect your app to be? Or how should a specific feature perform?
Testing assumptions of your product teams with a VoC solution can save a lot of development time and decrease costs by identifying points of concern before launch.
3. Track the customer journey
In the case of financial institutions, the shift towards a customer centric approach means also a change in KPIs. Though finance professionals may be familiar with the KPI – Customer Life Cycle, customer centricity will force the industry to focus on something called the customer journey, that is, the full sum of interactions that customers have with your brand.
Where once it was enough to track single experiences, i.e. transactions or new sign ups, financial service organizations must now consider their customers at every step. Continuous improvement of digital processes after implementing a VoC solution gives you the opportunity to continuously measure how you are performing.
4. Acknowledge competition
With new players in the market in terms of fully online banks and modern alternatives, banks and insurance companies must strategize to acquire and engage with customers in a meaningful way. One element to this is gathering what customers expect from your products and services.
Take for instance the following insights that you may wish to understand:
- Why are customers leaving in the last step of opening a banking account?
- Are they able to find the latest information regarding interest rates?
- What kind of information do they need to sign up for specific insurance?
- What do your customers prefer when it comes to getting in touch with you?
All of these questions can easily be solved via a VoC solution like Usabilla, which uses an integrated approach to collect insights on customers’ wants and needs through their own words, via surveys, emails, chat transcripts, phone calls, or social media interactions.
The insights collected can then be further translated into clear business objectives that will help bridge the gap between customer expectations and your organization’s offerings.
In sum, a VoC (Voice of Customer) solution can optimize the customer journey and allow organizations to interact with customers on specific actions, which is especially important in light of heightened competition and today’s trend toward digital.
Usabilla ensures that each approach is tailored to your organization, allowing for seamless feedback collection and an agile way of working so you can stay ahead.