posted by Brian Johnson
Consumer engagement is hard enough for brands in any industry, but financial services brands are faced with increased challenges when it comes to driving engagement.
Financial service brands must be focused on customer experience as one of their main differentiators. While credit card point schemes and account benefits differ slightly brand-to-brand, the main thing that makes each one unique are the experiences created. Customer support, app experiences, point redemption, marketing campaigns, all of these and more go into the experiences you provide your customer.
Financial brands can invest in a customer experience platform to provide best-in-class customer experiences efficiently.
Take two hypothetical examples, a financial service brand with a poor experience and one with an exceptional one:
Bank A offers high quality services but does not place much focus on their customer experience. Their clients are plagued with long customer service hold times, a finicky app experience, a lack of digital capabilities such as an in-app customer service chat box, and send irrelevant messages to their customers via marketing campaigns.
This bank’s consumers are going to be engaging with the brand (and their campaigns) at far sparser rates than normal. The bank has not developed trust with their customers that they provide positive experiences to their lives and aren’t going to click on a promotion the bank is offering.
Bank B, however, has focused on creating the best customer experience possible. They have created their app to handle many of the logistics once required over phone or in person, when they offer customer service over a variety of channels to ensure minimal wait times, and they implement a vast personalization strategy to ensure every message they send is relevant to the person receiving it.
Bank B’s customers are going to be way more apt to engage with optional messages that the bank sends them. Opening a new account, additional services or products, and more will meet the eyes of open-minded consumers who have a history of great experiences with this brand.
By utilizing a customer experience platform to streamline a well-rounded customer experience strategy that leaves your consumers with positive experiences at every stage of their customer journey, brands can boost their campaign performance. Here are some ideas on how to increase consumer trust with a CXM platform:
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