Does Your Bank’s Sales Team Hold Effective Conversations?
According to Forrester Research, among all businesses, banks have the highest correlation between customer experience and likelihood of switching businesses. Customer experience is the most common reason for opening and closing accounts, more so than fees, rates, locations and convenience. And among customers who switched banks during the past 12 months, the most common reason was a poor customer experience (JD Power & Associates).
Financial institutions understand how important this challenge is today.
Good customer experience requires a shared, bank-wide culture that puts the customer first. This means that staff are skilled in building relationships, listening to customer needs and positioning various products and services (cross-selling) when the time is right – key points we cover in our recently published white paper which you can download here.
This is why, in this digital age, more than 80% of banks rate the implementation of an integrated digital and physical customer experience as their top priority (Bain & Company).
Balancing an extremely competitive landscape, increased regulations and an ever-changing workforce, organizations continue to innovate to find easier ways for their customers to do business with them – some have implemented more digitized, customer-centric technologies and platforms, recognizing that customers want and need flexibility and choice in how to best interact with them – all while working to manage costs while ensuring profitable growth and customer retention. But, Harvard Business School professor, and editor of the Harvard Business Review Theodore Levitt once said: “Products are consumed, services are experienced.”
In an era where social and digital media enable consumers to immediately share these service experiences, customers who truly trust their bank will drive the most referrals and be more willing to consolidate their banking needs with a single financial services provider.
What this means is that interestingly, while your customers want choice, they do still crave the human connection. The kind of connection that brings distinct value and builds this trust; your sales team is the key to engaging in such high caliber customer conversations that explore unmet and unknown needs, provide the most relevant products and services – and in the process, strengthen the ‘personality’ of your brand and the customer relationship.
So the question is, how effective are your people at having these kinds of conversations?