The economy has changed and it’s fundamentally transforming the buyer/seller dynamic. According to a new survey conducted by SDL, channels have become transparent to both businesses and consumers. 60% of millennials surveyed expect a consistent experience from brands whether online, in store or on the phone. Businesses are also following this trend. 60-90% of the B2B buying process is complete before a buyer even contacts a vendor.
Sometime in the last several years the term “customer experience” has been reduced to a simple subset of what it should mean. “Customer experience” can take on different meanings depending on the context of the conversation. If you are speaking to an organization in charge of the online or digital experience, it typically refers to design of the user interface across multiple online channels. Design, and particularly good design is a critical element of a positive user experience. But that is only the beginning. The customer experience is so much more.
Small businesses will buy banking products from the bank that best understands their business and the challenges they face, as well as deliver a clear vision of how to solve them. However many banks are falling short during this consultative sale process. Here’s why.
The competition is heating up in the world of small business banking. New non-banking entities such as Wal-Mart and PayPal entered the small business banking market last year, banks like Capital One opening up drop-in “cafes” instead of branches in order to entice both consumer and small business customers, and innovative technology companies like Square launched a broader range of small business banking products. The competition to traditional banks is very real, and it is heating up.
Small businesses are a relatively untapped market for retail banks. Banks historically have been reluctant to engage with small businesses. There is a perception that small businesses are riskier than other bank customers and that there is not enough money to be made on them. That is not the case. In fact the numbers tell a very different story.
Join Ignite Sales at one of the most innovating and educational conferences held for retail banking thought leaders at the BAI Retail Delivery Conference in Chicago, Illinois on November 11-14, 2014.
October 22, 2014
Our banking customers are continuing to see amazing results from our Recommendation Guides and Sales Analytics. And this success has driven increased demand for our solutions across the banking industry.
September 22, 2014 Customer Loyalty
With so many methods for critiquing customer services via social media it is even more important today than ever before to delight customers. Banks are going to great lengths to give employees in their branches and call centers the flexibility to use their creativity to deliver superior customer service.
September 10, 2014
I just returned from Bank Director’s FinTech Day at the NASDAQ’s MarketSite in New York. What an experience! I was able to meet other CEOs and executives focused on helping bank’s use technology to work smarter as well as be there for the NASDAQ closing bell.
September 5, 2014
According to a recent article titled Banks’ Fee Bonanza Dries Up in the WSJ [dollars] , “Banks are making less money from customer-account fees than at any time in the past seven decades as strict government rules and changing consumer behavior squeeze a major source of revenue.