“The most startling truth is we don’t even think our way to logical solutions. We feel our way to reason. Emotions are the substrate, the base layer of neural circuitry underpinning even rational deliberation. Emotions don’t hinder decisions. They constitute the foundation on which they’re made!” – Douglas Van Praet
Don’t Build Financial Services Products — Build Connections with Customers
Financial services institutions thrive when they can acquire new customers and retain those that they already have — simple, right?
Simple, if financial institutions remain aware that their customers are human, and human decisions and behaviors are driven by instinct and emotion. Every successful company today must focus on building emotional connections with customers, not on selling more products. When financial institutions lead with a product or service and then try to find as many customers as possible to buy it, they are missing the mark.
According to a study done by Booz Allen, businesses with a customer-first mindset and cost-effective delivery outperformed industry peers two-to-one in revenue growth. On top of that, they generated profit margins 5- 10% above their competitors.
Meet Your Customers Where They Are
Financial services customers are becoming more and more sophisticated and their expectations for superior services are constantly growing. They demand the ability to transact 24×7 wherever they are, through whatever channel they prefer. They want a personalized experience and two-way communication. The message must be consistent, well-organized and informed by knowledge of the customer, regardless of where or when the customer looks for information.
To meet these growing needs, financial institutions must leverage real-time data and analytics to implement a high-touch approach that’s simple, intuitive and fast. This predictive strategy will enable them to discover what customers want before they even realize it themselves.
Be Open to a Cultural Shift
How do financial institutions change culturally to deliver banking solutions in new ways? It can be challenging for an organization to look beyond the traditional bricks and mortar growth strategy. Organizations need a new vision that can fit strategically with the data that they already have — using it to grow in a different way than they used to grow.
Successful financial institutions will involve cross-functional teams in the transformation to customer-centricity. There is valuable information across the organization, all employees possess great insight into the customer base, not just front-line, customer-facing employees. A customer-focused culture is not just about providing better customer service at the front line, it is about infusing all your actions as a business with a sense of how the customer is affected by those actions.
Visit our Appian Products page to learn more about how IPD Solutions builds and supports customer-centric solutions on Appian’s low-code digital platform.