Winning Consumers Away from Competition May Be Just an Experience Away
CAMBRIDGE, Mass. -- There is a war brewing among bankers that may lead more members to credit union doors if they can create more memorable consumer experiences.
According to a joint Forrester Research and American Banker survey consumers want good service from their bank, but they don't typically enjoy doing business with them.
Essentially setting the stage for a customer experience battle--financial institutions wanting to come out on top will have to become more responsive to the changing needs of consumers--and fight to participate in a larger share of their financial activities.
According to the Banks Prepare for Customer Experience Wars report, for U.S. consumers, especially older ones, good service is the most important attribute for a bank yet only about half enjoy working with their current bank. Of those consumers, more than one-third would be willing to shift a significant amount of their business to another financial institution if they thought it would provide a more enjoyable experience.
Steps to be more experienced based involve a shift in thinking from inside out to outside in--meaning rather than pushing products banks should find out who are target users, what are their goals and how they can help them achieve those goals. Sounds
like bankers need to be more like their credit
union counterparts. Here is a look at other findings of the survey: