I am a millennial and my entire financial life fits in my front pocket.
Whether I am setting up automatic credit card payments, paying a friend back for a dinner he paid for, making my monthly rent payment, or buying the latest Wall Street darling stock; it can all be accomplished with four or five taps on my smartphone.
Since the advent of the iPhone in 2007, the app economy has flourished, and now there seems to be an app for everything. This is particularly true for the financial services industry. There are apps for banking, investing, measuring net worth, tracking expenses, processing payments, and for things that probably neither you nor I have even thought of yet.
This trend has spilled over from the world of simple financial transactions to the complex financial world. Exemplifying this perfectly is the astounding success of Quicken Loans, which has grown to become the third largest United States mortgage lender (by volume) after adjusting its strategy in the late 90’s to become a direct digital lender. And as you may have guessed, they have an app for that. Read More »
Tags: banking, Cisco, customer experience, digital, Financial Services, Millennial, personalized service, remote expert
In the first part of the “Evolution of Immersive Video in the Retail Bank Branch” series, I discussed how the retail banking industry is currently undergoing organizational changes that are affecting customers’ banking experience, including the knowledge and interaction they receive upon entering a bank.
Through these new organizational changes, banks are integrating new technology as part of their business processes to attract the more tech-savvy customers that desire choices and convenience when banking. Through Cisco’s Remote Expert solution, banks can meet these customer needs while making their business processes more cost and time-efficient and improving the customer experience. The Remote Expert solution enables virtual face-to-face meetings with high-definition audio and video.
Through Remote Expert’s integration with Cisco’s contact center, retail banks can leverage their existing database of enterprise-wide, skills-based information on the organization’s experts and make it available to customers at any time during business hours. Remote Expert allows a customer in the branch to find the right banking expert to meet their needs, including inquiries about annuities or questions specific to mortgage brokers.
Not only does Remote Expert enhance the bank’s existing channels and provide convenience for banking customers, it also reduces costs for all parties involved. Read More »
Tags: branch, Cisco, collaboration, customer, customerexperience, Financial Services, omnichannel, personalized service, remote expert, retail banking
Cisco’s Financial Services Industry Marketing team is pleased to welcome a monthly contribution from industry professionals sharing their insights and observations on key trends in the Financial Services industry. The opinions expressed in these posts are those of our welcomed guests and may not reflect the opinions of Cisco.
Jerry Silva, Principal at PG Silva Consulting, is a 25 year industry veteran and thought leader in retail banking. He recently had the opportunity to discuss what comprises a high quality customer experience with Kelly McSwain-Campbell, Customer Experience Director at US Bank. In this role, Kelly is responsible for working across the enterprise with all lines of business and channels to help ensure teams deliver a differentiated customer experience that builds stronger and deeper relationships.
Delighting the Customer: Simple Works
As a banker and technologist, I’ve spent a lot of time dealing with systems that manage customer self-service channels like the ATMs and online banking, or with the systems that bank staff uses to interact with the customer. As a consumer of banking services myself, I’ve always been interested in the people side of services delivery and how banks can deliver quality experiences at the branch and the attended contact center.
I recently had a chat with Kelly McSwain-Campbell, SVP and Customer Experience Director at Minneapolis-based US Bancorp, and asked her for some insight into today’s challenges and how she manages to delight the customer in spite of the increasing complexity of the banking environment. Organizational and technology complexity sometimes work to hinder our ability to provide an excellent customer experience and we as bankers sometimes find ourselves even more distant from our customers.
But during my discussion with Ms. McSwain-Campbell, she made it clear that given the challenges with managing customer expectations across the multiple delivery channels, she is focusing on simple but effective ways to stay connected with customers at each point of interaction. We spoke about three areas that can ensure customers continue to enjoy the best banking experience possible. Read More »
Tags: branch, Cisco, customerexperience, Financial Services, personalized service, retail banking
Some might argue that retail banking is known more for its inconveniences than its convenience. As an example, the common term ‘banker’s hours’ is synonymous with “being open for the shortest and most inconvenient amount of time”. Despite that legacy, retail banks have made a concerted effort and real progress to extend services through various delivery channels to improve the retail banking customer experience.
Banks may have closed the customer service gap with other industries, but like other industries, must stay ahead of the consumer to deliver an experience that provides profitable value and differentiation. According to a recent report, what most customers want from their banks is greater access and more personalized experiences (in the form of advice, products, and services).
It’s not a surprising conclusion especially to the banking industry which has adapted a retail industry term – omnichannel – to describe the needed capabilities to deliver a consistent customer experience across all channels.
The Cisco Connected Customer Experience Report for Retail Banking – a global survey of consumers and bank professionals conducted in early 2013 – highlights the opportunities and the challenges that banking institutions face in meeting current and future customer expectations. Globally, consumers ranked Read More »
Tags: branch, Cisco, customer, customerexperience, delivery channel, Financial Services, omnichannel, personalized service, retail banking