In order to understand today's and tomorrow’s customers, banks need to know what customers demand and need. Delivering on those demands, however, is no simple task.
Julio Hernandez, customer solutions Principal, and his colleagues have developed their “six pillars of customer experience’’ that defines interdependent, core elements a business must incorporate if it expects to satisfy a sometimes fickle, often demanding, and increasingly connected customer.
We invite you to watch this video where Julio articulates the meaning of those pillars, which, if banks can embrace them, can help deliver enhanced outcomes and greater shareholder value.
We're living in the age of the customer and the customer has more power than they ever had before. This applies to banks as well. They have more information. They have more expectations. Other competitors, both banking competitors as well as other industries, are setting expectations. These consumers that are doing business with banks today want to be served on their terms. They want banks to know them. They want banks to take care of them. They want to make it easy to do business with them. And they want to be able to do business where they want. And lastly, they've got to trust you. It's really, really important today for a consumer to trust.
KPMG has six pillars that really defines customer experience and this is a combination of some research that we've done over the last 10 years. What we've discerned is these six elements really can help predict how well a company's going to be able to deal with customer experience. The first one is really around integrity. Do you do what you say you're going to do? Does your brand represent something that customers identify with? The second is really around time and effort. How much time and effort does it take to be able to do business with you? The third is really around expectations. Are you setting the right expectations? Are you delivering against those expectations? And the fourth one is really around resolution. Do you take care of problems when they occur? Do you help me set it right? Then there's one really around personalization. Do you know who I am? Are you treating me in a personalized way? And lastly, are you empathetic? Are you walking in my shoes?
The combination of these six pillars really help our clients to understand the customer experience they should be delivering and help them to deliver the experience. In this journey to delivering great customer experiences, our clients are all at different points in the race. There isn't a clear finish line because every day expectations change and competitors are coming up with different ways of doing it. But here's the positive news, customers and clients are paying attention to this. They recognize the importance.
Here's the challenge. You have to demonstrate that there's a strong business case to the CFO and the CEO to make sure that you get investments in the right areas. And then second, you've got to be able to execute and stay on it day in, day out. This isn't just do it once and it's going to be taken care of. You have to change your culture. You have to change your capabilities. You have to change your channels. You have to bring them together and you have to work with people. But when you get it right, it's magic. So I think we're on a journey, but we're well into the journey.