So you’ve decided to get going with a data driven Customer Experience program. Now what?
As outlined in our Community Banking Customer Experience Blueprint, designing an action plan for customer follow-up is the third and final step to launch your customer experience initiative. This blog will discuss key considerations to achieving successful customer winbacks.
As you begin building a customer experience (CX) program for your bank or credit union, a common first step is gathering feedback from your customers. We’ve found that surveying customers about their interactions across major touchpoints is an easy place to start.
In J.D. Power’s most recent U.S. Retail Banking Customer Satisfaction Study, the six largest banks (Bank of America, Citigroup, JPMorgan Chase, PNC Financial, U.S. Bancorp and Wells Fargo) lead the industry in customer satisfaction. Smaller banks and credit unions fell behind, suggesting less effective investments. But how can this be? Shouldn’t these big banks be losing the customer experience battle to the more personalized service of their smaller, more local competitors? The recent Digital Banking Report provides part of the answer: only one third of retail banks have a formal customer experience initiative.