Retain Customers with Remarkable Service

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Does your bank make the right moves to keep your customers happy?

 

Low digital channel adoption

Just because you’ve invested millions in digital banking doesn't mean your functionality, self-service options, and user experience is up to customers’ standards.

Symptoms

Low engagement:
the number of customers using the digital channel each day is low.

Poor self-service:
many customers ring the call center or visit a branch instead of using digital channels when they have a question.

Diminishing transactions:
there’s not enough transactions being performed on digital channels.

Causes

Slow onboarding:
the digital journey is time consuming and difficult when creating a new account – forcing some customers to visit a branch.

Poor user experience:
there are too many steps involved for an application and self-service options aren’t working.

Limited functionality:
the number of banking actions that can be serviced online is low and there are no beyond-banking capabilities.

Fragmented services:
there’s a siloed offering of services, making it difficult for customers to navigate and for your employees to track.

Effects

Increased cost-to-serve:
it costs more to serve customers who rely on call centers and branch visits; the price tag is 50 times less via mobile.

Higher churn:
customers who don’t adopt your bank’s digital channels are likely to turn to another financial institution.

Low return on investment:
you won’t see the money you expect if your customers aren’t engaged by your digital offerings.

Low customer satisfaction

Get your customers raving about your bank and using your digital offerings more by gaining their trust with exceptional service.

Symptoms

Negative ratings and reviews:
customer feedback isn’t as good as your competitors, so new prospects are turned away.

Low engagement:
the number of customers using digital channels each day is low.

High drop-off rates:
a high volume of people abandon the sign-up and up-sell processes.

Causes

Fragmented services:
there’s a siloed offering of services, making it difficult for customers to navigate and for your employees to track.

Poor customer service:
customers aren’t getting the service they want because of inefficient processes, legacy systems, and slow response times.

Poor user experience:
there are too many steps involved for an application and self-service options aren’t working.

Limited functionality:
the number of banking actions that can be serviced online is low and there are no beyond-banking capabilities.

Effects

Higher churn:
customers who only have one product with your bank are likely using other financial institutions to meet their needs.

Lost revenue:
if customers can’t easily sign up for more products, they will likely take their business elsewhere.

High cost-to-serve your customers

Delivering a great user experience and ironing out any employee inefficiencies has its perks – digital banks enjoy 70% lower cost-to-serve than traditional banks.

Symptoms

High administration rate:
employees are spending too much time on administrative tasks and maintenance issues.

Poor self-service:
many customers ring the call center or visit a branch instead of using digital channels when they have a question.

Causes

Poor user experience:
there are too many steps involved for an application and self service options are not working.

Employee inefficiencies:
inefficient processes for employees who are often using multiple legacy systems – increasing wait times.

Effects

Increased cost-to-serve:
it costs more to serve customers who rely on call centers and branch visits – the price tag is 50 times less via mobile.

Continue transforming your engagement banking vision into value

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Discover how you stack up against industry leaders

Take our free Engagement Banking Impact Scan as the first step towards transforming your engagement banking vision into true business value.

Get a clear picture of how your bank ranks against the industry’s best
— and uncover areas that can optimize business performance.

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ebis scan - Retain Customers with Remarkable Service

Value Insights

Check out our blogs, reports, whitepapers, and more. They’ll give you actionable insights into how you can transform your engagement banking vision into business value.

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Interested in turning your vision into tangible value, but unsure of where to start? Schedule a chat with a consultant today.

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