Another great presentation at this year’s Financial Brand Forum was on integrating digital marketing alongside the objective of enhancing customer experience. The presentation explored “How to Overcome the 3 Biggest CX Disconnects.” The three biggest disconnects are:
1. The Bank’s Overall Digital Strategy: Banks often focus on the items out of their control or have a narrow definition of digital strategy. Digital strategy is a combination of business goals, customer needs, and brand. Elements of a digital strategy include KPIs, Context, Consumer (Member/Customer/Prospect), Competition (Differentiation), and Creative (Rally Cry + Constraints).
2. User Experience and Design: Most banks get overwhelmed with mapping all the touch points and moments of truth for the customer journey to the point that nothing gets implemented. Banks should narrow their scope to initially 5 critical customer experiences: Mobile First, open an account, open a second account, transfer money, and automate savings.
3. Test and Measure: Many banks do not have a sufficient data solutions strategy. Data Solution Strategy is the mapping of digital behaviors to business goals and developing a strategy for tracking, analysis, and optimization. Dependencies of a solid strategy are:
- Consistent, accurate measurement & reporting which accounts for digital behaviors and integrating with core platform data (i.e. product applications, customer support).
- Dedication to analysis and optimization that applies a process of continual actionable analysis and optimization of digital properties.
Placing the customer at the center of all communications and developing a 360-degree view of every customer and their journey is key to acquiring and retaining customers across generations.