It is mind-boggling how far the technology of chatting has come. Turn on a movie or television show that was filmed earlier than 2007 and you may find yourself thinking “if they had a smartphone, this conflict wouldn’t exist” – something I recently mused about in the context of the Shakespearean classic, Romeo and Juliet. […]
How Chatbots are Changing Consumer Behavior Read More »
With an ever-growing need for things that are faster, smarter and better, customers expect a lot from the brands that they support. Despite this, there are still dreaded friction points along the customer journey that hinder them from buying products and services, making them privy to abandoning their carts and falling right into a competitor’s
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Saying that a company’s staff is the best ambassador to its brand has become incontestable. After all, who knows more about a business’ product, service, or culture than someone who works there? Consumers usually see the way an employee portrays a company as more credible than advertising or other marketing efforts. However, the company and
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In this digital era, it’s no longer a surprise to see “Welcome back,” followed by your name on the home screen of an app or website. The consumer is increasingly conditioned by e-commerce giants, such as Amazon, to expect a certain degree of personalization. In the words of Dave Carnegie, “a person’s name is, to that
Personalization Strategies for Banks Read More »
For our physical health, we have doctors and personal trainers. For mental health, therapists can help. But do you have someone to assist you with your financial well-being? As digital capabilities continue to improve, the need for convenience has largely been met. But what about financial advice? Most institutions offer solid transactional services, but providing
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Every industry, from trucking to healthcare, is being disrupted by non-traditional competitors, or by direct competitors that have reinvented their business model. To ensure relevancy, it is critical to create effective strategies and to understand the driving factors fuelling this disruption. Disruption happens in two different varieties, each driven by specific dynamics in the marketplace.
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Most banks claim they put the customer first – but who is really delivering on this claim? Every year J.D. Power, Forbes, and industry publications like The Financial Brand research which banks are doing the best job at putting consumer’s needs first. They don’t always agree on which bank is top of the list, but common
Major Banks Excelling at Customer Service Read More »
Banks are beginning to recognize that high value customers, if they are to be kept, increasingly demand recognition of their special status. Though this may be irksome to those of us with little more than a mortgage, credit card, and checking account, the reality is that banks are no longer in a position to be
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If you had a problem with your mortgage, which of these experts would you trust for advice? A) A bank advisor; B) a television personality; C) your parents; D) the internet. The answer might seem obvious, but you’d be surprised how many people would have trouble figuring out the solution. We’ve talked before about the advice
Who Customers Turn to for Financial Advice Read More »
Why aren’t customers asking banks for advice about their money problems? Once upon a time a concern like saving for retirement or financing a new small business would have been the natural dominion of a bank manager. Today, not only are bank customers more likely to ask their family and friends for advice on these
The Advice Bank Customers are Craving Read More »
Building a stronger connection with banking customers is crucial to maintaining their loyalty, and yet, this is often a difficult task since each customer has unique attitudes and needs. In SLD’s research on stealth attrition, we identified three levels of engagement among customers, based on their connection and involvement with their primary bank, ranging from low to
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