“The Sky is Falling! The Sky is Falling!” These enduring words from Chicken Little have been ingrained in the American psyche since it was first published in 1840. This powerful tale has taught our children the dangers of jumping to conclusions for generations. Yet a recent study, The Millennial Disruption Index, calls that logic into question, focusing on the next generation of banking customers: millennials. Here are some excerpts:
- 71% of millennials would rather go to a dentist than listen to what banks are saying
- 53% don’t think their bank offers anything different than other banks
- 1 in 3 are open to switching banks in the next 90 days
- 4 of the top 10 least loved brands are leading banks.
The last time I read such a depressing list of statistics I was googling “This Day In History” on my birthday, which yielded such factoids as the worst air raid ever in London and “The Battle at Wounded Knee” (to name a few). But there is hope. By listening to the voice of the customer and measuring their experiences, we can uncover insights that positively impact loyalty and brand perception. It’s exactly what the banking world needs to get this next generation more interested in financial services for years to come — reversing many of the aforementioned trends above.
But this path is not easily traveled, as it can be fraught with risk and poor decisions. So if you’re about to set out on your own Voice of Customer (VOC) adventure, or are trying to determine why your current efforts seem fruitless, here are three proven ways to change the outlook of this dismal banking reality.
1. Address CX vendor sprawl
A fragmented landscape of VOC tools has caused many banks to fall into the trap of multi-vendor solutions. Different methods of data collection, complex integrations, and overlapping technologies have made it difficult to get a consistent view of the customer.
Solution – Seek to consolidate technologies and providers that can get you closer to gaining a single view of the customer voice.
2. Keep focus on the journey, not just the experience
Many VOC technologies can help banks improve a specific experience, but rarely help when trying to understand the impact on the whole customer journey. Without understanding how each part of the journey contributes to the overall experience, an improvement in one area may also negatively impact another. (For example, rolling out a “new and improved” website, resulting in a deluge to call centers from customers who have had their cheese moved).
Solution – Ensure any VOC program in place has the ability to understand and measure contribution of one experience to another. This helps organizations know the impact of change in one channel versus another.
3. Avoid the temptation of dead end insights
Too much data, not enough data, or not the right type of data — all of these provide a recipe for analysis gridlock. VOC programs often lack the analytical rigor required to produce insights that drive action and impact. The result leads to “chasing the squeaky wheel,” inconsistent decision making, or worse, false positives.
Solution – Challenge your VOC provider to prove that the analysis they deliver uses a proven methodology. Make no mistake — the decisions made from this analysis can be multi-million dollar decisions. That data must be reliable, credible, accurate, and, ideally, predictive.
Next steps to a better banking experience
The realities of banking’s future customer base present quite a challenge to leaders of the financial services world. But unlike Chicken Little, the sky isn’t actually falling. It may feel like it, but it’s far more likely that your approach to implementing a VOC strategy could benefit from retooling. With the right technology, the right methodology, and the right expertise, your VOC program can succeed in course correcting. Think of it as way to gain careful, vetted research necessary to verify the “Chicken Littles” in our world today. After all, we can’t manage what we don’t measure, and how we measure will determine what we do.
For a solution that consolidates VOC tools, centralizes data, and utilizes a proven methodology for measuring customer experience, learn about ForeSee CX Suite. And check out additional retail banking CX insights on our blog.