Customer experience management means “serious business” for executives
By Brad Banyas CEO, OMI
There is a new buzz term in town: Customer Experience Management. Recent articles in Forbes, CEO and the Wall Street Journal are just a few examples of how the care and feeding of customers, and the need and ability to drive deeper customer relationships, has become front page news. But for banks and credit unions, being good to customers is no longer just a recommendation, it has the power of federal regulation behind it. The new Consumer Finance Protection Board (CFPB), the federal agency regulating consumer protection in financial services, will take things to a new level with increased monitoring and oversight of financial service customer experience. So making Customer’s experience memorable has meaning for both business and regulatory aspirations.
Are You Experienced?
What does all of this mean for organizations? It means that in addition to the business advantages, improving customer experience helps keep you compliant with federal regulation as well. Maintaining transparency in the age of social media is a huge challenge for financial institutions today that monitor and manage the experience of customers intelligently through process and technology will overcome those barriers while also achieving many important business improvements.
Global Significance
Business leaders worldwide recognize the significant impact of poor customer experiences, yet struggle to develop and execute successful strategies. A recent study conducted by Oracle that surveyed senior-level executives from 18 countries in North America, Europe, Asia Pacific and Latin America yields new insights on the challenges of succeeding in the customer experience era. Nearly all (97%) of the executives surveyed say that delivering great customer experiences is essential to their success, but only 37% have begun any kind of formal customer experience initiative. Executives cite inflexible technology, siloed organizations and systems, and insufficient investment as the biggest obstacles.
Boost Customer Experience
Is it time for better strategies and tactics to manage your customer’s experience? Here are a few areas to consider as you move forward in your efforts.
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