The CX Imperative: Why You Need a Customer Experience Blueprint Now

Craig  McLaughlin

March 17, 2017

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What consumers expect of their bank or credit union is changing and doing so at a breakneck pace, leaving many financial industry execs struggling with how they can meet and keep up with people’s list of new demands.

The good news? The fundamental ROI of CX is pretty clear: strong relationships driven by consistently reliable and rewarding experiences have always paid dividends.

But the question is, how can banking providers ever dream to accomplish this when the majority of today’s online banking experiences are rooted in legacy, paper-based processes?

Craig McLaughlin, founder and CEO at Extractable, says to truly deliver value to customers’ lives, digital channels to do more than simply reproduce and replicate outmoded legacy systems.

That starts by having a clear strategy established up front. What — or more accurately, how much — does your bank or credit union really think it can achieve? Are you keeping the consumer squarely in the center, or merely rolling out new technologies and sexy features on an ala carte basis? As you gather data, are you getting input not just from customers but employees as well — from across the organization, so you capture all perspectives and get a more complete picture of what’s going on and where (and how far) you need to go?

“Start by getting both marketing and IT at the same table,” McLaughlin says. “And include someone independent of those two departments who can play a leadership role in the process, so that your CX blueprint winds up being comprehensive and balanced — not IT nor marketing-dominated.”

In an industry where the most exciting CX developments aren’t coming from banks and credit unions, McLaughlin says financial institutions need to figure out how to (1) create and deliver a rewarding customer experience (2) across all channels, and at every touch point.

For the complete article, click here to read in the Financial Brand.com