Banks and credit union executives always cite customer experience (CX) as the single capability that sets their specific organization apart from all other competitors. Even if we were to agree with them that they are in a race to provide the best customer experience, the reality is that they aren’t competing merely against each other. Consumers’ expectations are set by their interactions with other brands in all facets of their lives.
A recent study of Net Promoter Scores (NPS) by industry found banking ranking 25 among 35 industries with an NPS of 34. The top five were Consulting (NPS of 62), Digital Marketing Agencies (57), Non-Banking Financial Services (56), Department/Specialty Stores (56), Brokerage/Investment Firms (52). Setting aside the problem with NPS as a metric for customer experience, banks and credit unions are doing a terrible job if they are truly competing with customer experience.
Looking at the customer experience practices of banks and credit unions, most organizations aren’t managing experiences as well as they should. To address this issue, we wrote an article that examines the 5 best practices to follow:
- Listen to customers
- Develop behavioral personas
- Build customer journey maps
- Retool customer journeys
- Track and measure the customer experience
To read more about each of these practices, read this article in The Financial Brand.