There is not much difference in the products and services financial institutions offer. What distinguishes one from another is the customer experience. Across industries, among various products and services, people’s lives are made simpler when firms excel in focusing on making it easy and enjoyable to do business with your company.
Companies make banking complex for consumers and businesses. Bank language and terminology is confusing. Statements and letters make it hard to figure out what is happening with accounts and services. Delays in notifications don’t allow customers to be proactive. Disclosures and other information are not written in a friendly manner. Product and service descriptions are inconsistent. Systems are siloed and don’t easily share information across channels so customer facing employees don’t have a full picture of the relationship leading to misinformation and the customer having to repeat themselves.
Launch the “Simpler Banking, More Smiles” initiative focusing on empowering the customer, saving them time, being helpful, straightforward, consistent, and reliable. Managers and employees were directed to consider three possible actions below to improve with the related benefits.
Each manager across the organization used the elements to evaluate how well their team was executing “Simpler Banking, More Smiles” and was able to identify and prioritize initiatives to change policies, procedures and guidelines to align with the brand. Further the information was shared with employees to gather their feedback on ways operations could be changed to support the brand.