By Jess Wells, Sr. Manager of Product Marketing, Verticals, Genesys
High-value customers – generally defined as high net worth customers – are so coveted by banks that one of the key questions in the industry is how to retain and generate loyalty among the affluent.
Retention is especially important in the current banking environment where defections and customer churn are a key issue and there is significant money at stake: Bain & Company’s new research shows that “moving affluent customers from being detractors or passives to being promoters is worth roughly five times the economic value of turning mass-market customers into promoters.”
Of course as is true in all industries, the affluent have different demands than a basic customer: their financial scenarios are more complex and they expect premium service, and tailored, expert advice. In addition to the convenience of digital channels that all banking customers demand, the high-value customer wants a personal banking relationship.
To better understand how to best meet these needs, it is worth looking at how customers prefer to communicate with their bank. As it turns out, different channels have different purposes, as the CEB TowerGroup recently outlined in a webinar, recorded here. Banking customers learn about financial products and services predominantly through digital channels (54%) and straightforward transactions are handled by the Internet and automated ATMs (60%). The purchase of new financial products and services is predominantly conducted in person (69%) and if you add live phone to that, the person-to-person interaction rises to 75%. Problem resolution is overwhelmingly handled through live interactions (either phone or in person) in 80% of situations. In fact, problem resolution is now by far the key demand of contact centers.
Omnichannel Visibility Drives Loyalty
The key to providing outstanding, personalized customer service in this multi-channel reality is to ensure that all channels appropriately share information so the customer feels understood regardless of which channel or how many channels he or she might use. We call it service with full context or omnichannel visibility. As Bain & Company reports, “tepid loyalty scores given by affluent customers in many markets highlight the need to tailor digital and physical channels to the priorities of high value customer segments, and integrate these channels closely with one another instead of running them in parallel.”
In addition to having omnichannel visibility, powerful routing technology plays a key role. Skills-based routing connects a customer who has complex questions with the highly-trained contact center agent ready to deliver the correct answer. Call routing beyond the call center can deliver a call to a high-value customer’s personal banker regardless of the banker’s location, with all pertinent customer data available to them on a laptop or tablet. We’re seeing video kiosks being installed in branches so customers can access an expert regardless of their location; the move to a concierge-style approach where bankers come out from behind desks and windows to greet customers as they walk in and start assistance via tablet, and other innovations all of which are powered by routing technology.
Workforce optimization can help banks make best use of those highly-skilled agents, while proactive communications with high-value customers can also help sustain or improve the customer experience and stave off an oncoming defection.
Insights Provided Across The Enterprise By An Omnichannel View
Beyond assisting in problem resolution, cross-sell, up-sell and marketing offers, though, an omnichannel view of interactions with high-value customers can drive improvements throughout the organization. “Banks that can effectively analyze product and channel usage, as well as customer responses to offers and campaigns in different channels, can use this information for continuous customer knowledge-building,” says Peppers and Rogers. “These issues can also be addressed by using cross-channel customer information to identify the root causes of churn and then taking action to address them."
To discover other ways our banking customers are transforming their customer service by reimagining their contact center, read our white paper on “Equipping the Bank Branch of the Future.”