Considering all of the conversations I’ve had with customers over the years about cross sell, multiple channels, touch points and technology investment the conversation always starts with “what should we do?”
Be accessible with technology and with personality. Build the processes and tools to facilitate that.
Reconsider this – “what does the customer do?” – if you think from the outside in you will have a very different answer and perhaps a different approach. The customer does a lot of things all day every day, and many of them have to do with money and financial decisions. But most aren’t thinking mundane things like:
- What financial vehicle should I consider next?
- I really wish I could find a way to budget better.
- What are my financial goals – I really wish I could set better goals.
- I want to use PayPal to send money to a friend.
- I need to apply for a loan to make an addition to the house.
What they are doing and thinking are the exact opposite; and these questions or considerations actually come from some another activity that drives them there or stumbling on them as an option to solve a problem, contribute to a decision. In fact, most consumers would rather not think about it. I saw that at Intuit as my customers implemented or considered financial tools such as PFM’s or budget tools. They just don’t catch on for the masses, and that’s not for lack of trying – Intuit started with Quicken Online Banking, went to FinanceWorks then Mint for Online Banking…and they aren’t alone – Yodlee, Geezeo, MoneyDesktop, etc all have solutions. What’s happening is that they are morphing into something different. The pivot was then goal based solutions, data driven insights, because adoption was so terrible! But…bankers tell me all the time they don’t get to have these conversations with customers online or even in person; and when they do the last thing they want to do is sit down and set financial goals. Even if they are fun programs and games driving that behavior. In fact – they just want to buy that thing they want, have the money to be flexible and fun with their friends, split lunch with a friend, give a gift to a kid, put their money in a safe place that’s easy to get to when they need it, etc…. See the difference here – its about their behavior as it is today, the things they do and financial tools and vehicles are matter of fact. Yes – I know, community bankers and credit unions want to make it a part of their mission to help people be better financial stewards; but face it folks – we live in America. That’s not how we roll.
What’s the best way to be a part of this? – make it easy and accessible. Get away from bank operations, traditional tools, traditional products and services. At Intuit we talked about becoming a part of their financial lives with financial insights and goals and other things; but the reality is – it didn’t work very well in online banking. Sure it worked for Mint.com and Quicken but that’s because the customer seeks them out, your average banking customer isn’t looking for that, nor the tools provided by so many others – there is no monolithic solution. And no single place to go for it. Its not the web browser, the mobile phone, the email address, the branch, the debit card or credit card or the banker who sits next to you in church. Its all of those things, being available for the right task at the right time.
And this means you have to break inertia. Stop, reconsider the way you build solutions, products, staff and the workflows around the services you provide. Reconsider the way your teams are trained, reconsider the types of people you put in your call centers, the way you talk to customers – balance competence with warmth and focus on those interactions that matter, both physically and digitally. Yes – Forrester, Fiserv, Tower, Celent, IBM and Oracle (and on and on and on) will say – you have to have it all integrated, big data, immediate insight, coordinated marketing, etc. I don’t think so – it would be nice but in the end people aren’t perfect and really don’t think that way. And certainly kids and young adults with continuous partial attention – they don’t need or want you to tell them what to do; just live in the moment..with them.
The most successful commercial bankers I know (and I know a lot of commercial bankers) are the ones who get solutions in place and don’t obsess over perfection is technology – yes they want a strong reliable solution but the success comes from the rubber hitting the road. Face to face contact, stellar service, great relationships and competence in financial advice. They have technology and process behind them to help them keep in touch whether its their mobile phone, their administrative staff, an online treasury management system, effective data exchange, efficient payment solutions, accounting and billing system integration, etc. The super successful credit unions have a genuine understanding of how to make a member feel like they are a part of a community, they are counted on and capable. They are connected technologically and emotionally. What they need to do now is rethink their customer “journeys” and then rework all the pieces and parts to meet the root need.
They don’t get obsessed with a “360 view” of the customer – you don’t have to have all channels in sync with all the data all the time. Giant data warehouses are fun to consider and fantasize about but while you are doing that a small smart bank with exceptional customer service will find a way to take those customers from you. Megabanks can afford to lose the fringes as they have the volume. Small credit unions or banks – every win is a new opportunity. As they say, life is what happens when you are making plans. Studies show (recent article in Forbes) that what customers want is warmth and competence – you have to balance both. So a dynamic plan and approach to technology and multi-channel engagement is key. Build out as many solutions as you can – even if they aren’t all integrated or perfect, then rethink the workflows in your back office and front office to maximize effectiveness. How could you have the same benefits of a branch in a different model? How could you live in a woman’s purse? What’s in his wallet? How do they kill time? What do they think of when they are about to make a decision that involves money or resources? A good discovery session working it out, focus groups to learn more then surveys and traditional research to validate. Hypothesis driven projects – then and only then should you pick a technology partner.
Be accessible with technology and with personality. Build the processes and tools to facilitate that.