Accessibility and Proximity: Eliminating Friction in the Banking Loyalty Process
Posted: Mon Jan 06, 2025 10:08 am
Accessibility (in time) and proximity (in space) are two strategic factors that must absolutely be taken into consideration if you want to improve the customer experience in the banking sector and consequently increase loyalty.
Making services accessible means developing the ability to reach customers at the right time , following the rhythms of their daily lives. Eliminating any friction along the funnel that could slow down or inhibit the conversion process becomes an absolute priority in this sense. The risk, if the obstacles that prevent the customer from freely and consciously managing their time are not eliminated, is twofold:
in the short term, there may be a decrease in revenue caused by israel whatsapp resource missed conversions (every missed opportunity to communicate with the customer is one less sales opportunity for sales and consultants);
in the long term the danger is the progressive deterioration of the organization's reputation which ends up being judged immobile, rigid and repellent (the relic of a pre-digital past).
If communication is redundant and inconclusive and customer service responses fail to resolve customer issues in a timely manner, the entire customer experience is irremediably compromised.
In the case of proximity, any further reflection cannot ignore the observation that over the last two decades the space in which the customer experience takes place has expanded and diversified. New technologies have expanded the perimeter of the places traditionally designated for the exchange between customers and financial institutions - an exchange that is increasingly taking place on a virtual reality level - so much so that today the customer experience in the banking sector is mostly an experience to be produced, managed and enjoyed in a highly digitalized context.
In a world where visits to physical branches have decreased also due to the increase in digital activity – not to mention the long periods of social distancing imposed by the pandemic emergency – the convenience of a behavior is no longer defined by geography but by the degree of involvement , the ease and speed of execution of operations and above all, as we will see, by the personalization of the services offered .
Making services accessible means developing the ability to reach customers at the right time , following the rhythms of their daily lives. Eliminating any friction along the funnel that could slow down or inhibit the conversion process becomes an absolute priority in this sense. The risk, if the obstacles that prevent the customer from freely and consciously managing their time are not eliminated, is twofold:
in the short term, there may be a decrease in revenue caused by israel whatsapp resource missed conversions (every missed opportunity to communicate with the customer is one less sales opportunity for sales and consultants);
in the long term the danger is the progressive deterioration of the organization's reputation which ends up being judged immobile, rigid and repellent (the relic of a pre-digital past).
If communication is redundant and inconclusive and customer service responses fail to resolve customer issues in a timely manner, the entire customer experience is irremediably compromised.
In the case of proximity, any further reflection cannot ignore the observation that over the last two decades the space in which the customer experience takes place has expanded and diversified. New technologies have expanded the perimeter of the places traditionally designated for the exchange between customers and financial institutions - an exchange that is increasingly taking place on a virtual reality level - so much so that today the customer experience in the banking sector is mostly an experience to be produced, managed and enjoyed in a highly digitalized context.
In a world where visits to physical branches have decreased also due to the increase in digital activity – not to mention the long periods of social distancing imposed by the pandemic emergency – the convenience of a behavior is no longer defined by geography but by the degree of involvement , the ease and speed of execution of operations and above all, as we will see, by the personalization of the services offered .