![]() ![]() ![]() ![]() Promote Financial Literacy Through Customer EducationĪccording to a recent study from the Raddon Research Institute, financially literate customers are more profitable because “they are credit-driven and have a higher usage of depository products.” That said, most Americans overestimate their financial literacy and are aware of surprisingly few financial literary resources, which means banks are perfectly positioned to step in and educate customers on financial literacy and profit from increased patronage in the process. To that end, it’s imperative that you not only look for ways to improve customer service in banks, but to completely exceed customer service expectations. Customer service failures, such as an unpleasant interaction with a live service representative or a failure to address a customer’s pressing need, can easily become a black mark on a customer’s impression of your bank, and sour the entire customer experience. You see, customer service is a vital component of a quality customer experience because it directly impacts how your customers engage with your organization. In today’s technology-driven world, there is no shortage of opportunities for banks and credit unions to innovate and improve the customer experience, starting with customer service. Businesses that prioritize the customer experience achieve an average 20% increase in employee engagement.A 1-point improvement in Forrester’s CX Index score can yield $19 billion more assets under management for the average multichannel brokerage.84% percent of businesses that focus on enhancing the customer experience report an increase in revenue another 92% report increased customer loyalty. ![]() Customer experience is a key - if not the key - competitive differentiator not only for the financial services industry, but across all industries. ![]()
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