If The Terminator Was a Customer at Your Bank, Would He Say “I’ll Be Back”?

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OK, so maybe the Terminator isn’t the customer you really want crashing through your bank’s doors. The fact of the matter is that you want just about every other customer using your bank as often as possible for anything you offer. As Pegasystems CEO and Founder Alan Trefler describes in his book, Build for Change: Revolutionizing Customer Engagement through Continuous Digital Innovation, we are witnessing radical changes in customer expectations. Unfortunately, the current levels of banking sales and service just aren’t cutting it anymore with customers. Going paperless isn’t enough. Banks must focus on how customers want to engage with them and leverage digital technologies to put innovative banking processes and systems in place that reflect customers’ desire for faster and more efficient interactions through omni-channel sales and service and 24/7 availability.

Why is it that TD Canada’s “Automated Thanking Machines” YouTube video went viral faster than any other promotion in the history of banking, with over 6 million views in under a week? Because this video, showing an ATM surprising customers with gifts, describes a radically different experience than most customers are used to. Customers have grown weary of banks and have lowered their expectations—they do not expect to be delighted, nor do they want to come back.

In my new e-book, Why Should Banks Care About the Digital Revolution? I discuss what it takes to become a digital enterprise focused on the customer experience, and how digital technology can help transform a bank’s marketing, sales and service operations, meeting new and evolving customer demands with three key capabilities:

  • Enabling banks to be as mobile as their customers;
  • Anticipating each customer’s unique needs and automatically acting on that understanding;
  • Unifying processes for end-to-end resolution and fulfillment over every channel.

Don’t wait to start your transformation – your customers surely won’t. You can begin by taking small steps that will, over time, transform your business and delight your customers. Start by focusing on operational improvements and reducing inefficiencies through improved cross-channel interactions or streamlined key customer processes. These incremental improvements can free up resources to fund future change. That future change can transform your business with a new strategy, vision, or business model that gets refined over a multiyear period. What may feel like gradual improvements to you will make lasting impressions on your customers, increasing their satisfaction and loyalty and providing your bank with a strong competitive edge that even Arnold Schwarzenegger will be jealous of.

Why Should Banks Care About the Digital Revolution? Explore the effects of digitization on the bank’s relationship with its customers, and how to leverage key digital technology to cross that classic digital divide.