4 Lessons for Bank Executives from Uber and Amazon on Customer Experience
Businesses such as Amazon and Uber have created successful customer experience models. In this blog, the author shares his common denominators that the financial industry should pay close attention to
1. Be customer experience obsessed.
A study found that 68% of millennials have stopped doing business with a brand due to a single poor customer experience.
2. Make digital invisible.
Amazon and Uber both have made shopping with them so easy, you don't even need to bring out your payment to secure the transaction. The author said banks and credit unions need to "enable a similarly invisible digital experience for their customers by minimizing the effort required for consumers to do common tasks like making a payment, transferring money, or even applying for a small loan."
3. Worry about what will change, but focus on what won't.
The author says "In 10 years, people will still need mortgages, small business loans, checking accounts, to be able to see their balance or transfer money." He also says customer experience will always be needed.
4. Make data a driving force.
While data can be used to support how an institution develops its operations for growth, they also should respect customer's privacy.