Banking and the client Experience
Submitted to Webster University
Graduate Faculty of the School
in Partial Fulfillment of the
Requirements for the Degree of
Management and Leadership
Banking and the client Experience
In October 2010, the number of Americans expressing a "great deal" or "quite a lot" of confidence in banks fell to an all-time low of 18% -- lower than its level at the height of the global financial collapse. The 2008 financial crisis set into play a new tone of what it means to be financially confident. The once robust economy fueled by banking professionals who leveraged expertise and client ...view middle of the document...
Lost in the translation are the emotional ties consumers have with their money and how banking can help with needs” (Blomstrom, 2015). I researched the Customer service surveys for Credit Unions and found their customers have had the opposite opinion. Credit Union members’ high ranking attributes were courteous and helpful staffs, availability of products and services, ease of making account changes, interest rate competitiveness, and understanding account information (Cuna, n.d).
I asked if she hired an Organizational Development Consultant, what they could do to help with some of the problems within her Office in the area of Customer Service. There were several areas of concern identified; long wait times in the service area, clients’ perceived and unperceived needs not being asked about, inaccurate disclosures being provided, staffing shortages and employee’s lack of ownership. Ultimately, prioritizing the priorities was the first task at hand.
Brief Literature Review
The literature review with focus on three areas identified that have direct effect on the client’s banking experience. This study will review common responses provided by consumers as it relates to wait times in the service area, clients’ needs met in regards to product and services, and staff expert knowledge and courtesy.
Wait times in Service Area
The number one priority is deciphering the needs of the clients. This is important because the client’s needs not met has a direct effect on the overall customer experience. Consumer’s emotional ties to their money have a direct correlation to their state of financial stress. Weather the client is experiencing stress from waiting in line to make a deposit to ensure a debt is paid or building their life savings in an account with little interest in return; the banker must analyze the root cause effect. SunTrust Bank Manager stated that customers experienced wait times of five to ten minutes to be seen because of staffing challenges. The typical response results in customers walking out of the branch. She also stated that customers reported wait times of 15 to 20 minutes after seeing the Representative to have their issues resolved or transactions completed.
Clients’ needs met in regards to product and services
Financial institutions must leverage exceptional client experience with need base conversations to differentiate themselves. As the channels used to access banking services increase, product knowledge is readily assessable. When the banker engages in more need based conversation versus products and services, the client can quantify the interaction based on needs met. According to research provided by Financial Brand, “bankers need to talk about the consumer attachment to savings, investments, day-to-day money, and how to move towards Invisible Banking. We have to think about how money impacts anxiety, joy, and goals.” (Northrup, 2016). Employees must manage staffing challenges, increased...