Finacle Whiteboard: Why’s it so difficult to understand, that it’s all about understanding that they need to understand?

Banks have long since known that they must speak the customers’ language to retain them. While the service experience itself must impress customers, it must not overwhelm them…like the last morsel of a chocolate bon bon that’s much too sweet to really relish. Just what customers need to know…addressing their prime concerns…and delivering it all in terms that they understand. That’s the simple-enough formula for success that banks can adopt.

And understanding each customer qualitatively and individually can truly make a world of difference. Consider for a moment, a home loan customer with a clean track record who is forced to default on account of a job loss. He must be treated with greater lenience versus a habitual defaulter. If the bank were to propose a temporary waiver or a restructuring of the loan, it would not only secure the customer’s loyalty but also reduce the risk of future non-payment.

With messaging regarding the bank being a ’true partnering entity’ transmitted consistently and effectively across all channels, even when there is no human interface, the quality of customer experience delivered can prove meaningful for customers.

It’s that ‘touch’ that matters… bringing true authenticity to the ‘banker-banked’ relationship, fortifying customers’ faith in the institution. Finally, what we are just talking about here are the ‘Known Knowns’. So why not communicate it loud and clear? That would be as powerful a differentiator as any.