How Clienteling & Retail Banking are combining to provide the very best customer experience

A 2015 study by Vision Critical, exploring the evolving financial services landscape, found that 49% of customers have only “moderate trust” in their primary financial institute whereas almost one third of banking customers believe another firm can offer them a better experience. To put that into perspective, let’s go back to the economic boom of the 80’s, when banks put a huge amount of effort into re-branding themselves as friendly places, eager to help, and increasingly at your service. They knew they had to change the old perception of bankers and also banks as difficult to access – closed half the time that you needed them. They had become more conscious of target groups of customers, like small business owners, students and children, so their marketing campaigns reflected that and those campaigns were very successful.

However, despite maintaining efforts to improve the customer experience, with increased access to their services by phone, online and via mobile apps, banks have shot themselves in the foot several times over in the last 20 – 30 years. Irresponsible business practices that have several times seen their demise, their survival depends on a bailout from public money or their prosecution for selling products and services under false pretences. They are also not unfairly blamed for the global economic crash of 2008 – it may be more of a wonder that trust in banks is not lower. Indeed, when the PR disasters of your industry have been so big and so many, that even if your record as a bank over the last 30 years is beyond reproach, you have to work extra hard to build trust.

Mastering the omni-channel experience

One of the best ways to build trust is to master omni-channel customer relations, to make sure that at every touchpoint customers are reassured that the mistakes of the past have been learned from and that customers are in safe, trustworthy hands. And an excellent way to do that is with cutting edge Clienteling.

Clienteling, a relatively new word to describe a much older art of relationship building between a retailer and its customers, is about personalising the customer experience. In their unique way, banks have been practising the art for decades now, with ‘personal bankers’ at desks in branches to deal with more complex and time-consuming banking business. But now Clienteling can be taken to the next level with software that makes it possible to augment the personal treatment of customers in the branch and extend it beyond.

KIT is a Clienteling app that offers a range of features that can enhance the retail banking customer experience. Beginning with concierge assistance, KIT can manage and make appointments for customers both on and before arrival in the bank. Once the customer has been identified, which can be done with a card scan, relevant background information and preferences can be used to tailor the experience. This includes notes of personal details, which may be useful in providing an enriched, personalised interaction, fostering warmth and trust. This makes any opportunities that arise, to cross or up-sell products and services, more likely to succeed.

The latest product information can be easily obtained for customers looking for more details about a product or service they already know exists, or customers looking for a product to meet a specific set of needs. If a product comparison is needed, the tablet running KIT can be safely handed to customers with administrative functions locked, to provide visual aids that compare and contrast relative benefits of similar products.

KIT can support customer decision making and can also provide pathways to help bank staff easily and consistently troubleshoot common queries and frequently asked questions, facilitating a smoother, more professional service. In other words, it no longer has to take 15 minutes to wait for someone who can answer a simple question.

For a detailed tour of KIT and explore the ways it can help professionals in your bank to elevate the experience they offer your customers, please call the team on +44 203 691 2936, email or complete the short form on our Contact page.