Too often, companies look for differentiation in all the wrong places. Financial brands in particular are guilty of this.
The need B2C financial organizations to create excellent customer experiences has never been greater – yet it has never been a more difficult objective to achieve. As technologies change the nature of banking to an increasingly transactional model, the assumption is that they themselves now have fewer opportunities to differentiate themselves to customers.
Although it may be uncomfortable to hear, one of the biggest challenges facing the modern banking industry is a simple one — the lack of trust.
When it comes to winning customers, trust is one of the most important things that any industry or brand can have. And yet as recently as 2016, research showed that more than half of Americans have never trusted a financial institution enough to recommend it to friends and family.
In a world where everyone’s talking about the benefits of digital marketing, it can be easy to forget the pitfalls. Although digital marketing is an essential tool for modern businesses to forge personal connections with customers in the way they expect and deserve, it does have its limitations.
In fact, these limitations are the reason overreliance on digital marketing can cause blind spots. And one of the most common blind spots is community management efforts.
Who knew that the ‘hands off’ approach could be so challenging?
Customers are increasingly demanding self-service customer support options. In fact, they now overwhelmingly prefer it to traditional direct channels like phone or email. For businesses that want to compete, this means providing a knowledge base and a self-support forum that’s easy to access and solves problems quickly, completely and effortlessly. The way you share product knowledge with your communities varies greatly from business to business and is determined largely by your self-service support strategy.