When 86% of customers believe that their money is safe with their financial institution but only 44% believes that the same company knows them, it’s a problem for the industry. But when those same customers are in financial trouble and don’t feel that they’re supported by the organization that knows the most about handling their money, it’s a problem for everyone.
After a decade of rebuilding trust and transforming digitally, financial institutions have now been handed a brand-new challenge – doing the “right thing” for millions of customers that have been unwillingly impacted by a global pandemic, either medically, financially, or perhaps both. This has exposed previously hidden gaps in working practices, which can no longer be considered complete when they are fully automated and enhanced to fight fraud, and now need to have decisioning that takes into account the customer themselves, delivering a personal touch that shows that the organization really understands them.
Most importantly, those working practices need to be quickly adaptable to ever changing regulations, deliver clarity with reasoning, and have the ability to communicate everything with the customer at every stage. And perhaps critically, this needs to be more than just a short-term fix, it’s the first step in creating much more cohesive long-term relationships. Because done wrongly, the customer will never forgive the organization that seemed to ignore them when they need help the most. Done right, the customer will never forget how their friends in the finance world guided them through the roughest of times and into the future. The choice between the two is easy but delivering it can uncover a minefield of technological and operational problems.
Join Quadient and a select group of banking and financial services leaders as we dedicate one unique interactive discussion to finding out how to use communications to do the right thing by your customers, and in doing so transform your customer experience.