Banks could look to take a leaf out of the hospitality sector’s book.
We found that the retail and hotel industries most consistently meet customer expectations due to their strong focus on making loyal customers feel rewarded with perks and special offers.
Many banks are offering financial reward to loyal credit card customers, for example, but how can they take things one step further to make their customer feel like they are at the heart of operations?
Customers will always need a banking service, but when one of the biggest sources of competition is digital-only banks, the branch should be considered an opportunity to stand out.
But the experience is the key. By focusing more attention on improving the branch experience, banks can create a valuable opportunity to create more loyal customers.
Rachel Lane is senior solutions principal of Medallia