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by James Robert Lay on July 11, 2022
Brief Summary of Episode #209
Money is an emotionally charged subject.
And yet, financial services tend to be driven by analytics and data.
Most financial brand customers don’t have a positive emotional connection with their bank or credit union, as pointed out by my colleague and guest, Audrey Cannata:
“I think when you're looking at banking specifically, you can relate it to healthcare. It is not something that people really enjoy partaking in. It's not something that people are typically excited about.”
The Operations Lead at the Digital Growth Institute joined me for our latest episode in our Behind the Cover series. In it, we discuss Joey Coleman’s incredible book Never Lose a Customer Again: Turn Any Sale into Lifelong Loyalty in 100 Days.
The emotional gap between banks and customers is not the only obstacle to customer retention.
The overwhelming pursuit of customer acquisitions has tarnished the customer experience. Many financial brands are so hell-bent on opening new accounts that they neglect their current consumers.
As Audrey points out, the first few months are crucial to new customers’ experience:
“I think we do underestimate how much people need their hands held. They need that guide. It’s really hard to do it on your own.”
All it takes is a little investment in the human experience.
Key Insights and Takeaways
- The conflict of customer acquisition versus retention (7:38)
- The difference between customer service and the customer experience (19:41)
- How financial services can invest in the customer experience (30:47)