Bank branches are not dead: But need to play complementary role in an omni-channel strategy

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Although many have said that advancing technologies will be the death of bank branches, these predictions have little bearing on reality. Just as the rise of new technology has threatened the bank branch in the past few years, it also holds the key to their continued relevance. By implementing the right solutions a bank can ensure that its branches are cost-effective, and play a role in offering excellent customer experience. In this post FirstPost discusses the current challenges faced by banks in managing their branch networks, and outlines the best ways to transform them. In the past, the branch was the fulcrum of the bank’s relationship with its customers, but now with the rise of mobile and online banking, bank branches need to play a complementary role in an omni-channel strategy. FirstPost goes on to write how the branch needs to support other channels where appropriate, and deploy its unique asset of face-to-face contact at every opportunity. Enterprise mobility technology, is enabling branches to move away from transaction processing centers and toward value-adding sales and advisory channels. Tellers behind glass barriers are being transformed into roving sales people equipped with tablets, allowing more customer information to be captured by the bank and providing a more interactive customer experience. As fewer people visit branches, banks need to ensure that they extract maximum revenue from every visit. Branches need to move away from passive transaction processing activities and toward high-value sales, marketing, and relationship building.

Read the full article at firstpost.com.

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The Customer Experience in B2B…It’s Behind the Times

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Companies today are investing significant time, energy and money to ensure that consumers are not only satisfied, but that they are so pleased that they tell others about their experience. In this article Brian Storjny writes that in order to accomplish this, companies must utilize better online tools to allow customers to conduct searches, make transactions, track purchases and get support without picking up the phone. Storjny goes on to ask: if this is occurring in B2C markets, why is that same passion for automating the customer experience not happening in B2B? In most cases, you will find that B2B customers are still calling a rep, still using paper, and still calling customer service when problems arise. Strojny writes how B2B companies need to realize that the next generation of buyers do not want to talk on the phone. It’s no longer about great products; great digital experiences will determine your success or failure. Five ways to transform the B2B for your customers:
1. Personalize – Ensure that the website is built for each user
2. Easy Search – Intuitive search also recommending products
3. Easy Purchase – Quick order and ability to reorder ASAP
4. Communication – Order updates, new products & promotions
5. 24/7 Service – Live chat, FAQ, and the option for live voice if needed

Read the full article at business2community.com.

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Is Customer Lifetime Value (CLV) driven by Care more than Sales or Marketing

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When it comes to Customer Lifetime Value (CLV) customer care, sales and marketing all play key roles. However in this post Graham Clark, points to research that suggests a customers perception of Lifetime Value often is dependent on the ongoing customer care experience. It is important to realize that marketing (engaging the customer), and sales generating activities are critical to the experience of the customer but one bad customer care interaction can ruin it all. Clark writes, that companies should constantly seek ways to align strategies that focus on customer care just as much as marketing and sales.

Read the full article at linkedin.com.

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The Psychology of Instant Gratification and How It Will Revolutionize Your Marketing Approach

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Modern devices and the speed at which information is exchanged, have created the need for instant gratification amongst consumers. Today, your customers gain instant feedback from devices and social media, which gives them the ability to instantly update videos, photos and status updates. Neil Patel writes how it’s important to understand that when consumers don’t get fulfillment, their psychological response is often anxiety or tension. One of the obvious and easiest ways to satisfy instant gratification is to do so with messaging. It is important that all companies recognize how to utilize digital marking and deliver instant gratification in effective ways.

Read the full article at entrepreneur.com.

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6 Deadly Customer Service Blind Spots: How Many Do You Suffer From?

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For all companies, customer service is a battle that must be fought daily. This article sheds light on the areas that often get overlooked when customer service is concerned. Micah Solomon points to key customer service points that must be made priorities:
• Recognizing the most important customer service moments
• Reinforce customer excellence standards
• Put customer service recovery plans in place
• Align delivery timetables to match what the customer wants/expects
• Make effort to see the company the way consumers do

Read the full article at forbes.com.

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The drive toward real-time business intelligence

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Turning business intelligence into a real-time proposition is a key to unlock digitalization. A number of challenges abound on that path

Businesses today need to utilize technology to collect data, process it, analyze it, and use it to perform at an optimal level: all in real time. Utilizing data can help companies meet customer expectations and improve in day-to-day operations. This article shows the 5 steps companies can take to transform using data.

Read the full article at infoworld.com.

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