Enhancing Banking Customer Experience Management- AArete

Enhancing Banking Customer Experience Management Through Employee Engagement

This is an AArete Financial Services insight

Competition is fierce in the banking sector, and sustaining growth and securing a competitive edge hinges on delivering quality customer experiences.

To rise to the challenge, retail banks of all sizes are continuing to recognize strong examples where customer experience (CX) management and employee experience (EX) engagement are interconnected endeavors.

Research across the industry has shown a strong correlation between EX and CX, and that is only going to continue to grow. Positively engaged workforces are linked to increased customer satisfaction, loyalty, and profitability, as well as employee retention and productivity.

As forward-thinking institutions seek to refine customer interactions, some are looking more closely at their own employees’ use of their savings and lending solutions. For example, when banking and even credit union employees use their institution’s products and services, it establishes a solid foundation that enables them to better guide and advise their customers.

Encouraging Employee Engagement with Products

How are banks motivating their employees to use their products for their personal finances? A prevailing approach is to leverage light touch points of connection, encouragement, and influence, rather than methods that feel forced like policies.

Clearly, if employees feel pressure to do so, it would adversely impact their experience and reflect negatively on their interactions with customers.

The solution instead applies the same principles used to understand and meet customer needs. This includes mapping out the financial needs of employees and demonstrating how specific products can benefit them. Through regular communication, personalized outreach, information sessions, and one-on-one interactions with financial advisors, the forcefulness becomes eliminated.

If employees understand and engage positively with their firm’s products and services both as employees and customers, they can better serve customers, solve problems, address complaints, and enhance customer satisfaction.

Banking-concerns-Chris-McGee-62724-1-1 - AArete

Addressing Employee Concerns

Employees may hesitate to switch to their bank due to the time and effort required to transfer funds from their existing banks, close accounts, open new accounts, and other unknown or unclear steps. In both cases, this task is too daunting to take precedence over life’s higher priorities in and out of work. Banks can alleviate these anxieties with proactive outreach about their products and present a streamlined transition process to educate their employees on the ease of doing so; thereby, helping them to educate their future customers in a similar manner.

A positive transition experience for employees can translate into positive interactions with customers grounded in firsthand knowledge and personal experience.

Risks of Data Exposure

One of the key concerns when encouraging employees to use their organization’s products is the fear that their private financial data may be exposed to their colleagues. The thought of a co-worker inadvertently or deliberately accessing such sensitive information is far from ideal. Likewise, employees’ worries over potential misuse or vulnerability of their bank accounts can culminate in uncomfortable workplace dynamics. Without the proper protocols and safeguards, they might feel that their privacy and trust are at stake, creating a higher barrier to entry.

Elevating Privacy Governance

Banks are making privacy governance a top priority and communicating the details of such measures enterprise-wide will help foster a sense of trust and security. Setting clear policies and deploying advanced data protection technologies are pivotal to gaining employee trust. Meanwhile, regular audits of data security practices help to identify and resolve potential vulnerabilities before they become an issue, and communicating this to employees is equally as important.

Finally, organizations can offer training sessions and educational resources on data privacy to encourage employees to take an active role in safeguarding their information.

By prioritizing privacy governance, institutions ensure their employees feel secure using their products, resulting in a more engaged, knowledgeable workforce.

Beyond Customer Service

Banks can uncover meaningful opportunities by providing a secure and informative way to convert employees into customers.

Employees who use their firm’s financial products form a deeper connection to their organization and a wider breadth of knowledge, resulting in positive growth and retention outcomes. The benefits reverberate through their professional lives, customer advocacy, and the institution’s future successes.

AArete’s consultants are skilled in crafting tailored strategies that elevate customer experiences and employee engagement within the financial sector. Connect with AArete to optimize your institution’s approach to customer service and boost employee participation with your financial products.