Generative AI, digitisation and other developments on the technology front are creating new ways for banks to operate and interact with customers/clients/members. Yet even with these powerful and useful innovations, is technology the only one component of the customer experience that differentiates your bank?
In a world where so many banking institutions are moving to digital-only customer connection, those who also strengthen human-to-human interactions may have have the greatest opportunity to stand apart, create value and strengthen client loyalty.
So, why aren’t bankers having better conversations?
As technology and AI automate many aspects of the customer experience, the need for human communication skills like empathy, listening to understand and relationship-building have never been more critical to growing and protecting the bank’s core business. Yet, bankers’ conversations are often focused more on products than meeting client needs.
These trends reinforce the need to put customer-facing professionals at the centre of your technology discussions and future-ready strategies. Rethinking how the bank develops its people can be the biggest catalyst for strengthening customer relationships and increasing loyalty, lending and market share.
It’s worth considering some of the essential human-centered skills and behaviours that can elevate your bank and the value customers perceive and experience.
Understanding Customer Needs
Customer challenges fall into two categories. Some customers have an identified need or gap to fill. By asking quality questions, bankers can help customers find solutions that meet their needs. Many bankers lack the confidence to engage in those in-depth conversations, most often because they have a negative view of selling. They worry about damaging relationships by being too pushy and end up presenting solutions prematurely.
Other customers don’t have specific, stated needs. An inquisitive banker can introduce them to new ideas, explore their pain points and goals, and explain how the bank can help them and/or their businesses perform better.
Asking questions that unlock emotions and explore why customers are seeking specific outcomes is often when the magic happens.
Technology can assist with these challenges, but the greater value comes from engaging in high-quality conversations. Customers value relationships with bankers who have their best interests in mind. These are uniquely human abilities, and they form the foundation for long-term customer relationships.
Building Trust
Bankers who are good at these kinds of conversations have a genuine desire and curiosity to understand. They view their jobs as being problem solvers who create value for customers by helping them achieve their goals. This is what motivates top-performing bankers.
Those bankers ask great questions that provoke more comprehensive conversations, and, just as important, they actively listen and pay attention to their customers’ passions. They become trusted advisors using their knowledge and insights to further anticipate needs and help customers make decisions that move their businesses forward. Those loyal customers will become your new centres of influence.
At the end of the day, banking is not about digitisation or AI. Banking is about people helping people. Banks attract and retain customers in direct proportion to the quality of the customer experience they provide. This differentiation is critical to future success.
So give those customer-facing professionals the skills to excel in the following areas:
- Embrace technology to increase efficiency and enhance the customer experience.
- Emphasise problem solving, empathy and listening to understand and meet customer needs.
- Give customers what they want and ask deeper questions to become trusted advisors.
- Cultivate the ability to go off-script and have the kinds of authentic human interactions that drive loyalty and long-term relationships.
Bankers remain the face of any bank, and their ability to build connections with customers will determine whether an institution is able to capitalise on the potential of new technology investments to build stronger, more profitable relationships.
Our Banking clients see significant performance improvement and gains in Customer Loyalty when their customer-facing teams view selling as a higher level of Customer Service and proactively engage their customers in deeper-level conversations around their concerns, needs and goals.
