During my travels, speaking to business leaders, and in my speeches I often ask which industries they feel does a great job at delivering a memorable and awesome experience and which ones really suck at it. Some time I can share a longer list with you but for now, one of those that usually makes it to the top of the list of those experiences that suck are Banks…financial institutions.
Unfortunately, I have to agree with them in most situations. This is an industry that has skated by because they were a “necessity” to people so they never felt like they had to actually treat you the way you wanted to be treated. In fact, many people comment that they actually have quite negative feelings going into a bank…one of guilt or shame. Really…a business that makes you feel guilty when you go into visit them…this can’t be a good emotion to have your customers feeling.
When we look at the industry overall, it is one built on numbers, percentages, and ratios. If you fit, you get access…if you don’t, you get to feel this level of guilt, embarrassment, and shame. Banks didn’t earn the phrase, “The only ones that can get a loan are the ones that don’t need a loan,” for nothing. You don’t meet the numbers, you get rejected…left feeling embarrassed that you are something of a failure and less than everyone else. What a great customer experience to have in the market. This is the makings of a true commodity business.
But there are some bright spots emerging in the banking industry…they are starting to get it more than ever before…because they are losing customers to other options. I personally think the banking industry is one of the top ones to be disrupted sometime within the next 5 years…major disruption that can completely change the way we interact with our money. That’s a topic for another post for sure.
One bank I read about from a post by the CEO of TIAA, Roger W. Ferguson, Jr. when he wrote a post in LinkedIn called, “A “Big Idea” for Financial Services: Put the Customer First.” Of course you probably figured I would be captivated by the title knowing how obsessed I am with the whole customer experience platform. I loved his concept for TIAA…PUT THE CUSTOMER FIRST. This isn’t what you expect to see from financial institutions.
In case you don’t have time to read the full post, allow me to share some of the highlights from it that I think really capture his focus and message…
“It’s vital that Americans regain trust in our industry. The sector drives substantial economic activity and serves as a catalyst for direct and indirect job creation. But beyond purely economic calculations, financial services firms play an important social role.”
“In the current environment, our nation faces a number of financial challenges, from spiraling student loan debt to growing concerns about financial security in retirement. More than ever, Americans need help in achieving financial well-being throughout their lives – especially in retirement. Americans need to know that financial firms will help them meet these challenges in a way that puts the customers’ interests first.”
““Put the customer first” may not be a new idea, but in the financial services industry, it qualifies as the kind of “#bigidea” that can be a game-changer – and its time has come.”
Kudos to Mr. Ferguson for taking a stand in the right direction…putting his customers first in everything they do. This is truly on the path to CUSTOMER OBSESSION and would be a breath of fresh air in the financial industry. It is definitely something I want to follow and see how he progresses in such an archaic industry when it comes to customer experiences. I wish him all the best…but most of all, I hope the other “lemming” financial institutions will follow his lead…wouldn’t that be something to see in our lifetime!
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