Pub. 7 2017-2018 Issue 6

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S May • June 2018 13 “Digital disruptors are starting to curate services and drive compelling experiences for customers that are pushing institu- tions further into the background andmaking them invisible,” Clarke says. “This makes it easier for customers to eventually leave if they are not seeing value above the products.” How Should Financial Institutions Deal with Changing Customer Expectations? Clarke says institutions that excel at customer experience are growing at a much faster rate than their peers—and their success is fueled by five distinct strategies: 1. DevelopCustomer-obsessedDNA: Stop thinking about where your customers are now, but rather what their needs will be in the future. Your institution can accomplish this by turning big data into actionable insight, as well as forming collaborative, cross-func- tional teams that are focused on your customers and their needs. 2. FollowYour Customers: Customers aremore likely to be found in their homes, on Facebook, or on many other digital platforms that aren’t your mobile app. Conversational interfaces likeApple’s Siri andFacebook Messenger will enable more personalized experiences. Your institution will need to assess how your products and services fit into these conversational platforms to serve customers—no matter where they are. 3. BlendHuman and Digital Interactions: Believe it or not, prospects and customers still seek human interaction in many situations, so self-service isn’t always the answer. Try blending human interaction with digital enhancements. For example, integrate live chat with your mobile app to personalize customer interactions. 4. Use Data to Personalize Customer Experi- ences: Personalization is an experience that uses customer data to frame, guide, extend and enhance interactions. Use data to help your customers uncover a financial need before they even know they have one. 5. Collaborate toCreateNewValue for Customers and Your Business: Shifting your mindset from technology-first to customer-first will prepare your institution for the future, no matter what new tech- nology is on the horizon. Institutions that think about offering an experience that goes far beyond buying a product will have customers who stick around. For even more insight, and a deep dive into how CSI’s omnichannel strategy fits into Forrester’s detailed findings, watch Prepare Now for the Future of Banking on-demand. n Steve DuPerrieu is vice president of channels and analytics for CSI. In his role, he provides leadership for CSI’s delivery channel strategy, which includes digital banking, payment services, busi- ness and analytics software, and branch/retail delivery solutions. Steve also is a board member for the Association for Financial Technology (AFT). 800 318 4142 • INSURANCE BIA.INSURANCE • WWW.BIA.INSURANCE Proudly endorsed by the Texas, Oklahoma and Colorado Bankers Association Financial Institution Bond Directors and Officers Liability Policy Cyber Liability/Privacy Breach Response Commercial Property, Auto, Worker’s Compensation Lender Placed Insurance Mortgage E&O and Impairment Debit and Credit Card Fraud Insurance Coverage Review Group Health Insurance Insurance for Your Bank Commercial Customers PROVIDING INSURANCE PROTECTION FOR MORE THAN 30 YEARS 2017 BIA Mag ad.qxp_BIA-CO Mag half pg 9/21/17 2:09 PM Page 1