The Story:
Many organizations are concentrating their efforts on creating customer experiences that are seamless and accessible. But data from the Harvard Business Review shows that engagement is the glue that makes customer relationships sticky and durable, not merely individual experiences with an app or even quick transactions in the retail environment. Ultimately, customer experience is not about customer service or satisfaction. Rather, it’s engaging the customer over a long period of time and building relationships with them that result in more brand loyalty and advocacy.
The Takeaway:
To increase customer engagement, successful financial institutions will prioritize cross-channel coordination to reach customers in the right place, at the right time, with the right message. Beyond satisfaction scores, positive customer experience relies on engagement as a benchmark for institutional success. “Even if your pricing is lower than the competition, your location more convenient, your products ‘better’ and your marketing more impactful,” says The Financial Brand, “only a good customer experience will make customers want to continue to bank with you over time.”
Source: Harvard Business Review, “Future-Proofing Businesses with Modern Customer Engagement,” July 2022, and Financial Brand, “Engagement Is Your Ultimate Goal, Not Customer Experience,” June 2023