Research from American Banker shows that having a customer experience North Star improves the in-person customer experience journey at banks and credit unions. Despite the North Star positively influencing all engagement channels, institutions of all sizes report greater success delivering on their brand’s promise via in-person branch banking. At a time when 65% of customers report feeling doubtful about the economy and their own prospects, successful banks and credit unions are providing human-centered experiences and expertise that deliver meaningful value for customers.
Successfully implementing the North Star means re-examining customer experience from all angles and all channels – removing as much friction as possible and reimagining the customer journey through the lens of a customer with their individual needs at the center. “The banks that have defined their CX North Star and made it foundational to their operations are significantly more likely to report success delivering their intended ‘ideal’ customer experience, compared to banks that have done so only partially or not at all,” according to American Banker. This is the case “across a multitude of channels,” but most especially at the branch.
Source: American Banker, “Unlocking Success: Strategies for Building a Customer-Centric Bank,” June, 2023 and McKinsey, “Five Ways to Drive Experience-Led Growth in Banking,” May, 2023