We hope that the first half of 2015 has been as exciting and prosperous for you as it has been for West Monroe. We have some great win wires and recent success stories to share, along with some blogs and other thought pieces which you will find in this newsletter. We also have some new and valuable research around customer effort that we hope will be useful in your sales pursuits.
Sometimes we struggle to get prospects to really identify a burning platform to begin the investment and change process, especially when pursuing more complex projects that impact the organization end-to-end. A conversation that has been resonating for us in the marketplace and opening doors is around Customer Effort, specifically how reducing customer effort correlates to revenue growth. The conversation around effort has been a new angle to get to the Salesforce platform discussion, and it is really taking hold.
West Monroe recently completed our 2015 Customer Effort Benchmark Study in Banking for 25 national and regional banks and credit unions and the results could not be more clear. You can see the full details in our whitepaper. There is a direct and high correlation between reducing customer effort and increasing revenue growth. We believe that this is an excellent entry point to create the burning platform conversation by making a direct connection between taking on the technology initiative and revenue return.
If you put the customer at the center of your business, and you reduce effort by improving self-service digital channels, streamlining internal processes on the Salesforce platform and better enabling your employees to deliver a consistent and high quality customer experience, you will find the revenue return justification you need to make the business case for change.
What do you think? Please check out our whitepaper and articles below, including a link to our recent Credit Union webinar with our customer, Elements Financial Credit Union. Feel free to share with prospects/customers, and let us know your thoughts. We'd love to hear from you and support you in opening doors at your most important prospects and customers.
Director - CRM Practice
In the financial services industry the banking sector is seeing positive yet modest growth, and many firms are zeroing in on customer experience as a means of fueling growth and competitive advantage. We have found that rather than simply trying to “wow” customers/members, banks and credit unions can gain more by making customer interactions as “effortless” as possible across channels.
Credit Unions today face a commoditized marketplace with similar product offerings, leaving Member Experience as the main differentiator. Multi-channel proliferation with online and mobile make personal relationship touch points fewer and farther between. So how do you create a personalized, differentiated and effortless member experience in today’s market?
Between 2013 and 2014, nearly 2 million Millennials became members of credit unions, a 2% increase, said the Credit Union National Association, a Washington, D.C. trade group. Gen X-ers are also switching: 1.9 million opened accounts in the same period, and now 28% of credit union account holders are Millennials and 26% are Gen X-ers. Read seven reasons why.
In Part 1 of this blog, we mentioned that the key to making retail banking relevant again is a seamless omnichannel experience. We also used Umpqua Bank as a successful example. In this second part of the blog, we will discuss the challenges and the steps that should be taken for organizations to achieve the omnichannel experience.
No matter the business or industry, there’s plenty to worry about when orchestrating a merger or acquisition. Inevitably, in the middle of consolidating and integrating organizations’ financials, personnel and other tangible assets, factors such as culture and the customer experience often slip down on the list of transaction to-dos. That can be a real problem for financial institutions because a good customer experience is often their most important competitive advantage – one that keeps current clients loyal and attracts new ones
Jameis Winston signed a fully guaranteed 4-year, $25 million deal and Marcus Mariota signed a 4-year, $21 million deal. Whether or not they are worth the money remains to be seen, but one thing is certain…data analysis shows that early NFL draft picks are overvalued and teams generally make economically irrational decisions by drafting them.