Integrated Digital First CX Model:  Implications for CX Managers

In previous posts to this five-part series on building an integrated digital-first service model we discussed:

A waypoint is a point of reference when navigating a journey.  Not only do the customer journeys take place across a multiple channels, but they take place across multiple transactions or waypoints. 

An integrated digital channel strategy must be founded on understanding how specific channels match up to specific waypoints in the customer journey.  In the first installment of these series there is a discussion of this issue.  The understanding that different transactions match different channels is the whole point of an integrated strategy.

Currently, not every digital channel is a match for every customer need.  Digital channels with higher a frequency of visits are increasingly the day-to-day face of the institution.  The exposure risk of these channels is high, and managers of the customer experience must make sure digital channels are well programmed and tested to manage this exposure risk.  Currently, however, customers prefer to match digital channels for low moment of truth interactions such as transfers, deposits, and researching information.  In terms of satisfaction, these digital channels outperform the non-digital; however, they play on a very different playing field.  Customers interact with branches and contact centers much less frequently, and assign lower satisfaction ratings to these channels. But when they do use these channels, it is much more important.  Customers match these non-digital channels to high moment-of-truth interactions such as seeking advice, problem resolution, and opening an account. 

Advances in artificial intelligence will no doubt close some of the moment of truth gaps between digital and non-digital channels, but for now, there still is a role for branches and contact centers.  Closing these gaps between digital and non-digital channels will require attention to both personalization and trust.  Again, people want banks to care about their needs and have the ability to meet their needs and solve their problems.

What do customers want from a bank?

Overall, customers value efficiency and personalized service from their primary financial institution.  As we’ve seen, the most appealing service attributes to customers are:

•     Online and mobile services

•     Quick and efficient service

•     Fast resolution of any issues

•     Ability to manage my accounts in ways that suit me

•     Polite and knowledgeable staff

It is important to note, this list includes both digital and personal channels.  Customers value an integrated approach.

ROI Potential of Digital Banking Attributes

Investments in timely information, financial value, and cyber security assistance have the most potential for return on investment.  The digital banking attributes with the highest potential for ROI in terms of appeal to customers and increasing their trust are:

•     Alerts about upcoming direct debits

•     Alerts about upcoming overdrafts

•     Offers and perks from places shopped often

•     Cyber security assistance

Further, investments in personalized information have the highest potential for fostering customer trust.  Customers do not find the following attributes particularly appealing relative to other attributes; however, they do offer high ROI potential in terms of increasing customer trust:

•     Analytics/dashboards

•     Budget information

•     Savings tips

•     Balance updates

Ultimately, success or failure of any integrated digital first strategy will require banks to achieve something that has eluded them so far – that is to scale personalization.

Video Banking

Video banking seems an obvious solution to scale personalization.  However, while the potential of their adoption of this channel, in the age of Zoom, is delayed.  According to our research only 4% of bank customers have used video banking.  However, of those consumers who have used video banking, all of them trust their primary financial institution, and felt it looked after their financial wellbeing.  This suggests video banking could be well received, and deepen the overall relationship with the customers.

/Next, we will consider the implications of a digital first integrated environment for CX researchers.

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About Eric Larse

Eric Larse is co-founder of Seattle-based Kinesis CEM, LLC, which helps clients plan and execute their customer experience strategies through the intelligent use of customer satisfaction surveys and mystery shopping, linked with training and incentive programs. Visit Kinesis at:

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