Improving the Banking Customer Relationship: One Simple, Non-Technical Solution

Improving the Banking Customer Relationship: One Simple, Non-Technical Solution

We’ve seen that banks are focusing intensely on the customer experience, and very often they’re using technology to try to make that happen, whether it’s through predictive analytics, bots, or new branches. There’s another tack to take that can complement these laudable efforts: just be more human – and mean it!

I travel a lot, and so have been reading recent stories of airline customer service disasters with a mixture of horror and disgust. Yet some airlines manage to rise above this. Here’s a quick test: which airline offers this: a 2x4x2 business class seating configuration between the US and Europe? And then wouldn’t let a passenger switch to an empty seat in the same class? Is it Southwest or United?

Here’s the other one: which airline turned a plane around on the tarmac when a passenger’s husband called because their son had suffered a grievous injury? And then rebooked her to the city where he was in intensive care, for free? Southwest or United?

The answers are, of course, United and Southwest, respectively. So here’s my point: what would it take for your bank to have a reputation for customer service like Southwest’s?

Here’s one simple suggestion that has nothing to do with technology; it has to do with homes, the biggest assets of most families, and something invested with a tremendous amount of emotion. In the course of home ownership I’ve received a really nice bottle of wine from a contractor (perhaps an indication that he was overpriced, or maybe a referral inducement, or maybe that’s just the way he does business). We got flowers from our realtor. But never once has any of the banks I’ve financed or refinanced with acknowledged me with anything remotely personal. How hard would it be to send along a fruit basket, or a guide to the neighborhood, or even a decent bottle of wine? If my contractor can do it for a job worth a few tens of thousands of dollars, why can’t my bank do it for hundreds of thousands? Just a thought.

Dan Latimore About Dan Latimore

Daniel W. Latimore, CFA, is the Senior Vice President of Celent’s Banking practice and is based in the firm’s Boston office. With a wide range of experience in industry and as a consultant, he brings examples from outside financial services to help banks improve their customer relationships, with a particular emphasis on the importance of technology and culture.

Dan's coverage areas include the banking ecosystem, digital and omnichannel banking, and innovation. He has a passionate interest in behavioral economics and exploring why consumers and humans make the decisions they make, and what the implications are for banks.

Dan has been widely quoted in the press, including the Wall Street Journal, American Banker, Boston Globe, CNBC, and CNBC Europe. He is also a frequent speaker at industry conferences and client gatherings, having addressed audiences ranging from intimate meetings with CEOs and central banks to keynote conference speeches in more than a dozen countries.

Prior to Celent, Dan led research groups at Deloitte and IBM, worked in industry at Merrill Lynch (where he lived in New York, Tokyo and London) and Liberty Mutual, and was a consultant at McKinsey & Co.

Dan received a Masters in Public Administration from the John F. Kennedy School of Government at Harvard, and an undergraduate degree from Dartmouth College. He holds the Chartered Financial Analyst designation from the CFA institute.

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