DO YOU KNOW YOUR CUSTOMER’S WISH LIST? This is what FS discovered.

The ideal customer experience takes a village: Develop a service model where a relationship manager is clearly identified and works with a team of experts to deliver superior service and client offerings customized to that specific client’s needs They must be armed with the tools and technology to be successful.

Too often the customer experience is clunky, disjointed and lacks a compelling value proposition. As a result, assets in motion from current clients transfer to competitors.

WHAT CAN PHARMA LEARN FROM BANKING TO CREATE A MULTICHANNEL EXPERIENCE?

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MAKING THE MOST OF INTEGRATION

Frictionless Financial Service — update outdated legacy systems that interfere or make the customer experience clumsy and awkward — fluid money movement between accounts, and ease in opening new accounts is critical.

Money Movement — instant transfers with internal and external accounts

Single Sign-On — one client = one customer identity across products

Single View — a panoramic view of the client’s financial life with full transactional capabilities; when, where, and how they want to engage

Time for play — provide useful modeling tools that allow customers to consider the possibilities of their financial health

Cash Management capabilities — provide automated and enhanced sweep capabilities that allow consumers to move money to interest-bearing deposit accounts – and help customers benefit from FDIC insurance by sweeping funds to different banks to extend protection limits

Painless payments — comprehensive electronic payments and invoicing capabilities, including bill pay, account-to-account, and peer-to-peer transfer capabilities; direct deposits; ATM/debit access; check writing; and over overdraft protection

Remove the clutter — create a green, paperless environment with communication, statements, and messages from the advisor—all online

Make it easy to say yes — simple online account set-up and funding capabilities

Unlock profitable growth: Segment appropriately and create offers that meet short-term and long-term needs. Develop win/win scenarios for the firm and its customers to thrive. Take what you already know about your clients’ needs and preferences, offer them solutions to solve for those need, improving the level of service and product offers is a way to show clients you’re continuing to add value.

Integrate from the Inside Out: Where are there redundant processes? Where can you identify capacity to allow for expanded service offerings? What will it take to integrate?

Understand your Customers: Go beyond simply knowing your customer, understand them so you can anticipate their needs before they express them. This is more fundamental than customer experience. Understanding these will help direct your next advertising dollar.

Develop Compelling Products & Services: Treat customers the way that they want to be treated – how, when and where they want to be engaged. Develop a service model that breaks down the internal silos.