Emotional component for financial institutions (FIs)
Financial services is a numbers game; it’s arguably the most quantitative consumer-facing industry that exists. That everything can be measured makes it easy to lose sight of the idea that story and feeling behind money are intensely emotional for many people.
As the pandemic has rubbed emotions raw, it’s become more apparent that financial institutions (FIs) must take that emotional component into account when design effective Customer Experience and Customer Engagement solutions.
Umpqua Bank’s effective CX
For example, let’s look at Umpqua Bank’s case, 2019 Celent model award winner for customer engagement.
In late 2018 Umpqua Bank (HQ: Roseburg, OR) launched “Go-To”, a Human Digital Banking platform that blends technology with specially trained bankers to create effective customer experience for all customers — regardless of income or assets.
“Go-To” provides every customer their own personal banker devoted to their specific financial needs. Customer downloads the Go-To App to choose their banker based on experience, personality, or location. The “Go-To” Banker understands customer’s needs in more depth, recommends timely suitable solutions for their financial goals.
Not only meeting the financial needs of customer, “Go-To” also serves the emotional needs of customer such as anxiety about financial health, confusion and worry caused by cash withdrawal trouble at ATM while traveling abroad.
UMPQUA: ADDING A HUMAN TOUCH TO DIGITAL BANKING
Hybrid Customer Engagement
Does designing for emotions mean that technology has no role to play?
Of course not. But rarely is technology alone the answer. In many cases a hybrid model will best meet the needs of the FS customer.
The Hybrid model is a model in which not only technology, but also actual people interact with customer in some way. In the hybrid model, (1) customer can feel accompanied by some particular people, so that their emotional needs are satisfied, and (2) technology is actively used for this purpose as well.
It is customer engagement of a human touch based on technology.
We’ll be exploring the role of hybrid customer engagement in serving the emotional needs of customer in the coming months, focusing in particular on those FIs who’ve done it well, with an emphasis on helping you do better yourself.