Written by Amanda Jasper, Director of Corporate Communications– NewGround
Transformation can manifest itself in many forms. So the big question is, do you need to transform your culture to engage differently? Transformation should also be the output or call to action, with your organization being fully-aligned and feeling the effects of growth.
In the final installment in our series, we will look how you can culturally and physically transform your organization to meet the needs of your consumers and create memorable, personable experiences.
It is no longer about transactions at the branch level – it is about interactions. We enter branches less frequently, but when we do visit a branch in person, we want to have meaningful interactions. With today’s technological advances, your digital experience must be flawless, and personal experience should be complete with the highest level of consumer satisfaction and engagement.
First, ask yourself these questions:
- Have you transformed to the universal banker model?
- Have you designed your space with the consumer journey in mind?
- Is your staff operating at the highest efficiency level?
- Is your team living your brand and loving to service your clients?
Consumers are demanding a different level of responsiveness and knowledge. They want advisors to help them resolve issues with a personable approach, whether they visit the branch in person, on a video channel, online chat, or talk on the phone.
Time is the new currency, and people value time well spent – it all needs to be worth it.
In today’s Experience Economy, time is of the essence. Consumers value the actual experiences they have more and more, pushing organizations to transform their overall experience journey. Companies need a signature moment to stand out from the crowd.
A classic example is Chick-fil-A. When you say, “thank you” to your Chick-Fil-A server, you won’t hear, “you’re welcome” – the employee will say “my pleasure.” It’s part of their culture and brand, taking customer service to the next level. They offer a signature response with a signature service.
The consumer experience has set precedent between the winners and the losers in all markets including the financial industry market.
Have you transformed to be uniquely different? If you haven’t figured out how to be unique or developed your “blue ocean” approach to your brand, you will battle in the bloody ocean against your competitors. It’s never about being the same, it’s about be unique.
That’s not something you want to face. You must transform in order to stay afloat, and better yet, rise above your competition.
Being uniquely better can be the physical aspects of branching, including key communications pieces or unique brand promises that are big, bold, and responsive. Development of brand attributes across your network may include signature elements of furniture and fixtures that communicate who you are and how you interact with your clientele. Understanding how to transform your system of branches with a kit of parts to refresh and update your brand will make you relevant in the world.
People don’t want average, stale, or outdated – they want progressive, responsive partners to help them navigate through all their banking needs, no matter how simple or complex.
At NewGround, we engage in design-thinking and encourage people to set aside assumptions to expand their scope of discovery. Typical results of design-thinking include increases in productivity, consumer satisfaction, and responsiveness.
If you’re ready to Grow, Align, and Transform with a design-thinking mindset, your organization can and will thrive in the evolution of the experience economy.