Financial services customers and their emotions

2. Those who focus on selling by being emotionally engaging to their customers What type of company is more successful? A B Those who focus on selling to their customers

4. Good news Bad news We already put emotions into our customer experiences We can’t assume they’re the right ones

5. The reason your business exists Customer experiences Employee experiences Stakeholder experiences Objectives Operating and brand strategy Values and beliefs Functional – did it work as I expected it to? Accessible – was it easy? Emotional – what will I remember about how it made me feel? Customer strategy Making the connection

6. DIFFERENTIATED EXPERIENCES RANDOM EXPERIENCES INTENTIONAL EXPERIENCES Exceed expectations Minimum expectations Process, task and product focus Little / no measurement Exceptions are the norm Unintended consequences Disengaged employees Carrying unnecessary cost Shared vision Think “customer” Fixes own problems Measurement programme Cross-functional governance Profitable Easy to do business with Think and act “customer” Fixes customers’ mistakes Brand promise delivered Self-regulating Sustainable Customer experience maturity

7. Insurance sector is using video to good effect for onboarding and claims SundaySky SmartVideo Index

8. The rational drives emotions; emotions drive actions The journey / experience this time FUNCTIONAL Does it work? ACCESSIBLE How easy is it? EMOTIONAL How did it make me feel? I expect it to be effective I experience how efficient it is I examine what happened I have a choice I have a voice It worked well It didn’t work It was hassle It was easy I’ll buy again I’ll take out my next product there I’ll tell everyone I know What I’ll do next time What I’ll tell others I won’t bother complaining I’ll try somewhere else next time Maybe I’ll move all my stuff …and next time

9. 9 Myth-busting: it’s not all about Wow!, exceeding expectations or surprise & delight The utility story The railway storyThe retail bank story The airport story

10. A simple experience, shared 288,000 followers 287,000 followers 565,000 people 15 minutes

11. 11 So what…? WOW! experiences without the basics are a Waste Of Work

12. 1. What do your customers of your products find emotive? 2. How does the Customer Strategy say we should make customers feel at each stage? 3. What does our measurement say about how we make our customers feel today? 4. If you were the customer or employee, how will that change make you feel? 5. Is our governance robust enough to make customers feel the right way every time? In journey mapping and experience design, ask: POSITIVE? NEGATIVE? STRATEGY MEASUREMENT IN THEIR SHOES DISCIPLINE

13. 13 How emotions can impact customers of financial services How can we manage customer emotions to drive better performance in financial services? The original questions: A big part of the answer: Protect all the functional basics, get them right every time and the right emotions that drive the right behaviours will follow

14. Financial services, customers and their emotions Why it’s so important, and how do we turn transactions into relationships? Jerry Angrave jerry@custerian.com 07917 718 072 www.custerian.com

Editor's Notes

Customer experience maturity model relies on the human factor When products are price-led, homogenised, how you make customers feel is where the differentiation lies
I expect – based on being good otherwise I would’t trust you I experience – compared with others in different markets I examine Customers don’t say – I’m not going to use them again because their processes failed (so I cant get an appointment and when I do they forgot to tell me what docs I needed to bring). They’ll recall the inconvenience and frustration at taking a half day off work and getting someone to pick up the kids unnecessarily Eg BA Avios exchange rate changes – still easy, still functional but they’ve made me feel less loyal Eg Mortgage offer sent 2nd class post – it’s the most urgent biggest thing in my life, you put me through a four hour interview, the least you can do is put a first class stamp on it.
More likely to lose customers by creating the wrong emotions – when it doesn’t work – than winning customers by creating what we think are wow! – if the basics aren’t in place first Airport – inconsistency of information or lack of. They want it to be “efficient”
We know it’s the emotional impact that drives behaviour next time, so
The original question was getting at… How can we … Rather like NPS – get the experience right first…

Financial services customers and their emotions

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Financial services customers and their emotions

Editor's Notes