Many comparisons have been made to other sectors and industries when looking at how to improve the modern banking sector. It has become clear that customer communication is one of the biggest necessities for any financial service to succeed, not just a bank; with this in mind, what lessons can be learnt from pizza delivery services to improve the financial industry?
While learning from a fast food outlet may seem funny at first, there are some genuine features that, should they be replicated by banks, would put them ahead of the competition. It might not be the immediate connection that everyone makes, but in terms of digital services, there are things that pizza delivery gets right and banking could take a lesson from. Remy Brooks, head of strategy of Future Platforms describes the impressive CX that has come out of the Domino’s Pizza Tracker and where banks are falling down in terms of customer experience that could increase loyalty and future uptake.
Remy points out that while our banks might not arrive with something hot and tasty to eat, we do expect them to understand our needs, offer us the right products and turn up on time when we need them, something a pizza delivery brand manages to achieve with ease:
Right now in the UK we are all facing a crunch. The cost of living is going up, high inflation could last years rather than months and that’s without wondering how much it’s going to cost to heat a home ….if you can afford to buy one.
Banks cannot solve this problem – a pizza might make you feel better but it can’t change your financial status…but bank data could be helping us out in different ways and offering services that might go some way to giving people a bit more financial breathing space.
Domino’s is an early adopter of technology and a business that wants to go where its customers are. This means over the years it has been on everything from BlackBerry and SMS to Xbox and Playstation. By experimenting in all of these spaces, it has been able to learn from the experience and provide some really impressive CX, winning mobile brand of the decade. It has also been able to sensibly gather data from whether or not you might be a vegetarian, a late night pizza fan or if you might be tempted by added products – all of which are presented if your data shows you might lean that way. It’s a smart way to evolve a digital service.
Banking of course is a very different industry, it’s highly regulated, survives on trust and gathers a lot of data that is very interesting when it comes to life decisions and financial habits. While keeping that data safe is key, there’s a whole lot that banks could be learning from their own data about presenting their customers with services that could help them. It’s unlikely that a young saver would want a mortgage but some clear messaging about savings and good financial habits.
Although there are some challenger bank services that are making some good moves, generally, banking apps are a bit samey and don’t offer too much before you have to call something. Think of your own current banking app – if you want to save for a holiday, is there a function for you to do this? What if you need to be really strict with your spending – can you block your own card for your own reasons?
Transparent messaging could be a big part of banking apps. Think of the mortgage process – it can take such a long time to sort out with different checks and balances – but if you compare this to Domino’s Pizza Tracker – you can see what is happening, where your food is and what to expect. If mortgage messaging was this clear along its path, it could help foster trust and loyalty with new and existing customers.
Challenger banks are doing a good job of disrupting everything of course, being digital natives gives them a head start, but what is missing is a human touch. Sometimes (most times) when something happens with your money (important to everyone) you want to talk to a person first. Not look at some FAQs or wait for a chatbot to connect you with someone. In this way, challengers could also learn from Domino’s and their older peers – when you really need to know something you should be able to talk to a human who understands your needs.
Hybrid physical and digital experiences could also be a boon for banking. If you run a small business that has cash takings, you are going to have to physically go to the bank at some point. There might be a machine to put the cash in and count it – great! But then you might have to stand in a queue for 45 minutes to hand in a receipt. Alternatively maybe you want to open a bank account for your kid, so you bring them to the bank as a grown-up thing to learn about – only to be told they have to apply via the website. There are many ways in which the physical and digital can be bridged in banking from clear messaging about where your mortgage went when you spend it (a chilling moment to see so much money move for a first time buyer!) or to smooth out the journey when you have to visit your bank and work with the tellers.
Innovation might not be easy for older, more established banks, there are risks but there’s also a huge amount to explore. Each bank has the opportunity to offer customers what they need, help them to learn about the things they might want to stop doing and differentiate their digital experience by being smart with their data. So far, none of them deliver a pizza, but there could be a day that your bank data knows what toppings you like and might send you a flat box of delight for being a loyal customer.
Image and article originally from thefintechtimes.com. Read the original article here.