Looking at your customers’ financial history may lead to offering appropriate products and services for their financial needs; however, might it also lead to making product assumptions? To deliver the best Customer Experience (CX), you need to know, not assume, what your customers want from you. Product assumptions regarding your customer expectations do not provide results. Fifty percent of companies believe they are getting better sales experience for their customer but only 11% of customers agree with this. Why? Customers believe they are not being “listened to”, which leads to a product assumption without a product conversation. Customers want to have conversations with you. When customers were asked the most effective way a financial institution can understand their feelings toward their buying experience, 70% of customers mentioned it was the financial advisor that asked them for their input. Your CX strategy should begin with researching customer needs. Customer conversations are a fundamental part of a CX strategy but only one of several moving parts. To have a successful CX mindset, a financial institution should address every aspect of CX. Begin with gathering the information and turning this insight into actionable steps and then offer the appropriate product. The financial expert who makes the PPI assumption for their customer denies that customer any opportunity to benefit from the product. In short, “Don’t do your customer’s thinking for them”. Imagine offering PPI to an affluent financial customer in this manner: “You are financially secure, and your credit is excellent. We have protection for this loan; however, based on what I see, I really don’t think you need it”. You are assuming your customer does not need the protection. You did not give them a chance to learn about PPI and PPI adds to a customer’s credit worthiness. Making PPI part of your CX strategy will lead to improved experiences and profitability. www.discuss.io PPI/For Internal Training Use Only
