The following passage is directly from Jim DeMaio’s book, Banking on Stellar Service: Strategies to Ensure Your Financial Institution Stands Out.
Customer-centric banks have systems that support, not impede, their customers’ experience with them.
Starting with their core system, banks must ensure that their core system provider remains state-of-the-art and not “user-hostile.” Often, every 5-7 years, a bank’s contract with its core service provider comes up for renewal. Many banks, because of their employees’ comfort with the system, will automatically renew, rather than determining whether there is a more state-of-the-art digital system available that enhances the customer experience.
The bank’s core system, coupled with its internal systems and procedures, will impact customer service. Take opening accounts, for example. This should not be a cumbersome process for the customer, or the bank employee, where it takes a half hour to open an account. We know of several banks where opening an account is so laborious that branch staff suggest customers or prospective customers set up appointments to do so.
A core system should also be evaluated on the ease of use and intuitiveness of back office, loan, and sales functions as well. Can it support ancillary systems, such as mortgage and loan origination? Does it incorporate the latest compliance and security measures?
With fewer customers coming into the bank, online banking needs to be easy to use. At one bank, the online banking system is so complicated, that branch staff hesitate to bring it up as an option to customers, for fear that the customer will ask for a demonstration by the employees, who will likely struggle with it!
Other internal systems, such as General Ledger, should be reviewed periodically for ways to streamline them.
A bank should also update its policies and procedures, and have them readily accessible for customer-facing employees. As previously noted, procedures using the Playscript format are easier to write and follow, as opposed to ones written as a lengthy paragraph narrative.
At Blunder Bank, the same core system has been used for decades. The system is outdated and difficult to use. Customer-facing employees even develop their own “work around” so that customers are not inconvenienced by it.
At Better Bank, senior management asks, “How can this enhance the customer experience?” when designing, revamping, or purchasing systems. The bank ensures that employees receive timely training on their systems and maintain up-to-date, easy-to-follow documentation.
When working with an employee who is struggling to use a new system, which can impede service to your customers, remember that everyone has their own learning style. It may be that the struggling employee is a visual learner, and needs to spend more time navigating the system to better comprehend it.
Question for Reflection
- Do your employees receive timely training on your internal systems?
- Is there up-to-date documentation for all of your systems?
- Does your core processing system enhance or impede the customer experience?
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