Financial Brand Insights: It’s Time to Obsess About Eliminating Customer Friction

Simplifying your customer’s ability to conduct business with your institution requires a reconsideration of how you make your bank relevant to their needs.

The global pandemic we’re all living through has forced businesses to rethink how they engage with their customers in a socially distanced, safe, and largely virtual manner. Restaurants have re-thought delivery and take-out options (my favorite Mexican place now delivers margaritas in our neighborhood), retail stores have designed better and better curbside pickup, and City Hall now allows me to order birth certificates online. Pick any industry and think for a moment about the steps key companies in that sector have taken to make it easy for you to do business with them. Of course, banks and credit unions, as essential businesses throughout this pandemic, have been at the forefront of re-thinking their customer journeys.

Now is perhaps the perfect time to be redefining and evolving your operations to be more relevant and attuned to your customers’ needs. While Covid-19 has forced customer engagement to move online, I firmly believe that post-Covid, the majority of customers will continue to engage digitally with their financial institution. The pandemic just accelerated a long-term trend.

This article was originally featured in the Winter 2020 magazine edition of The Financial Brand Insights.