Why should banking be so dull and difficult?
19 October 2016
Following the successful Banking Horizon 2016 conference yesterday, we reflect on the stand out presentation by Petra Mengelt, Head of Customer Experience at Jolt Bank! Much to the crowd–s delight she gave an exuberant presentation on Innovative Customer Lifecycle Management focusing particularly on how best to retain customers and build customer loyalty. She has been crucial to Jolt Bank–s efforts in building an effective CLM process, essential to enabling significant business growth and profitability.
As the digital age entrenches itself further into society, banks have to evolve to meet changing customer needs in order to be successful. Customers are now far less likely to visit a bank branch and there is a real demand for instant access to banking at any time of the day. "Forget 24/7, digital means being available 25/8" and with 90% of millennials being online daily, an omni-channel platform with world class service is ever more important. "I would give $100m for someone to give me an effective omni-channel platform" stated Petra, demonstrating the difficulty and value of such a platform. Providing customers with reliable, easily accessible and secure banking is crucial for ensuring good customer experience. Petra also highlighted that the customer experience should be incredibly immersive and personalised whilst providing value to clients.
A unique way in which Jolt Bank ensures good customer experience is to fully utilise customer feedback. Customers are also thanked for any feedback with a bar of chocolate being delivered to them - a relatively cheap and easy procedure for Jolt, but a gesture that a customer will really appreciate. Actions such as this certainly make banking seem less "dull!" Petra also explained how seriously customer feedback is taken at Jolt with C-Levels regularly taking customer calls to understand their problems first-hand. This ensures that the bank–s growth happens in tune with customer demands.
An interactive and fun customer experience makes customers far more likely to recommend products and services to friends and family. It also ensures that customers stay loyal. Customer retention is absolutely key to growth as it is far less expensive than acquiring new customers. "Increasing customer retention 5% increases profits by 25% - 95%" . Jolt Bank has demonstrated this vision with a great balance between being digital and being personable and we look forward to following their development in the future. Kittos Petra!