The Importance of Customer Feedback in the Open Banking Revolution

by Joseph Walent 0

Bank building

 The article outlines the coming shift in the U.K. banking sector to greater emphasize customer centrism with lessons that will hold true for the U.S. population of Financial Institutions. U.S. Banks and Credit Unions will be experiencing a similar, albeit less dramatic change in the current of public expectations, with the effects of social media alerting and empowering consumers to expect more in terms of services and flexibility from financial institutions.

If a financial institution, however lean and lightweight, can provide a review platform for its consumers in which they leave their comments and it responds, perhaps with the aid of some degree of automation, then the advantages become obvious. Consumers will contribute if they are responded to (if only with a ‘thank you’ for a positive review) and if they know that all the other contributors are genuine. That level of trust can only come from knowing that a reputable third-party organisation has verified that all contributors are customers. It is also important for customers to feel valued and to know that what they contribute is read or heard.

While government regulation is taking more of a sideline role to market pressure as the engine for change and adoption of customer centrism in the U.S. when compared to the drivers discussed in the article subject market of the U.K., the truth still holds: Consumers will be voting with their feet. Financial Institutions globally are coming to understand that how best they may accommodate the emotional aspects of banking, and adjust their capabilities accordingly.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

Read the full story here 

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