Years ago in a TV commercial for Wittnauer fine watches, a young woman approaches a jewelry counter and says, “I want a Wittnauer.” A dimwitted sales rep insists on showing her other items. She continues murmuring, “I want a Wittnauer.” He doesn’t catch on. Finally she shouts her request: “I want a Wittnauer!” Finally it sinks in, and the sales rep gets the sale… despite doing everything possible to undermine the experience by ignoring even the most obvious buying cues.
Are financial institutions listening any better to the voice of the consumer? Not really.
In a BAI webinar, “Trends In Marketing & Customer Acquisition,” serious questions were raised about banking providers’ ability to give consumers what they want, how they want it, when they want it.
Understanding (and Addressing) Consumers’ Pain Points
BAI research among financial institutions conducted concurrently with a separate consumer study revealed a major misalignment between the two groups. When asked how their primary financial institution could improve their customer experience, consumers most often requested a better omnichannel experience.