Kinesis CEM, LLC

The Human Element: Sales and Service, Bank’s Last Link in the Marketing Chain

https://blog.kinesis-cem.com/2015/03/31/the-human-element-sales-and-service-banks-last-link-in-the-marketing-chain/

Eric Larse is co-founder of Seattle-based Kinesis, which helps companies plan and execute their customer experience strategies. Mr. Larse can be reached at elarse@kinesis-cem.com.

http://www.kinesis-cem.comhttp://www.kinesis-cem.com/bank_customer_experience.shtml

kinesis-cem.com 206.285.2900 info@kinesis-cem.com

The Human Element: Sales and Service, Bank’s Last Link

in the Marketing Chain

What if I told you that after all your efforts with marketing (product,

positioning and price), there is a one-in-ten chance the branch representatives will undermine the sale?

The Human Element

10% of in-branch sales presentations observed

by mystery shoppers result in negative purchase intent.

Our Research

What do these failed sales

presentations look like?

10%

Here are some quotes describing the experience:

10%

“There was no personal attention. The banker did not seem to care if I was

there or not. At the teller line, there was only one teller

that seemed to care that there were several people

waiting. No one moved with a sense of urgency. There

was no communication materials provided.”

Quote:

“It was painfully obvious that the

banker was lacking basic knowledge of the

accounts.”

Quote:

“Brian did not give the impression that he wanted my business. He did not stand up and shake my hand when I

went over to his desk. He very rarely made eye contact. I felt like he was

just going through the motions. He did not ask for my name or address me by my name. He told me about checking account products but failed to inquire about my situation or determine what

needs I have or might have in the future. He did not wrap up the recommendation by going over everything nor did he ask for my

business. He did not thank me for coming in.”

Quote:

In contrast, what do shops with positive intent

look like:

Positive Purchase Intent

“The appearance of the bank was comfortable and very busy in a good way. The customers

were getting tended to and the associates had the customers’

best interests in mind. The response time was amazing

and I felt as if the associate was sincere about wanting me as a

customer, but he was not pushy or demanding about it.”

Quote

…after all the effort and expense of a strategic

cross-sell strategy, which of the above experiences do you

want your customers to encounter?

Now…

Time and time again, in study after study,

we consistently observe that purchase intent is driven by two

dimensions of the customer experience:

reliability and empathy.

Reliability&

Empathy

Customers want bankers who care about them and their needs and

have the ability to satisfy those needs.

Reliability&

Empathy

our research suggests the

following behaviors are

strongly related to purchase intent:

Specifically,

Friendly/Smile/

Courteous

Purchase Intent

Behaviors

Greeting/ Stand to Greet/

Acknowledge Wait

Purchase Intent

Behaviors

Interest in Helping/Offer Assistance

Purchase Intent

Behaviors

Discuss Benefits/Solutions

Purchase Intent

Behaviors

Promised Services Get

Done

Purchase Intent

Behaviors

AccuracyPurchase

Intent Behaviors

ProfessionalismPurchase

Intent Behaviors

Express Appreciation/

Gracious

Purchase Intent

Behaviors

Personalized Comment (such as, How are you?)

Purchase Intent

Behaviors

Listen Attentively/Undivided Attention

Purchase Intent

Behaviors

It is Incumbent

on the institution to install appropriate:

Customer Experience Training…

on the institution to install appropriate

Sales and Service Monitoring…

It is Incumbent

It is Incumbent

on the institution to install appropriate

Incentives…

It is Incumbent

on the institution to install appropriate

Rewards Structures...

It is Incumbent

…to motivate sales and service behaviors which drive purchase

intent