What Banks Must Do Now to Rebuild Customer Loyalty
With the release of the final report from the Hayne Royal Commission, here’s just a quick insight about what I feel the banks must now do and a lesson that many organisations can learn from.
The Banking Royal Commission final report has starkly exposed how banks treated their customers with complete indifference.
A move to greater transparency of fees, lending criteria and independence, as well as the ease to move between institutions, will bring our financial institutions into the “real world” of needing to provide a complete customer experience. One where customers can be truly engaged in the relationship, enjoying a position of #TrueLoyalty.
With a sales culture that has resulted in some appalling customer treatment and outcomes, to rebuild this loyalty they must now:
- Show that they know and truly understand their customers
- Kill the indifference, by showing that they care about their customers
If they continue to show indifference, customers will simply move.