Banks and financial institutions have a unique and special problem when it comes to gaining customer insights. The problem is they tend to use their weapon of choice “spreadsheets”, in other words they look at customer insights as a data gathering and aggregation activity. The truth of the matter is data analytics and CRM methods are only partially useful in gaining insights about consumer behaviors. In a market universe that can best be described as disruptive and hyper-competitive banks and financial institutions need to leverage more humanistic approaches to gaining real-world insights about customers hates and loves so that they can invent exceptional customer experiences across each touch point. I recommend that organizations look at their customer journey across five basic touch points that include the pre-touch, the first touch, the court touch, the last touch and the in touch moments.

By dissecting the customer’s journey into five manageable chunks organizations can leverage Contact Point Innovation (CPI) where they observed both digitally and non-digitally how customers engage their services and then follow that insight with ideation sessions that invent improved experiences. Organizations also need to do a far better job of identifying their “Customers Personas” so as to deliver “Persona Specific” human experiences. Lastly, organizations need to make the digital transformation that includes blending both physical and digital experiences in a way that delivers exceptional experiences every time. My final word of wisdom to banking and finance, you can only get so far with CRM and data analytics. If you want to lead your market you need to look at the human component of human customer experiences. Banking and financial institutes desperately need to go beyond the customer’s “Baseline Level of Expectation” (BLE) if they want to to leave their market and future proof their organization.

Nicholas J. Webb is a World-Renowned Business Thought Leader, Best-Selling Author and Keynote Speaker. He is a partner at Cravv a consulting firm that provides Customer Experience (CX) consulting. His upcoming book What Customers Crave is available at bookstores worldwide for preorder.