5 process tips to avoid “What have you done for me lately?” syndrome

Janet Jackson

On my way to work a few weeks ago, I heard the news that Janet Jackson gave birth to a baby boy. At the age of 50, this well-known popstar, from one of music’s most iconic families, is a first-time mother.

The initial thought that came to my mind was, “How can Janet Jackson be 50 years old?!” After fanatically reassuring myself that I am not aging alongside Janet, I collected myself and began to think about all of my favorite Janet songs. As a child of the late ‘80s and ‘90s, at the top of my list are “Rhythm Nation,” “Black Cat,” “Miss You Much” and “What Have You Done for Me Lately?”

What have you done for me lately?

Ooh ooh ooh yeah

Yes, those are the lyrics. But if you haven’t heard it recently, give it a listen and I guarantee that song will get stuck in your head on repeat. You can thank me for that later!

What have you done for me lately?

These are words we somewhat kiddingly say to our sales team at the start of each fiscal year. No matter how great the successes of 2016 were, they are now in the past.

But are your customers and members singing the same tune as they walk through your doors or while logging into your online banking portal?

Let’s hope not. Because if you aren’t continuously trying to get better, they might start hearing it in their heads.

What have you done for me lately?

To make sure you stay ahead of expectations, here are five process improvements your bank or credit union can explore to create engaged customers and members to ensure they walk away humming a different tune:

1. Digital transformation

To remain competitive, your financial institution should be embarking on its digital transformation. This is not a “one and done” improvement. It is a journey. In fact, many experts recommend a multi-step approach, replacing disparate systems one at a time.

Most of your customers and members have internet-connected devices with them at all times for greater access to information. If you aren’t giving them that access, they might sing a different Janet song and say, “Hasta la vista, baby.”

2. Simplify the onboarding experience

Today’s new generation of banking customers expect superior service from day one. Banks and credit unions need to figure out how to appeal to a more demanding generation of customers with a fast, streamlined onboarding process.

By doing so, you immediately position yourself for a better for a positive consumer experience, differentiating your institution and building long-lasting loyalty.

3. Provide frontline support with instant access to customer information

Technology such as enterprise content management (ECM) and enterprise information platforms support today’s crucial customer and member-centric banking strategies. With electronic documents and information saved in a secure, central system, employees are able to access customer and member information, as well as documents, directly through your core banking system or other line-of-business interfaces without having to switch screens or applications.

That means they can answer customer and member inquiries empowered with information via a simple mouse-click. Instead of interrupting the conversation to go look for information, representatives keep that line of dialogue moving forward.

4. Make better use of big data and fraud prevention tools

Fast fraud detection is essential to minimizing losses. The faster your institution detects fraud, the faster it can restrict account activity.

Quick fraud detection and resolution is also important for maintaining your customer and member relationships. After all, the entire relationship is based on trust.

5. Mature electronic signature usage

As digitization efforts mature, banks and credit unions should be implementing and growing electronic signature usage beyond early applications. Look for new ways to extend the ROI of electronic signatures throughout your bank or credit union for better customer and member experiences and a competitive advantage.

By embracing these tips, your customers and members definitely won’t be asking, “What have you done for me lately?”

This blog post was originally published on CUInsight.com.

Michelle has expertise in the financial services industry and has been a contributor to the Hyland blog.
Michelle Harbinak Shapiro

Michelle Harbinak Shapiro

Michelle has expertise in the financial services industry and has been a contributor to the Hyland blog.

... read more about: Michelle Harbinak Shapiro