Customer experience (CX) is everything, say the analysts. However, my recent discussions with leaders in the banking industry reveal a different truth. Given the choice between fraud prevention and CX, many would still prioritize fraud prevention.
I understand The UK government has recently committed to crack down on dirty money and fraud, and banks are at the forefront of this. The wrath of regulators or the fines for non-compliance could reach hundreds of millions of dollars are more immediate and financially obvious than poor customer reviews.
However, I don’t think banks have to, or can afford to, choose between the two.
Fraud prevention alone is not enough
The long-term reward for great CX is invaluable. Each and every customer experience builds customer loyalty. Such loyalty is worth pursuing: 40% of UK banking customers say they’ve stayed with their bank for over twenty years. Fraud prevention will need to become part and parcel with excellent customer experience to achieve loyalty for the next twenty.
Key decision-makers in banks are asking how this integration can be done. Below, I highlight three lessons we’ve seen by our own banking customers who have achieved success.
lesson 1: Security can be weaved into excellent customer experiences.
lesson 2: Meet the customer on their terms.
lesson 3: Give the customer a chance to prove they are trusted.
Going forward, I explore three key touchpoints where fraud prevention can be weaved seamlessly into an excellent experience. And securing customer loyalty starts on Day One.
Touchpoint 1: Modernize the onboarding process for modern lives