“To compete in product or price it is nonsense in the current context; you can only compete in the wow of your customer”

Madrid, September 21, 2011.- “Very often a good result in the customer satisfaction index is confused with their comprehensive experience with the entity, and that is a gross mistake. Just thinking that a customer is satisfied, profitable and there´s no risk of loosing them can lead the company to loose direction”, according to Oriol Ros, marketing manager of Latinia. “In the light of a highly convergent offer, finding a space for the innovation of products is quite difficult nowadays. The only differentiating factor among financial institutions is that of improving the experience of its customers, not customer satisfaction indexes, given that these normally respond to very vague episodes, not to an extended service relationship”, continued Ros.

“Customer experience is built through and based upon all the points of contact, of all the interactions that the financial institution has and adds with its customer, direct or indirectly, and is measured upon three variables; products purchased, channel use, and life cycle with the financial institution, which is basically our track record with them. Of all these, the good use given to the channels, especially the remote ones, represents an excellent way of providing a better experience of and to the customer, given that this is where a greater margin exists for generating that wow, in order to exceed expectations that the customer has not usually projected”, remarked the person in charge of marketing for Latinia.

“The banks that seek to correspond or exceed the expectations of their customers should understand the importance of managing direct channels with excellence, of the coherence, integration and synchrony of its contents with the remaining channels. By centering on customer satisfaction and not on their experience can result in the loss of business focus for an entity, causing it to believe that it has a competitive advantage that is neither real nor sustainable, creating an ambiguous perception of capacity to retain customer loyalty when that is not actually the case”, according to Ros.

“The idea that we live in a fully multi-product and multichannel environment has generated a false belief in market feasibility where ‘everything is offered to everyone at any moment’, when that is something that makes no sense, given that we already have tools that enable us to transfer ‘the appropriate content to the adequate person, at the exact moment, and in the correct context”, finalized Ros.

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