Sarah is just another Millennial moving through life on a hoverboard with a tablet in one hand and a fidget spinner in another. When Sarah wakes up in the morning, before she opens her eyes, her hand reaches out for her smartphone. She checks her phone and is greeted by myriads of notifications – fifteen unread e-mails, seven facebook notifications, two LinkedIn connection requests, a notification for a 40% Sale on the new collection of her favorite brand, and a reminder for a meeting she has later in the day.
Naturally, Sarah decides to open the most important notification on priority. Therefore, she opens the 40% Sale notification. Sarah views the collection and in a display of tremendous self-control, selects 9 dresses, 3 pairs of shoes and two crossbody bags and proceeds to place the order. Her shipping address and personal details get auto-populated along with her credit card details, which she had saved on the app during her previous transactions. She places the order and proceeds to attend to her daily chores.
That is when she remembers that she needed a retail mortgage loan. She opens her phone once again and compares the various options available to her online but isn’t quite convinced by any of them. She then opens the website of the bank with which she holds an account but is unable to find an online loan application form. However, what she does manage to find is the email address of the help-desk. She drops an email and waits for the response.
A day passes followed by another and Sarah gets no response. She posts her concern on the social media page of her Bank but to no avail. She calls the customer care center of her Bank but is asked to visit the bank branch, after being routed to several representatives. Her patience wears thin. Sarah’s bank’s disconnect with technology turns into a disconnect with her. A digital interaction is a bare minimum that she expected from her Bank, but her bank failed to provide even that. Sarah, despite her best efforts, is left with no option but to switch to another bank.
Retail Lending woes- The Digital Disconnect
“When problems occur,(customer) satisfaction declines by 128 points, and intended attrition increases by 18 percentage points.”- Managing Customer Attrition, J.D. Power Insights*
Sarah’s Bank is unable to connect with her digitally. The Bank has some of the most futuristic loan offerings in the market but its mode of operation is ancient. Watch this video to find out
- How Sarah’s Bank bridged the digital divide between Sarah and itself
- How Sarah’s Bank took on the retail lending challenge and disbursed her loan in 30 minutes
- Which Secret Ingredient made getting a loan a ‘Cakewalk’ for Sarah
- How Sarah transitioned from a Customer to an Advocate of her Bank