How to Fix the CX Gap in Banking
In a ServiceNow study of more than 34,000 people, half of customers named a lack of empathy as their top service frustration, while only 23% of executives identified it.
ServiceNow surveyed more than 34,000 customers, service reps and executives across eight industries, with banking and financial services among the largest groups of executives. On every customer frustration the study compared, executives came in lower than customers. The widest gap was unclear explanations of processes and policies, which in a bank or credit union means fee notices, disclosures, and letters that leadership teams write and approve. Meanwhile, reps spend less than half their time on customers and juggle three to five systems to solve one problem.
Jim Marous argues that distance keeps this gap open. He shares what happened when he asked a large credit union’s board and senior leaders who had spent time on the front line in the past year why his own management trainee rotation taught procedures rather than customers, and how Delta resolved his complaint without a handoff. Marbue Brown, who led customer experience for Chase’s consumer bank, adds the banking version: broad employee authority within compliance.
The episode closes with five practical steps for bank and credit union leaders: hear customers before approving a fee notice or letter, spend a day each quarter in a branch, the contact center or a back office area with a change to own, trace one recurring problem through every handoff with AI carrying the context, give employees the authority and training to resolve issues on first contact, and look for needs customers never bring to you.
Banking Transformed explores the changes reshaping banks and credit unions, with practical insight for the leaders responsible for what comes next. Hosted by Jim Marous. Subscribe to Banking Transformed for new episodes multiple times each week.
