Even in today’s quick-fix world motivated by technology advancements, many bank customers still seek out old-fashioned customer service. Indeed, more than half of consumers prefer to interact with their bank in person, according to a report from TimeTrade.
When it comes to millennials, TimeTrade’s research surveys show they highly value personalized service when making almost every type of purchase. Businesses that will enjoy the greatest success serving millennials will be those willing to go the extra mile and provide “We’ve been expecting you” service to every customer, every time.
A TimeTrade report found that while 69 percent of retailers say they are delivering an individualized shopping experience to customers all of the time, only 26 percent of consumers agree that the retailers are successfully providing a consistent experience across all channels.
Technology has changed the face of retail. It has affected how consumers shop and interact with brands. Yet, even though ecommerce is growing, a TimeTrade survey revealed that 85% of U.S. consumers say they still prefer to buy from physical stores even if the same products are available online.
Using technology from TimeTrade, Sephora allows consumers to register for a makeover or class, and share more details around their personal preferences, situations and goals. With this insight, the store manager can see which customers are coming in, what they're hoping to achieve and, moreover, match the right associate with the customer.
When $1.3 billion asset Arizona Federal Credit Union in Phoenix wanted to deliver personalized member services and improve its in-branch efficiency, it selected a software-as-a-service (SaaS) solution for appointment-driven personalization. TimeTrade will enable Arizona Federal members to book in-branch, online, and phone appointments or join the queue though multiple channels.
Credit union members desire more personalization and in-person interaction at the branch than bank customers do, according to The 2016 Credit Union Consumer Survey, which was conducted by TimeTrade. The survey also found credit unions do a good job of delivering personalized service, as 85% of respondents reported having a personalized experience with their institution.
As the retail market continues to experience digital-physical convergence, millennials — despite growing up in an increasingly technology-driven era — want personalized service for key transactions and buying situations. This presents an opportunity for retailers to invest in strategies to convert millennial browsers into shoppers.