Unique in ....Consumer Experience Starbucks Corporation
By Richard Whiddon
How do you bring the Starbucks "touchnology" to your front line delivery channel?
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Every Consumer is Unique - |
So, what is Touchnology? Touchnology term was coined by Starbucks chairman Howard Schultz. For Starbucks, high-touching its business is about empowering and trusting store partners to be real,to be unique, and by all means - to be human. Starbucks does not give partners a detailed script that instructs them what to say and how to act with consumers. Developing a loyal consumer base at Starbucks is not overly complicated. As Howard Schultz says, it’s nothing more than greeting consumers in a friendly manner and making a drink exactly to their desires.
Starbucks views each consumer interaction as a high-touch experience. From the way consumers are greeted by a barista to the way their hand-crafted espresso beverage is ordered, prepared, and enjoyed, each consumer's experience at Starbucks is individually consumer-ized through high-touch means
Seriously, that's the blueprint for how Starbucks has cultivated a fanatically loyal consumer base where 20% of its consumers visit more than 8 times per month and 80% of all their coffee purchases are made at Starbucks.
Touchnology in action at your branch
Delivering great consumer experiences through touchology requires institutions trust its front line representatives to be themselves when connecting on a personal level with consumers. However, as we have surveyed front line reps, they desire better technology tools to move to the Touchnology process so they can develop warm personalable relationships. One of the challenges is streamlining the account opening workflow so the branch front line rep is driving relationships, asking better questions, which is available today from uMonitor's Account Application solution.
Benefits at a Glance for Your Consumers:
- Existing consumers get express service
- Existing consumers get personalized service
- New consumer has unique Touchnology experience at your institution vs. the other institution
- Consumers are made aware of all products and eServices
- Consumer know the easy steps to switch Direct Deposit account
Benefits at a Glance for Your Front Line Representatives:
- Spends less time processing applications
- Spends more time developing relationship with new consumers
- Specializes in personalized treatment with existing consumer
- No more processing after the consumer leaves - experience is real time
Benefits to Your Back Office
- Cut out huge processing cost for application file management
- Cut out huge storage cost with application filing
- Clear Reporting and Results like product campaigns and branch performance
- Ability to reopen an application for second chance review
- Audit Compliance Tracking automated
- Better application storage
Workflow Automation meets Touchnology
Integration: Automation of the following backend processes with the new account opening service results in better consumer experience:
- Eligibility verification
- ID verification - Positive ID cross check with OFAC, Patriot ACT Compliance, Debit Fraud
- ID authentication - Consumer proves ownership of their personal ID
- Risk management - Better Credit Risk alignment with each consumer
- Disclosures dynamic to consumers application
- Cross sell tied to consumer loan products, deposit products, eServices and direct deposit switch
- Consumer loan products - real-time decisioning on all the products you offer
- Account record and Account number setup in core system real-time
- Funding options include ACH, credit card, existing consumer account or cash
- Switch process at the end of the application process to convert consumer's direct deposit and/or close the other financial account relationship.
- Electronic Signature Pad to eliminate paper filing
- Optical imaging to scan in consumer's driver license or passport ID
Are you ready to adopt Touchnology for your front line to improve consumer relationships and better account acquisitions?
Sign up for a free consultation of your current account opening workflow and view our Branch and Online New Account and Fund demo and you will be entered into our $10 Starbucks gift card give away. There will be 50 individuals awarded the Starbucks gift card. Drawing will be complete on September 29, 2006.
