How can empathy and understanding translate into banking? In about 600 ways, according to M&T Bank's Aarthi Murali.
Murali was named as the $150 billion-asset bank's first-ever chief customer experience officer in February 2020. Her job largely revolves around emphasizing "empathy-based, human-to-human engagement," and stressing that "every human is different," she said.
As part of this role, Murali identified "600 pain points, not just for our customers but our employees." She has since been working to resolve these issues to make the experience of banking with and working for M&T more enjoyable.
For example, one change involved making accounts that the bank deemed dormant completely digital, a move that added efficiency for the bank. But there was also a concern that this could confuse customers who were used to receiving mail from the bank.
To combat this, Murali said that her team made sure they explained the move to each customer affected by the change through calls and emails. Additionally, M&T explained, there is now a self-service activation button where a customer can rectify their account status.
Another change was working with business customers to expedite when they can start accepting credit card payments, a process that previously took an average of three to four days, and now takes less than one day.
M&T has also cut wire transferring process times from half an hour to mere minutes under Murali's leadership.
And the Buffalo, New York-based bank expanded options for its mortgage customers. Last year, Murali worked to ensure that M&T implemented its first interactive voice response system where artificial intelligence can answer basic questions from potential home buyers. That means customers don't always have to be placed on hold waiting for assistance.
Murali has juggled all of these changes through the pandemic. To ensure employees have a voice in these ongoing projects, Murali holds virtual meetings each Thursday. It's a chance for staff members to hear about customer challenges from colleagues and brainstorm ways to respond.
"We talk about how we could make the experience better," she said. "It is one of the cultural changes we are undertaking."
Murali is a "global citizen," having lived in Jordan, the United Arab Emirates and India. Banking is not always supportive for women, Murali said, especially immigrants who may lack someone else to temporarily care for a sick family member. She has seen progress for female bankers during her two decades in the industry, especially at the company vice president level. But she would like to see more women in the C-suite
"I think the challenge is having the mental agility to do it all and balance it all," she said. "You have to be really creative."
