January 2015 Issue

The 'Customer Experience Management Newsletter' from CustomerXPs is your monthly insight on how customer experience is re-shaping the banking business domain.

This would keep you abreast of all the latest trends in Customer Experience Management space and help you leverage your customer experience efforts to the maximum.

Top Retail Banking Trends and Predictions for 2015

This year’s list includes advancement on some of the trends seen in previous years, with new trends and predictions in the areas of digital delivery, mobile, customer experience, payments, innovation, operations, security and product design. Two of the most omnipresent trends evident in this year’s predictions were the heightened use of customer insight for the delivery of services and an enhanced customer experience, and the continued development of digital channels and associated digital services.

Using Customer Analytics to Drive Contextual Experiences:
According to Capgemini’s 2014 World Retail Banking Report, less than 40% of customers globally reported positive customer experiences with their financial institution. In 2015, banks will leverage richer analytics-driven insights to enable a more personalized approach to targeting and engaging with consumers. More than just a way to improve customer communication, advanced customer analytics will assist throughout the organization by Increasing customer expectations – as well as consumers’ ongoing ‘disregard’ for the limitations of existing (and outdated) banking silos – will force retail banking organizations to provide employees with contextual data for smarter consumer engagement.

Expedited Deployment of Digital Delivery:
Forrester Research predicts the use of online video for both sales and service will increase significantly in 2015. They also believe next year will see banks and credit unions experiment more with other uses for video, such as video tellers in branches and using video banking to provide a human touch via remote touchpoints. The desire for an improved customer experience will bring retail technology to bank branches which will enable branch personnel to quickly recognize the customer, predict the reason for the visit and perform outstanding customer service.

Mobile-First Design:
The banking industry is still well short on harnessing the power of mobile, beyond just a channel or technology. Many believe that 2015 will be the year when leading banks will use mobile design strategies as the foundation for all customer touchpoints, and when expansion of capabilities will provide digital differentiation.

Increasing Digital and Social Selling: 
Forrester predicts twice as many customers will research financial products on their smartphones and tablets in 2015 compared to 2014. The percentage of customers who apply for a financial product via mobile will also grow — though not by as much — as more banks support this option for mobile-savvy consumers.

Enhanced Customer Incentivization:
As banks continue to embrace digital, we will see many organizations begin to explore how to create customer value and interaction outside of core financial products, starting their journey towards being the center of a consumer’s financial life. In 2015, banks will be more actively testing relationship and customer-level pricing schemes, to use price as a lever to drive deeper relationships.

Source: The Financial Brand

ICICI Bank launches Contactless Debit, Credit cards

India's largest private sector lender ICICI Bank today said it had launched the country's first contactless debit and credit cards which enable its customers to make electronic payments by just waving the cards near the merchant terminal instead of dipping or swiping them.

 These cards are based on the Near Field Communication (NFC) technology, which provides customers the improved convenience of speed as these cards require ...

Retail banks turn to IT to drive revenue in 2015

Retail bank IT investment in 2015 will be focused squarely on driving revenue growth, according to new research from Ovum, the global analyst house. Digital channels will be at the heart of this activity, particularly as the improving economy has meant reducing costs and headcount is no longer a priority. The large majority of investment made in 2015 will be focused on progressing with an omni-channel experience for customers.

Regionally, ...

Touch-point Analysis: An approach to improve Customer Experience in Banks

Traditionally, it was believed that customer experience is the summation of all the customer’s interactions with a bank at various touch points, over time. But, few researchers like Steven Walden have observed that customer experience is the extraction of value from what the touch points mean to the customer i.e., some touch points weigh heavier in the experience than others. It is important to take the time to look at the bank’s own business practices ...

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