October 2013 Issue

The 'Real-Time Data Analytics Newsletter' from CustomerXPs is your monthly insight on how Real-Time Data Analytics is re-shaping the customer experience 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.


Cisco Customer Experience Report 2013


Recently, Cisco conducted a research based on customer experience in retail banking. The global report examined consumers' desire for a banking experience that is more personalized to help simplify the management of their finances over multiple channels, including online, mobile phones, telephones, video conferencing and bank branches. Key highlights of the research are as follows:-

More and more consumers desire real-time personalization:-

While 54% of consumers globally would like to receive real-time notifications that assisted them with financial or purchase decisions, 59% of consumers are comfortable receiving financial recommendations or advice based on location data from their mobile phone. In US, only 46% of U.S. consumers felt their bank had enough information to offer them personal services, while 58% of U.S. bankers felt they had enough personal information on their customers.

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Majority of Global Consumers are virtually connected to their bank:-

Globally 7 in 10 consumers and 92% of bankers are comfortable communicating using virtual technology. While 57% of global consumers are comfortable getting/closing a loan over virtual communications, 60% are comfortable opening an account with a bank online.

46% of U.S. consumers would open an account with a bank that is completely virtual if it offered the best secure services - with French consumers least likely to meet virtually with only 44% and Chinese consumers are most likely at 91%.

Increasing consumer's willingness to share private information with banks:-

Globally 61% of consumers would want to share biometric data with banks for security purposes. While Japanese consumers are least likely to share with only 33%, Chinese consumers are most likely to share biometric data with 94%.

60% of U.S. consumers would provide additional personal information in order to receive greater simplicity in managing their finances.

72% of consumers in Russia and Germany were unwilling to have their bank share personal information. In case of US, 57% of consumers do not want their bank to share their personal information outside the bank, even if it improves quality of service in other areas.

Summarizing the research:-

Customerxps_Bullet Consumers desire pervasive access to banking services

Customerxps_Bullet Consumers are willing to exchange private information for more personalized services

Customerxps_Bullet Virtual channels are expanding beyond transactions to high-touch interactions

Customerxps_Bullet Future banking services will combine advanced technology and high-touch-points across all delivery channels

Source : Cisco

Customer Analytics is Key to Growth in Banking


A recent report from Celent indicates that now is the time for banks to leverage the advances in processing, memory, database design and analytic methods to improve performance and reduce costs. While the Celent analyst notes that some institutions are already on the path of using advanced analytics for decisioning and optimization, other organizations have only limited experience.

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Barclays seeks voice of customer for rebuilding efforts


Barclays is stepping up efforts to repair its tarnished reputation among consumers by looking to hire its first director of customer experience to lead a new team briefed to deliver a "step change in customer satisfaction". The recruit will be tasked with ensuring the "voice of the customer is heard" in the bank, according to a spokeswoman and will work across Barclays UK retail and business banking (RBB) divisions to achieve customer service targets. The appointment is part of chief executive ...

Simplification leads to better customer experience


If unhappy customers are indeed the greatest source of learning, then the banking sector is sitting on a gold mine. Since 2011, the proportion of customers planning to switch banks has risen from 7% to 12%. Only 37 % are satisfied with their banks' understanding of their needs and preferences and only 44% think that products and services are adapted to their needs. A majority is just not thrilled with their banking experience.

Funnel analytics provides data about customer flow through ...

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