November 2014 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.

Banks Investing to Provide Omni channel Experience

Channel innovation remains the key focus of financial institutions worldwide, with the desire to provide a positive user experience across online, mobile and branch channels being of greatest importance. This was revealed in the ‘Innovation in Retail Banking Study’ published by Efma and Infosys, where 89 percent of banks surveyed said that they were increasing their investment in this category. This was also where financial institutions believed their innovation performance was improving.

When asked which cross-channel capabilities would most improve the consumer value proposition, the importance of having a consistent user experience across channels was viewed as the most important, with 80% of the banks rating the importance as ‘high’ or ‘very high,’ according to the study. It is not surprising that self-service functionality is the second most important cross-channel capability given the trend toward greater use of online and mobile banking by consumers. What shouldn’t be ignored is the trend towards greater self-service functionality in branches as well.

Finally, the combination of actionable big data insight and more accessible analytical tools is providing banks the opportunity to personalize offers and customer experiences across channels.

Mobile Innovations- According to the study, the primary areas for mobile innovation will be in the categories of payments, multi-device applications and improved personalization of apps and offerings.

Online Innovations- The most important innovations banks want to invest in for the online channels are improved online account origination processes and the ability to deliver personalized offers. These capabilities were followed closely by innovations related to digital money management and interactive comparison tools.

Branch Innovations- The innovations which banks identified as the most important were both branch support tools for advisers based in branches – analytics led cross-sell suggestions and financial planning tools.

The development of strategies to integrate disparate digital and physical channels into a single, seamless experience has to be a priority. By analyzing the activity and preferences of the consumer segments, organizations can tailor offerings to address the priorities of each individual consumer.

Source: The Financial Brand

Citibank and SBI experimenting human-less digital banking experience

An SBI branch at an upscale mall is not the only thing that is surprising. For all appearances the branch is more of a gallery or retail outlet — no tellers, no withdrawal forms or deposit slips. Instead, there are swank interiors, impressive looking gadgets, a space for hosting events, tablets and kiosks for banking functions, and no staff in sight. "There are no human beings. And if you need to talk to someone, they are probably on the screen," says SK Mishra, ...

Mashreq Qatar offers ‘most rewarding’ banking experience

Driven by a customer-centric policy, Mashreq Qatar continues to provide its customers in the country with the “most rewarding” banking experience, the lender said.

Mashreq Qatar said it became the “first bank in Qatar” to offer Salaam reward points, which offers a loyalty program based on the customer’s entire banking relationship, not only credit card purchases. Customers earn reward points when they ...

Banking Customer Experience in Nigeria

Customer experience in banks has seen a downward trend in Nigeria since 2012. The reason is increasing fraud prevailing in the industry. The loss caused by fraudulent activities has accrued to 19.06 billion Naira in 2012 from 1.65 billion Naira in 2000. With the increasing fraudulent activities via ATMs and emails, banks are considering precautionary steps to combat the malpractices. While stringent actions are being taken to prevent fraud, customer experience is also ...

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