December 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.

Banks are unable to meet customer expectations: Research

A recent consumer research undertaken in South-East Asian & Middle East countries by SunGard has found that banks in some of the world’s fastest-growing emerging markets are still struggling to meet evolving customer expectations.  This is negatively impacting the customer experience and driving a trend towards multiple banking relationships, which could affect future profitability and agile growth.

Key findings of the research are:  

Trust does not guarantee loyalty

While over 75% of respondents in the Middle East and South-East Asia trust their bank, more than half of respondents felt that their bank did not understand their needs well. This is evident in the increasing trend towards multiple banking relationships, driven partly by growing demand for service personalization.   Banks are not seen as the primary financial adviser. Consumers in South-East Asia and the Middle East are almost twice as likely to turn to family for help in personal financial decision making – 37% of respondents claim to have little or no financial knowledge and only 17% of respondents in Malaysia said they are well-informed about financial products and services.   This presents banks with an opportunity to educate and advise their customers more to deliver an improved client service and drive agile growth for their business.

Multichannel experience

Technology is rapidly evolving, driving continuous change in the way that customers interact with their financial service providers. When asked to name one or more areas they would like to see their banks improve, 55% highlighted online banking and 45% mobile banking services.   This is another area of opportunity for banks, as 47% of respondents are currently not using mobile banking and could be targets for this increasingly popular banking feature. According to the report, more than a third of respondents in South-East Asia and the Middle East are currently dissatisfied with the consistency of service they receive across their bank’s different channels.   This provides a challenge to organizations to improve and standardize the customer experience across all platforms, both digital and traditional.

Multiple relationships

Convenience is the biggest driver of multi-bank relationships, with 65% of consumers citing this as the top factor for having more than one financial service provider; while 40% of consumers have relationships with three or more financial service providers.   Product range was the second highest factor driving multi-bank relationships, ranked by 44%. A view of the financial products used reveals significant opportunity for cross- and up-selling by banks.

Nearly 60% of respondents are willing to offer more personal information to receive customized products and services, while 25% regard service personalization as a driver to hold more than one banking relationship.

Source: Digital News Asia

Gartner Research: Big Data Investments on the rise

Big data investments in 2013 continue to rise, with 64 percent of organizations investing or planning to invest in big data technology compared with 58 percent in 2012, according to a survey by Gartner, Inc. However, less than eight percent of survey respondents have actually deployed.

The survey found that of the 64 percent of organizations investing or planning to invest in big data technology in 2013, 30 percent have already invested in big data technology, 19 percent plan to invest ...

Information Management has become vital for banks, says KPMG survey

To meet business priorities and market demand, banks have now shifted focus from Information Technology (IT) to Information Management (IM), indicates KPMG's Information Enabled Banking Survey.

The survey was conducted amongst top 10 private banks based out of South India to understand the current Information Management landscape of banking industry. According to the survey, Information Management is the ability of organizations to capture, manage, preserve, store and deliver the right ...

ICICI Bank’s Tab Banking initiative brings the bank to your home

The technology landscape is undergoing unprecedented changes and customers are embracing a range of technology options such as mobility, internet and social media at a rapid pace. What took the Internet 15 years to do, mobile only took 5 years. Financial services are no different. Taking cognizance of this massive trend, ICICI Bank developed a comprehensive mobile strategy to enhance customer experience and improve service availability.

One of the most significant initiatives under the ...

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