February 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.

Global Digital Banking Trends in 2015

The 2015 Digital Banking Trends and Predictions Report examines the macro trends that the banking industry should be watching in the coming year.

The top digital trends covered in the Digital Banking Report (in no particular order) include:

Increased Use of Customer Analytics- Our crowdsourcing panel overwhelmingly agreed that understanding customers/members is the foundation to a sustainable competitive advantage in banking.

Expedited Deployment of Digital Delivery- Digital banking is more than getting consumers to use online or mobile banking or building a new app – it is a way to run an entire organization. In 2015, digital technology will touch product development, distribution, front and back office operations, marketing communication and the entire customer experience.

Focus on Mobile-First Design- It will be harder than ever to meet the increasing demands of the mobile banking consumer in 2015. As opposed to accepting mobile versions of online banking applications, the digital consumer wants the simplicity, contextuality, time savings and entertainment value offered by Amazon, Uber, Waze and their favorite retailer’s mobile app.

Increased Digital Selling- The process of establishing a new banking relationship is changing, with consumers using multiple channels to research and open new accounts. The financial services industry has not kept pace, using old school methods to reach shoppers and customers. Understanding the the needs of consumers and the new path-to-purchase will be the key to success in the coming year.

Enhanced Customer Incentivization- In a constantly connected, mobile world where everything is at our fingertips, consumers have a new expectation of wanting things quickly, easily and in the moment. This expectation will challenge banking to look for new opportunities to engage consumers. Instant “on-the-go” rewards will be an approach that will combine the benefits of points, merchant-funded rewards and geo-locational in-store incentives.

Investment in Innovation- To respond to increasing demands from consumers and to combat the threat from financial industry entrants such as Google, Apple, Facebook and hundreds of smaller firms, more financial institutions than ever will continue to increase their investment in innovation in 2015.

Source: The Financial Brand

ICICI Bank Launches banking services on Twitter

ICICI Bank, India’s largest private sector bank, on Monday announced the launch of banking services on Twitter, the first of its kind service, in India.

Christened ‘icicibankpay’, it enables ICICI Bank customers to transfer money to anyone in the country who has a Twitter account, check account balance, view last three transactions and recharge prepaid mobile “in a completely secure manner”.

“This will help our customers to execute banking transactions while they are ...

4 Essential Strategies for Branch Banking Survival

The future of bank branches can be debated ad nauseum. There is no debate, however, that branches that are fiscal under-performers need to be either consolidated or closed down altogether. For a branch to survive, it must be located correctly and use all available space for transaction support, enhancing brand awareness and improving sales.

While there is no ‘perfect formula’ for branch design in banking, a renowned branch design-build ...

Banking Customer Experience in Middle East

The growing importance of customer experience has taken over the banking industry by storm. A recent report published by E&Y details out latest trends in customer experience from around the globe and suggests that banks should aggressively leverage valuable insights from customer behavior to effectively chart out their customer experience strategy.

The infographic below throws light on banking customer experience in Middle East ...

Related Blogs and Posts

Subscribe to Our Monthly Newsletter

Want insights on banking customer experience delivered right into your mailbox? Subscribe for our monthly issues here.

Subscribe Newsletter

Copyright © 2018 . CustomerXPs™ Software Pvt. Ltd.