April 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.

Highlights from EY Global Consumer Banking Survey 2014

The EY Global Consumer banking Survey includes responses from more than 32,000 retail banking customers across 43 countries and, although retail banking remains a local business, it is striking how many parallels can be drawn across different markets.

Key highlights from the survey are:-

The banking industry is poised for growth:
 Confidence in the banking industry is returning, with 33% of customers gaining confidence in the past 12 months and only 19% losing confidence. There is significant business opportunity associated with customers who are true advocates- those who are very likely to recommend their primary financial service provider (PFSP). 44% of advocates opened new accounts or services at their PFSP in the past 12 months and 9% intend to consolidate everything at their PFSP in the next year.

Improved customer experience will be the key to growth: Customers generally trust their primary providers, but the highest level of trust is a clear differentiator in creating advocacy, and customer experience is a key driver of that level of trust. The most common reason customers cited for opening or closing accounts in the past year was the experience with their financial service providers, edging out rates/fees and convenience and surpassing branch locations and accessibility.

Customers expect more: While customers are most likely to praise their PFSP for convenience and security, those have quickly become minimum requirements. Like ATMs in the ‘80s and more recently, online banking, mobile banking was viewed initially as a point of differentiation among those financial institutions offering it. However, mobile banking is now a necessity, along with the ability to move seamlessly across channels.

                                                                                                                                                                          Source: EY

Consumer confidence in Malaysia’s banking industry on a strong rise

EY’s 2014 global consumer banking survey on Malaysia has found that confidence in Malaysia’s banking industry is on a significant rise, trust in individual banks is high and many customers in Malaysia are satisfied enough to recommend their main banking provider.

Against a backdrop of improved sentiments globally and in the Asia-Pacific region, almost two-thirds of customers in Malaysia have indicated increased confidence in the banking industry in the past year and have expressed ...

Mobile is now mainstream, says report

Mobile now plays a crucial role in bank-switching decisions made by consumers, according to a new report from AlixPartners.  According to the study, 60 percent of smartphone or tablet owners who switched primary banks reported mobile banking capabilities as “important” or “extremely important” in their decision to switch, up from 48 percent in a similar survey in the first half of 2013.

Further, as consumer adoption of mobile banking grows, the consumer’s ...

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 comprehensively through the lens ...

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