May 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.

Research: Banking Customer Experience takes a dip

Customer satisfaction levels worldwide were on the wane for the first time in three years, according to ‘World Retail Banking Report 2014’. But the decline in positive customer experience was most significant in the Middle East and Africa, followed by Asia-Pacific and Western Europe.

A lack of happy customers can result in lower profitability for the banks because they will struggle to retain clients and sell more products.

Saudi Arabia and United Arab Emirates both rank in the bottom 10 countries with positive customer experiences, the report shows. Out of 32 countries surveyed, UAE and Saudi Arabia rank 27 and 24, respectively. The previous year they still ranked 18 and 15, which means both countries saw some of the biggest drops in satisfaction rates.

Overall, Hong Kong, Japan and Singapore have the customers who are least happy with their banks, while Canada, U.S. and Czech Republic are the top three countries on the other side of the spectrum.

The decline in customer satisfaction can be caused by specific market circumstances, such as in Norway, where the negative sentiment can be traced to high real estate prices and household debt levels, the report says.

More generally, the lower customer satisfaction levels indicate banks are not keeping up with the needs of a new and younger generation of customers who are more digital-savvy and more inclined to use social media to do their banking.

Source: Wall Street Journal

Nigerian Banks gain consumer’s confidence as crisis fades

In a sign of the rapid comeback by Nigerian lenders from the home grown financial crisis of 2009, a new global survey reveals that Nigerian bank customers have the highest level of trust for their preferred financial services providers (PFSP).

The Ernst & Young (EY) 2014 global consumer banking survey released April 28th in Lagos, showed that 69 percent of Nigerian banking customers had confidence in their banks, the highest in Africa and second highest globally, behind India.

The ...

Branch Banking: Change the Mindset from 'Survive' to 'Thrive'

It goes without saying that the branch experience has changed drastically over the past century and even more so with significant advances in technology in just the last decade. With walk-in traffic electing to embrace home and mobile banking options, several leading banks are directing their focus and attention on investments that improve the digital experience to complement, not compete with, emerging consumer preferences. Despite the recent trends, we still see opportunity for branches to thrive ...

Do you really need Customer Service? Think Again!

It doesn’t really take a genius to figure out that the entire banking industry is shifting from its traditional channel of branch based banking to newer channels like online, mobile etc. With 1 in every 4 internet users accessing banking online, customer experience is undergoing a dramatic paradigm shift. The entire thought process on how to approach customer experience management now needs to incorporate the fact that that alternate channels of banking are becoming the new primary banking ...

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