June 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 increasingly adopting ‘app stores’, says Gartner

The explosive growth of mobility is causing significant challenges for the banking industry, according to Gartner, Inc. Given the rapid growth of apps, the research firm expects to see about 25 percent of large banks deploy banking app stores to improve app discovery, customer experience and collaboration.

Banking CIOs, CMOs and line of business (LOB) heads face two key challenges. The first is that the visibility of customer banking apps in public stores is decreasing due to the total number of apps available; the second is that visibility of apps on bank websites is decreasing as the number of apps a bank deploys increases.

In light of these challenges and opportunities, Gartner advises CIOs, CMOs and LOB heads to focus on the following three actions:

Evaluate the Potential Need for a Banking App Store

The two most important variables in evaluating the need for a banking app store are the total number of apps and the presence (or lack) of an application programming interface (API) platform. The more apps a bank has deployed, the more challenging it becomes for users to discover the right app for them. By 2016, Gartner expects to see about 25 percent of large banks deploy banking app stores to improve app discovery, user experience and collaboration.

Improve Website Organization to Support App Discovery and Customer Experience

 Banks need to make it easier for customers to find their apps by providing a "get your mobile app here" type of banner through their online banking application.  "Provide a dedicated section on the bank website to list all customer-facing apps," said a source. "This will be most effective when the total number of apps is less than 10 to 20. For each app, provide complete descriptions and screen shots, and allow social commentary. Each app could then be linked to the associated public app store." 

Continue to Make Banking Apps Available Through the Public Stores

CIOs, CMOs and LOB heads should continue to make banking apps available through the public stores, regardless of whether or not they deploy their own banking app stores. This is because it's important to be where customers are, and many customers will continue to discover apps through the public stores.

Source: Information Week

IndusInd Bank launches Video Branch service for customers

IndusInd Bank has launched video-branch, claiming to be a first-of-its-kind service, enabling customers interact with the staff of the bank through video conference facility.

"IndusInd Bank has launched a new customer-centric service titled Video Branch. This innovative offering enables customers to do a video-conference with a bank staff. This is a first-of-its-kind initiative in banking industry facilitating customers to interact with staff at their own convenience," the bank said in ...

Highlights from EY Global Consumer Banking Survey in Africa

The EY Global Consumer Banking Survey 2014 shows that customers are notably less satisfied with transparency and clarity of fees and communication than other elements of the experience.

Customers want financial institutions to be clearer about what they offer, the fees they are charging and how to avoid paying the fees. EY presented survey respondents with 31 benefits and asked them to select the five most important benefits, evaluate their current primary financial services provider (PFSP)’s ...

Customer Experience – The new bedrock for consumer banking

Customer experience is not a fad but has the potential to make or break a bank’s revenue. A recent research report from Capgemini revealed that more than half of bank customers are dissatisfied with their retail banking experience. The report also reveals that dissatisfied customers are increasingly choosing competing banks over their present service providers. Therefore, in order to stay profitable in the business, banks must invest in intelligent real-time technology that takes proactive ...

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.