August 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.

5 Key Trends from Banking Outlook Survey

Banks are refocusing on their customers after several years of prioritizing the regulatory environment as the top concern after the financial crisis, according to KPMG's 2014 Banking Industry Outlook Survey, released recently.

  • In the survey, senior banking executives were asked to name the top three drivers of business transformation over the next 3-5 years. Changing customer expectations was the most popular choice (cited by 47% of the respondents). The pace of change in technology came in second (43%), and domestic competition came in third (37%). Only 29% chose the regulatory agenda as a driver of business transformation. The renewed emphasis on the customer is driving banks toward an omni-channel, customer-centric business model, which will drive major change in technology investments over the next few years, KPMG said in its report on the survey.
  • As banks look to build their business, they're eyeing wealth management and commercial lending as key areas for revenue growth. When survey participants were asked to pick the three biggest drivers of revenue growth over the next 1-3 years, wealth management was the most favored choice (32%), followed by commercial loans (28%).
  • On the retail consumer side, there is increasing interest among banks in attracting and deepening relationships with under-banked customers; 23% of the survey respondents chose them as the customer segment with the highest-growth potential, versus 11% in last year's survey.
  • To build toward a customer-centric model, banks must upgrade and simplify their core IT platforms, and many are prepared to do just that. IT platform simplification was the most frequently cited (33%) major IT infrastructure objective over the next 12 months, followed by making data more effective for compliance (22%) and investing in mobile technologies (18%).
  • Even though banks are more focused on growth and satisfying their customers, compliance is still a major issue and a hit to the bottom line. More than 90% of the survey respondents said they are spending at least 5% of their operating budgets on compliance, and 31% said it accounts for more than 10%.

Source: Banktech

Banking on Big Data Analytics

The use of Big Data analytics in the banking and financial services industry is not a new phenomenon.

What is new is how lenders such as ICICI Bank Ltd and HDFC Bank are looking at Big Data analytics as a tool to generate more revenue, as they get valuable insights on customers and markets. CIOs and IT executives of these banks have earlier said that the return on investment was worth “millions of dollars.”

Big Data refers to massive amounts of data captured by IT systems ...

Union Bank of Nigeria to enhance customer experience at branches

Union Bank of Nigeria Plc. (UBN) will upgrade 60 of its branches in order to adequately serve its customers. The Group Managing Director of UBN, Mr. Emeka Emuwa, who disclosed this in a report obtained by THISDAY, noted that the move is part of the key priorities of the bank in 2014.

According to him, UBN’s customer experience is critical to its success and the bank would continue to improve its operational and service effectiveness to allow it become competitive in the industry.

“Our ...

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 and how implementing real-time technology ...

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