September 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 Global Banking Outlook 2014-15: Customer Expectations

According to the recently released Global Banking Outlook report for 2014-15 by EY, Retail and business banking customers across the spectrum, including those in rapid-growth markets, are demanding product innovation and increased levels of service, along with:-

Flexible banking - Customers increasingly use different providers for different needs. In any given banking relationship, they also want to use their channel of choice (mobile, online or in-person) for different activities.

Security expectations- The nature, speed and sophistication of cybercrime are evolving rapidly. Hackers operating for financial gain may be the more immediate concern for customers, but denial of service and other large-scale attacks are potentially much more damaging. Banks recognize the threats, but given the volume of attacks they must focus on securing their most important data and systems. Unfortunately, budget constraints and a lack of skilled staff prevent many from delivering fixes.

Rebuilding trust-Underpinning many customer expectations is the need for banks to rebuild trust with their customers. Consumer protection agencies are introducing new rules on sustainability, but banks must also demonstrate that they prioritize long-term customer satisfaction over short-term sales.

Most important key features & benefits sought from primary financial service providers are:-

26% expect their bank to offer low cost banking options while 26% want their bank to offer excellent online banking features

35% consumers want their bank to keep their personal information safe while 29% want their financial service provider to be transparent about what they charge for

24% consumers expect their banks to reach out to them as soon as they perceive a problem with their account while 20% would like their banks to help them whenever they need any help

31% expect their service providers to provide easy access to branch & ATMs while 19% want their requests to be handled quickly

Many banks that have tried to be all things to all customers will find that promise difficult to keep. Although no business likes to turn away customers, some institutions may focus only on those customer segments where they have a clear competitive edge. For products and services, an increased customer focus translates to more personalization and more transparency about rates and fees. Banks have been relatively slow to embrace "digital first" strategies for customer interaction. Yet as customers experience the difference that digital solutions make in transactions with firms from other industries (such as aviation and telecommunications), they will force banks to follow. Data analytics is also a key area for improvement. Banks have a unique view of their customers, but many lack the capabilities to turn this into a competitive advantage.

Source: EY

Banks fail to provide digital experience customers crave, reveals research

Consumers across the globe require greater convenience, ease, and engagement in the way they interact with service providers and already expect access to “anything, anytime, anywhere” banking via a combination of digital and physical assets.

However, retail banks have failed to keep up with changing customer expectations, leaving them vulnerable to disruption from “nimble, low-cost, digital-only entrants that are ...

ICICI Bank launches apps to enhance customer experience

ICICI Bank announced the launch of two new mobile banking applications; 'iLoans' and 'iTrack', for accessing loan account details and tracking status of dispatches, respectively. The Bank aims to enhance customer experience with the launch of these two new mobile applications. Using these apps, all customers, even those having only loan accounts with the Bank can get easy access to their information, thus eliminating the need to call phone banking or visit a branch, the bank said in a statement.

These ...

Introducing Paperless Branch Banking!

Have you ever wondered what sets apart leading banks from its competition? It is their ability to constantly innovate and enhance customer experience across banking channels thereby making that transition from customer satisfaction to customer delight!

We bring such an innovation in front of you – Paperless Branch Banking!

With the advent of technology, banks need to go green and reduce ...

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