Customer experience has been the talking point whenever trends forecast for any industry come up. The fate of any banking institution largely depends on the quality of customer experience it provides and the year 2017 is no different. In the Infosys Finacle - Efma report on emerging banking business models, more than 70% banks mentioned that creating a customer centric organization and enhancing channels to give an omnichannel digital experience were top priorities in the coming year. However, it seems that banks are falling short on this objective; in a recent survey of about 700 millennials, 75% said that they were dissatisfied with their banking experience.
Results tagged “Customer experience”
From
a bank's perspective, the glass is both half empty and half full as we head
into a new year. The financial services industry continues to experience
unprecedented change. One set of factors is purely environmental - sluggish
global macroeconomic growth that shows no signs of picking up, rising
regulatory capital and operating costs, depressed interest rate environments in
developed markets, large non-performing assets in developing economies, and
devalued currencies in several pockets, to name a few. This is putting further
strain on the banking business, which is already bogged down by a marked
slowdown in growth and profitability.
Customers rule the marketplace. To witness this, one only has to look at the various indices that enterprises use to measure the customer experience such as Net Promoter Score (NPS), Customer Satisfaction (CSAT) index, Customer Experience Index (CXI), Customer Effort Score (CES), First Call Resolution (FCR), etc. However, customer experience is a dynamic phenomenon governed by several factors. There is the customer journey, i.e., how a customer moves through multiple stages of a product consumption lifecycle with an enterprise. Different consumers interact with enterprises through various touch-points such as website, mobile app, physical store, call center, social networks, etc. Further, while some consumer trends impact the top line, others impact the bottom line and some impact both. Thus, arresting certain negative trends can be cost prohibitive while driving some positive trends may generate no revenue or profitability.
Credit Unions are fully invested in the potential of digital channels like mobile and online to transform their member experience. But their focus has predominantly been on enabling self-service and ensuring security. Success with more advanced opportunities like cross-selling, targeted marketing, member education or ensuring a consistent cross-channel experience has been rather limited.
It is the age of 'personalized customer experiences'. Businesses all over the world are trying hard to custom-create customer experience, and banks are no different.
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