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Thought Paper - Enhancing Retail Banking Customer Experience
Thought Paper - Enhancing Retail Banking Customer Experience
Thought Paper - Enhancing Retail Banking Customer Experience
Thought Paper - Enhancing Retail Banking Customer Experience
Thought Paper - Enhancing Retail Banking Customer Experience
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Thought Paper - Enhancing Retail Banking Customer Experience

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“Experience” can be defined as “an event or activity which leaves a lasting impression”. From a customer’s perspective, this lasting impression is usually the result of needs well …

“Experience” can be defined as “an event or activity which leaves a lasting impression”. From a customer’s perspective, this lasting impression is usually the result of needs well fulfilled.
Organizations that deliver exemplary customer experience share a set of integrated business disciplines that drive their success. Their efforts are paid back in the form of higher customer loyalty.
In the service and relationship-driven business of banking, customer experience is an important competitive differentiator. It is also becoming a key driver of innovation, as the realization that experience will drive customer retention, growth and perhaps even future sustainability, sets in within banks. Technology integration is playing a key role in enabling differentiated customer experience through innovation.

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  • 1. Enhancing Retail Banking Customer ExperienceUniversal Banking Solution System Integration Consulting Business Process Outsourcing
  • 2. “Experience” can be defined as “an event or banking, which is currently riddled with tediousactivity which leaves a lasting impression”. IVR menus and authentication procedures. IfFrom a customer’s perspective, this lasting banks were to introduce voice verificationimpression is usually the result of needs technology to automatically confirm the caller’swell fulfilled. identity, it would make phone banking hassle-free.Organizations that deliver exemplary customer Broadly, the pursuit of better customer experienceexperience share a set of integrated business revolves around:disciplines that drive their success. Their effortsare paid back in the form of higher customer loyalty. 1. Improving speed, efficiency and personalization of serviceIn the service and relationship-driven businessof banking, customer experience is an important 2. Finding out other ways to retain customerscompetitive differentiator. It is also becoming akey driver of innovation, as the realization Here, it must be said that enriching customerthat experience will drive customer retention, experience does not mean acceding togrowth and perhaps even future sustainability, every customer request. Rather, it involvessets in within banks. Technology integration is understanding the needs and expectationsplaying a key role in enabling differentiated of the customer, working out practical ways tocustomer experience through innovation. meet them, institutionalizing this knowledge as official policy, and most importantly, ensuringNeed for Enhancing Customer Experience that it is implemented.Starting from the time of the first contact and Measures for Achieving Customer Satisfactioncontinuing until the association lasts, a bank maymeet, exceed or belie a customer’s expectations. Specifically, a bank needs to do the following to improve customer experience:Today, a customer planning to buy a product orservice is confronted with a bewildering array of • Communicateoptions. Faced with two or more similar products,the customer is more likely to choose the one It should schedule regular team meetingsoffered by a company with a track record of with the branch office staff to reinforce desiredsustained positive customer experience, even attitudes and motivate them to deliverif it is priced at a premium. Clearly, customer excellent service. It should also highlight theengagement and experience is crucial to importance of the “customer first” policy incompetitiveness and revenue realization. every internal communication.Enriching the Retail Banking Customer Experience • Create Distinct PositioningBuilding great customer experience is a The bank should aim to create not just good,complex and strategic endeavor. A judicious mix but distinctive customer experience, resultingof technology and human intervention by staff that in a unique positioning for its brand.is both courteous and competent is required tomake any banking experience memorable. • Eliminate RoadblocksTechnology can create positive experience in Each division of the bank should identify themany ways. Consider the example of a customer obstacles that prevent it from enhancingwho withdraws a particular amount of cash from customer service and implement steps toan ATM machine on a regular basis. The ATM eliminate them.can, by default, take the customer directly to thistransaction to simplify his task. • Improve Organizational CultureAnother area where technology could improve The manner in which a bank serves itsthe quality of customer experience is phone customers reflects its organizational culture. Enhancing Retail Banking Customer Experience
  • 3. Therefore, positive customer experience can The “Customer Experience Index” only be delivered when the bank’s culture is oriented towards it. A recent report on the state of global retail banking, by a leading consulting firm, has• Innovate introduced a “Customer Experience Index” based on the most important factors that contribute to The bank should continuously look for new positive customer experience. Banks can gauge ways of satisfying the customer. Besides their position against this indicator and bring studying successful customer experience about improvement in the areas where they lag. enhancement initiatives conducted by its competitors, the bank must leverage new Going forward technology tools, such as social media, to continuously engage with customers to Enhancement of retail banking customer ascertain market trends, take feedback and experience will help improve customer acquisition, co-create towards new product development. retention and contribution per customer – factors vital for organic growth and success. In theFocus on Perception coming years, the banking sector will witness intense competition from traditional and non-The processes to improve perceived service banking sources. Banks will have to deal withquality which will ultimately enable the delivery rising consumer power and keep pace withof a differentiated customer experience, should innovation. In addition, they will have to ensurebe designed after deliberating on three that their customer engagement programs –different aspects: which could make or mar their fortunes – are robust and of high quality. Perception of the customer • What are the factors that satisfy, delight and Banking channels will play a key role in the put off the customer? delivery of customer experience. The retail banking study mentioned earlier reinforces what • How does the customer rate the bank’s we already know by observation – namely, that service vis-à-vis that provided by others? for a customer, experience is all about what transpires at the touch point. • How do the above differ across the various customer segments served by the bank? Therefore, banks must not only provide high quality experience on every channel, but in this Perception of the employee or service provider age of multi-channel banking, also ensure a unified and seamless one that enables customers • How do bank employees perceive the to switch effortlessly between touch points. bank’s ability to deliver on critical drivers of customer value and address drawbacks, Finally, although many banks have launched resolve customer problems, communicate customer engagement programs, very few have effectively, etc.? been able to show tangible results. Re-launching • How do employees themselves experience a brand or revamping a channel or branch network the bank? What drives their perception of is futile without a well-designed and perfectly exceptional experience? executed plan for enhancing customer experience. Operational Perspective References 1. www.wordreference.com/definition/experience • Regardless of the above perceptions, does the bank actually deliver reliably, 2. www.businessweek.com/magazine/content/ consistently and accurately on issues that 06_48/b4011429.htm matter to customers and employees? 3. www.peerinsight.com Enhancing Retail Banking Customer Experience
  • 4. 4. www.peppersandrogersgroup.com/view. 6. www.growthconsulting.frost.com/web/images. aspx?docId=32646 nsf/0/95A67C0FAF9ACEDB802571CA005485. Leading European Financial Institution AB1/$File/Successful_Voice_Verification_ Implements Voice Verification Biometrics Implementation_VoiceVault_July% 2006.pdf to Enrich Customer Experience, Frost and Author Sullivan, July 2006 www.growthconsulting.frost.com/web/images. Vijayan Sundaram nsf/0/95A67C0FAF9ACEDB802571CA00548A Senior Consultant – Finacle B1/$File/Successful_Voice_Verification_ Infosys Limited Implementation_VoiceVault_July%2006.pdf Enhancing Retail Banking Customer Experience

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