Customer Expectations: Building a deeper
understanding to deliver greater satisfaction
Tony Sellers
Head of Payment Services
The Co-operative Bank
2 July 2008

What we’ll be covering
• What actually influences customers’ satisfaction?
• How do Financial Services fare in all this?
• How can you understand customers?
• What does this mean for Cards and Payments?
2

What influences customers’ satisfaction
3

What influences customers’ satisfaction
“The essential difference between emotion and reason is
that emotion leads to actions...”
David Calne
4

How do Financial Services fare in all this?
Benefits and Emotion
OR
£
5

How can we understand our customers
Customers
are
complex!
6

What does this mean for Cards and Payments?
Target Our relevant
audience products and
services
Insight Benefits
Customer
theme
Differentiation Price
Source of
competitive Competitors
advantage and
alternatives 7

My view of M&S’ Simply Food proposition
Insight Benefit
Time poor Convenient
locations
When
Quality and where
with you want it
convenience
Quality food
where you
are
The best food Premium
where prices
you are
Premium Takeaways,
quality convenience
food brand stores
Differentiator Price
8

A niche Credit Card proposition
Insight Benefit
Striving for a Discounted
better world ethical
purchases
Give
Reduced
back in
ethical
day-to-
retailer rate
day life
Ethical
credit card
Save the Average
planet rate
Own a
piece of
Standard
rainforest
credit cards
(google it!)
Differentiator Price
9

Deeper understanding to deliver greater satisfaction
• Benefits and emotional bonds
satisfy customers
• Financial Services are not always
using emotional bonds
• Understand your customers by:
Spending time with them
Focusing on insights to a
target audience
• Create products that give greater
customer satisfaction by forming
an emotional bond
10

Tony Sellers
Head of Payment Services
The Co-operative Bank
0161 832 3456
tony.sellers@cfs.coop