Reshaping the retail banking experience
For the customer of tomorrow
Customer experience has reached a level of paramount importance in recent years, and customers no longer view their experiences in an industry-silo. Instead, they compare their experience to leading firms in other industries. What is the implication for financial services organizations and retail banks in particular? If they want to stay ahead of the pack, banks must build an improved customer experience and use it as a competitive differentiator.
Implications for Financial Institutions
Nowhere is the changing landscape of customer expectations and technology more evident than in financial services. Banks and non-bank financial institutions are shifting their focus away from rationalizing product offerings toward a cohesive, simple, and personalized customer experience, in an attempt to re-gain the trust of the public, and to re-build customer loyalty following the financial crisis. Yesterday’s demands—including flexibility, efficiency and easy access for clients—have been amplified to include integration of banking activities across multiple channels, personalized service, and recognition of prior transaction history.
Banks that have recognized and attempted to satisfy these new demands are viewed positively by consumers. Yet while the majority of organizations cite customer experience as a top strategic priority, only a small fraction are actually allocating funds to understanding and improving it.