banking: service innovation is up!
DESCRIPTION
Banks are facing increased competition in the digital channels. Focus should be on innovative services that will fulfill and surpass customers' expectations. This could provide competitive advantage.TRANSCRIPT
Banking: Service innovation is up!
Banks’ digital spend as percentage of total ad spend - Forrester
What customers want
Balance from different banks in one placeSpend categorisation Goal savingBudget toolAlertsPersonalisationOnline advising
Who sees it from the customer’s perspective?
FB fan page
Mobile app
Traditionalbanks
Newplayers
Spendcategorisation
CREDscore
Mobile payment
FB connect
PaperlessPersonal
Wisdom of crowds
Infographics
Photo cheque
Alerts
Who will own the relation?
Ease of use Service quality Fees Interests Convenience Quality of advice
Reasons for choosing the bank – Capgemini
Ease of useService quality Fees Interests ConvenienceQuality of advice
Reasons for leaving the bank – Capgemini
The low down: Digital
• The branch is the preferred channel for advice, but digital channels enjoy higher satisfaction
• Customers want data-driven features, more options, visualisation, and personalisation
The low down: Competition
• Competition in the digital channels is intensified – also from 3rd parties
• Social and and mobile channels are part of the marketing mix
The low down: Drivers
• 4 out of the 6 most important divers for changing banks are about the customer experience
• 2 of them are
about economy
To reach transaction objectives, relation objectives are crucial.
Customer experience
Customer experience = Growth
• Repeat purchases due to higher loyalty• Increased cross sales due to relationship
building• Increased customer intake through
mentioning in the marketplace and better image
• Decreased price sensitivity and reduced transaction cost
A positive and differentiated holistic experience in all touchpoints.
Customer experience
• Direct and indirect touchpoint mapping
• Customer journey mapping
• Investigate customers’ process, needs and perception
• Needs vs. MWR mapping• Define the experience in
every touchpoint across the organisation
• Adjust internal process