Future Customer Experience Unraveled - Banking 2020SYED RAHMAT HUSSAIN

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Table of content

3 What needs to be in doneby banks

2 Banking industry –intersectionwith customer journey

1 Customer experience – future expectation

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Customer Experience

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Customers are increasingly becomingknowledgeable and having higher expectation from market

What is this customer’s like?

What are the common behavioral traits ?

What is the customer expecting?

When they need the service?

What should we do in retaining them?

Are they liking our products & services ?

How do you understand customers?

What do you do to capture their needs?

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Tomorrow’s customer demands are simple,but require seamless integration across digital channels

Influenced Demanding

Informed SkepticalConnected

Buy anywhere, fulfil anywhere

Consumers want to interact with

companies seamlessly across the array of

digital. Internet-connect devices

anywhere, anytime

Real-world with a touch of virtual Digital

transforms not only online experience, but also in-store, on calls

and goes beyond “point of sales” and “

personalized assistants”

Versatile and smart connectivity

consumers want to engage with multiple devices and expects

companions to remembers their

interactions across touch points

Discover more new ways to research and compare which leads

to greater transparency

comparing predicts and services

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Experience mapping Context maintenance Experience continuity

Muti-channel and customer experiences has to be interlinked

and intertwined to decipher the next best action What constitutes multi-channel UX?

Static Interactive Human

Tangible & Physical

• Ads

• Brochure

• Newsletter

Constantly updated

• Websites

• Mobile app

• Tablet app

• Social media

• Emails

• ATM

• Kiosks

People

• Contact center

• Branch

• Tele banking

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Allowing customers to define their methods of interactions

Transitioning from a

sales/service orientation to a

solution context

Fulfilling customer’s

unspoken needs

Being present in the customer

journey

What should bank do to enhance customer experience

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Illustrative end-to-end customer experience in banking

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ETHIX Financial SolutionsReferences & Success StoriesBanks in 2020..

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Technology will change everything – becoming a potent enabler of increased service and reduced cost; innovation is imperative

Social and behavioral change – rising customer expectations and the need to regain public trust

Demographics – changing priorities and opportunities for growth

By 2020 banks will be foresee a huge dependence on technology and

change in business model to cater to customer experience

ChallengesAttracting new customer

Attracting and retaining talent

New market entrants

InvestmentEnabling customer service

R&D and innovation

New product development

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Banks need to have a clear sense of priority and posture in order to differentiate themselves

1- Developing a customer-centric business model

2- Optimizing distribution

3- Simplifying business and operating models

4- Obtaining an information advantage

5- Enabling innovation and required capabilities

6- Proactively managing risk, regulations and capital

The pace of change is increasing and banks need to do even more to ensure they are well-positioned to succeed in the future.

12Trends around customer attitudes, expectations and behaviors will

direct future of banking in coming years

Customers are buying, but less so

from current providers

First-contact resolution is

key to retention

Digital channels

have significantly

increased the number of

overall interactions

Non-traditional

competitors are gaining

ground with consumers

Compelling offers could

win back customers

Customer loyalty

program adoption is rising, but

fails to keep customers committed for the long

haul

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What needs to be done ?

14In order to build a strong roadmap they needs to build a strong

foundation and be ready for a paradigm shift

Organize to speed up innovation and change

Leverage technology and service providers’ platform

Plan a holistic omni- channel integrated model

Build a ‘Digital First’ approach within the organization

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16References

Accenture - Banking 2020 As the Storm Abates, North American Banks Must Chart a New Course to Capture Emerging OpportunitiesAccenture - Banking Customer 2020 Rising Expectations Point to the Everyday BankGartner- Market Insight: A Banking Industry Primer, 2015Ernest& young- Building the bank of 2030 and beyondErnest& young- The quest for profitable growthPWC- Retail Banking 2020 Evolution or Revolution? PowerfulPWC- The future shape of banking Time for reformation of banking and banks?BCG- Global Corporate Banking 2015 The Look of a WinnerBain & company- Building the retail bank of the futureDeloitte- Reshaping the retail banking experience for the customer of tomorrowBCG- Digital Banking Opportunity for Extraordinary Gains in Reach, Service, and Productivity in the Next 5 YearsAT Kearney- Digital Banking Opportunity for Extraordinary Gains in Reach, Service, and Productivity in the Next 5 YearsAditya Chaitti- Multi-channel banking A user experience (UX) perspectiveDeloitte - Multi-channel banking – A user experience (UX) perspectiveIDC- Transitioning to a Digital Bank: Make Banking FunKPMG- Banking the Customer Experience Dividend