Customer Experience in Retail Banking: Buzzword or Business Priority?

Relationship_BP_banner_BG_03-01

Relationship_BP_logo_cyan-01-webIt seems as though every company is out to improve the customer experience. The concept has been around for some time, with varying degrees of success in industries like retail sales, telecommunications and e-commerce.

However, if we turn our attention to financial services, we find that the customer experience is clearly broken. We see pockets of innovation from more progressive institutions, but it’s safe to say that, in general, banks are still searching for the elusive optimal customer experience to retain and deepen customer relationships.

Did you know there are over 30 fees associated with the average checking account? Does your customer have a clear sense of what these fees are and why they’re charged?

Subscribe to Zafin's Relationship Banker Podcast - Customer Experience ManagementOur special guests break down the root causes of a poor customer experience and what banks need to do about it.


Special guests:

len_fermanLen Ferman
Managing Director, Ferman Innovation
A boutique innovation consulting agency specializing in improving the customer experience

 

glenn_grossman

Glenn Grossman
Solutions Consultant, Zafin
Former Bank of America Product Manager

 


Part 1: Fix the problem (24:33)

  • Defining customer experience
  • Understanding touchpoints
  • A lack of awareness leads to (perceived) erroneous fees
  • Common misconceptions around improving the customer experience
  • Different types of preferred experiences
  • Key metrics to consider, including customer advocacy

 


Part 2: Now what? The positive, intentional customer experience (20:13)

  • Best practices for (re)designing a customer experience program
  • Fee transparency is good business
  • Communicating the value exchange
  • The right customer-centric platform enables transparency and creativity
  • A positive customer experience can drive loyalty
  • Getting started: How does a bank deliver?

 


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For more information on how miRevenue can deliver complete Product and Pricing Lifecycle Management (PPLM) for your banking needs, please contact us at info@zafin.com.