EVOLUTION OF BANKING

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DELIVERING GREAT CUSTOMER EXPERIENCES Businesses that want to deliver great customer experiences must work hard across three main pillars: insight A business must have a thorough, fact-based understanding of who its customers are, what they need and what their behaviour is. customer culture The entire business must be passionate about customers, from the CEO to the post room assistant. Delivering value to the customer is part of the daily way-of-working and at the heart of the organisation. experience design The business must define, design and deliver a consistent, differentiated experience at every single customer touch point, which delights the customer. 20 | The Evolution of Banking and Financial Services
MEASURING PROGRESS Stage Insight Customer Culture Experience Design 5 Passionate Proud customers promoting the business to friends/family/colleagues and through social media Consistent top box Net Promoter Scores Leader in revenue growth through delighting customers Collaborative innovation of products, services and experiences with customers Company organised around customers Individualised experiences delivered for different customer segments Pro-active actions in place for predicted experience failures 4 Engaged Constant awareness of how customers feel after any interaction Future impact of business actions on customer base fully understood Consolidated picture of customer needs, satisfaction and behaviour Customer insight used to drive annual strategic planning Customer-centred approach in place for all major initiatives Employee base engaged in living customer focus Total customer experience strategy defined Customer experience is consistent and differentiated Customers understand the experience they can expect 3 Understood Identification and targeted fulfilment of customer needs Drivers of customer behaviour understood Key customer behaviours used to trigger business response Employees understand available customer insights Business performance measured on customer satisfaction/behaviour Strong ‘internal customer’ service culture Key drivers of positive experiences actively managed Target customer experience defined 2 Heard Customer satisfaction and its drivers understood Understanding and clustering of customer base Management understands available customer insights Executives actively drive customer focus Customer experience continually improved Competitor customer experience understood 1 Ignored Tracking of competitive positioning Complaints managed and root causes established Executives understand importance of customer focus Critical customer experience failures addressed The Evolution of Banking and Financial Services | 21
Page 1 and 2: COMPETITION LOYALTY COMPREHENSIVE-R
Page 3 and 4: 01 CUSTOMER 02 REGULATORy Framework
Page 5 and 6: EXPECTATIONS OF THEIR BANK Know me
Page 7 and 8: MULTI CHANNEL SERVICING Convenience
Page 9: The way forward A move to a custome
Page 12 and 13: Responding to the global financial
Page 14 and 15: Comprehensive Credit Reporting is a
Page 16 and 17: DRIVING CUSTOMER CENTRICITY Good co
Page 18 and 19: A MODEL OF CHECKS AND BALANCES FOR
Page 23 and 24: 03 NEW ENTRANTS The Evolution of Ba
Page 25 and 26: MOBILE PAYMENTS: AN OPPORTUNITY AND
Page 27 and 28: NON BANKS: DIGITAL WALLET, MULTIPLE
Page 29 and 30: CROWD FUNDING AND INVESTING Crowd f
Page 31 and 32: DELIVERING CHANGE Legacy Systems Of
Page 33 and 34: AP Interfaces TO SUPPORT BANKS’ S
Page 35 and 36: HARNESSING BIG DATA TO SERVE CUSTOM
Page 37 and 38: INNOVATION IMPACTING BANKING: ID an
Page 39 and 40: EXAMPLE OF PERSONAL FINANCIAL MANAG
Page 41 and 42: MOBILE BANKING payment £ £ PAY Mo
Page 43 and 44: VIDEO INNOVATION IMPACTING BANKING
Page 45 and 46: The way forward Technology solution
Page 47 and 48: 05 BANKING EVOLUTION The Evolution
Page 49 and 50: THE FUTURE Customer Educated and em
Page 51 and 52: RETAIL A new bank proposition - hel
Page 53 and 54: THE way forward Financial instituti
Page 56: Experian Australia Pty Ltd Melbourn

EVOLUTION OF BANKING

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