Market Research Report
Customer Experience in Banking - Thematic Research
|Published by||GlobalData||Product code||1000674|
|Published||Content info||39 Pages
Delivery time: 1-2 business days
|Customer Experience in Banking - Thematic Research|
|Published: April 15, 2021||Content info: 39 Pages||
Amid COVID-19, the sheer volume and velocity of channel shift has put many providers on the back foot. Closing channel gaps quickly has increased the risk of getting things wrong, while the number of net new digital users has magnified even minor user experience failings. To complicate things further, the pandemic is changing what matters most to many customers, with pre-existing environmental, social, and governance trends translating into efforts to rebuild "better" post-pandemic. This report explores the impact of these developments and the future of customer experience in banking.
Customer experience - the customer's perception of their provider through the sum of all interactions - has come into sharp focus these last 12 months. As firms like Apple and Amazon have demonstrated, real value resides not just in the products and services a company provides but in how it provides them, especially when the economics of that product decline - as in a low interest rate environment - and when the costs of "bad" experiences increase, with customers operating under conditions of acute life stress.
Many banks have already poured millions into customer experience projects, often with mixed results. This is partly because a customer's banking relationship includes so many different journeys, which banks must optimize across an ever-evolving mix of products and channels. Teams eager to achieve dramatic impact often set out to create moments of customer delight and fix pain points across all journeys or processes at the same time. As a result, they often end up overwhelmed by the complexity and cost of redesign, creating a similar type of "fatigue" that afflicts big bang digital transformation efforts.