2008 financial crisis has shattered customer’s confidence in banks. These organizations are perceived to be greedy and care for none except their profits. However, times heal all wounds. While the world moved on post financial crisis customers are slowly coming back towards banks, but with caution this time. There are several surveys conducted to understand what a banking customer wants. This write up is based on one of such survey conducted by E&Y in 2014 (EY Global Consumer Banking Survey 2014 – Winning through customer experience). This survey was conducted using 31 parameters to understand the customer behavior and his expectations. Here are highlights,
Banks need to come out with transparency in rules and regulations related to penalty and charges. This has been the perennial problem faced by customers. Unless a bank realizes and revises its processes and procedures, it is working towards its own peril.
More channels or touch points
Today’s banking is not just about customers walking into bank branches to transact. It’s more about Omni presence through Omni channels. Technology has come a long way and it has switched from marathon to sprint post 2008 crisis. This has thrown open several new channels for banking deviating from the traditional branch banking. It is more about virtual banking. The new channels that are open up are mobile banking, Facebook banking, e mail banking, SMS banking in addition to the internet banking. Customers are comfortable transacting via these given the security offered by the new security technologies.
Customer centric advisory and products
All this while banks have developed products following their resources and forced products on to the customers. Today’s banking customer is wise and he would want to take his own decision. Banks now need to listen to customers and devise holistic approach. As the transaction banking is out of the way and processed through the new digital channels, banks have quality time and resources to invest in quality processes and designing customer centric processes. We can take IVR channel as a case study to understand what a banking customer wants. There are several questions that can be posed as prelude to understand if your IVR system is robust enough and is there scope of improvement to understand customer’s requirement better. Some of them are, 1. Are customer service agents properly trained and understand bank’s products, 2. Are their soft skills good enough to understand customer grief, 3. Are the customer suggestion properly recorded, 4. Are there any analytics available with the bank to analyze data from customer grievances? 5. Does a bank has proper product strategy team which can devise products suited for customers.
Stable and secured systems
Banks always need to check and upgrades continuously to make sure it’s systems are stable and secured. This is after all carries regulatory and reputation risk.
While there are n number of issues that were pointed out during these surveys, the focal point for customer is “how am I treated by this bank”. Unless banks understand this, gaining confidence of customer is an uphill task.