Focus on the consumer
Financial Services Briefing - Issue 1, 2014
Are banks investing in the right aspects of the customer experience? What is the role of trust in creating customer advocates, and how valuable is trust to the overall banking relationship?
Looking at banking through the lens of the customer, EY’s third Global Consumer Banking Survey revealed that customer experience is the key to winning, growing and retaining customers in an increasingly competitive banking environment.
Aside from confidence in financial stability, the biggest driver of increased customer advocacy is personalisation of the customer experience.
Banks have the opportunity to do this through tailored product and service offerings, advice on complex issues, and by providing a positive problem-resolution experience. Experience with a provider is not only a key driver of trust; it is also the single most common reason for opening and closing accounts.
Banks are doing the basics of providing traditional banking services well but fall short in meeting some basic customer expectations, such as transparency of fees, communication and problem resolution.
There is significant opportunity for differentiation and growth by customizing solutions to meet customers’ needs and helping them achieve their financial goals. In summary, there are three key opportunities for banks:
- Make banking simple and clear by increasing the transparency and simplicity of communications. Customers are generally satisfied with the convenience of traditional banking, but expectations are constantly rising.
- Help customers make the right financial decisions – customers are willing to reciprocate their banks’ investment in them by becoming more valuable customers.
- When problems arise, become the customers’ advocate - problem resolution directly impacts advocacy.