Banking Agenda: Issue 1, 2017

Defining the new drivers of customer engagement: Global Consumer Banking Survey

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Customer engagement involves customer willingness to interact with banks and is arguably a prerequisite for customer advocacy. Engaged customers are likely to view banks as trusted advisors, share personal information and turn to banks more often for advice on financial matters.

Two key dimensions for achieving better customer engagement:

  1. Developing relevant and tailored content and propositions that add value for individual customers
  2. Sharing them through the right mix of channels in a consistent, convenient and contextually appropriate manner

Findings from our Global Consumer Banking Survey suggest that consumers are ready to engage more deeply and meaningfully with banks – but only if institutions vastly improve by delivering the right content and propositions via high-quality experiences and optimising the mix of channel to match diverse customer preferences.

Seven tips for quality customer engagement

  1. Design customer journeys with engagement in mind
  2. Transform the branch network
  3. Enhance the mobile channel
  4. Build engagement by investing in analytics and digital marketing, real-time messaging and stronger content for customers
  5. Make it your own
  6. Make the best use of the data you have or customers are willing to share
  7. Measure engagement via composite, cross-channel KPIs.

Engagement is a two-way street

To drive customer engagement, banks must become more engaging in terms of their products and propositions, improve the use of channel mix making certain the right metrics and incentives are in place and increase transparency in how they use the data entrusted to them to better serve their customer needs. Content must be timely, targeted and meaningful to customers as people – not presented as part of obvious exercises in cross-selling and up-selling.

For more information, contact a member of the EY Oceania Financial Services team: