Future Customer Experience Unraveled - Banking

1. Future Customer Experience Unraveled - Banking 2020
SYED RAHMAT HUSSAIN

2. 2
Table of content
3 What needs to be in done
by banks
2 Banking industry –intersection
with customer journey
1 Customer experience – future expectation

3. 3
Customer Experience

4. 4
Customers are increasingly becoming
knowledgeable and having higher expectation from market
What is this customer’s like?
What are the common behavioral traits ?
What is the customer expecting?
When they need the service?
What should we do in retaining them?
Are they liking our products & services ?
How do you understand customers?
What do you do to capture their needs?

5. 5
Tomorrow’s customer demands are simple,
but require seamless integration across digital channels
Influenced
Demanding
Informed Skeptical
Connected
Buy anywhere, fulfil
anywhere
Consumers want to
interact with
companies seamlessly
across the array of
digital. Internet-
connect devices
anywhere, anytime
Real-world with a
touch of virtual Digital
transforms not only
online experience, but
also in-store, on calls
and goes beyond
“point of sales” and “
personalized
assistants”
Versatile and smart
connectivity
consumers want to
engage with multiple
devices and expects
companions to
remembers their
interactions across
touch points
Discover more new
ways to research and
compare which leads
to greater
transparency
comparing predicts
and services

6. 6
Experience mapping Context maintenance Experience continuity
Muti-channel and customer experiences has to be interlinked
and intertwined to decipher the next best action
What constitutes multi-channel UX?
Static Interactive Human
Tangible & Physical
• Ads
• Brochure
• Newsletter
Constantly updated
• Websites
• Mobile app
• Tablet app
• Social media
• Emails
• ATM
• Kiosks
People
• Contact center
• Branch
• Tele banking

7. 7
Allowing
customers to
define their
methods of
interactions
Transitioning from
a sales/service
orientation to a
solution context
Fulfilling
customer’s
unspoken needs
Being present in
the customer
journey
What should bank do to enhance customer experience

8. 8
Illustrative end-to-end customer experience in banking

9. 9
ETHIX Financial Solutions
References & Success Stories
Banks in 2020..

10. 10
Technology will change everything – becoming a
potent enabler of increased service and reduced
cost; innovation is imperative
Social and behavioral change – rising customer
expectations and the need to regain public trust
Demographics – changing priorities and
opportunities for growth
By 2020 banks will be foresee a huge dependence on technology and
change in business model to cater to customer experience
Challenges
Attracting new customer
Attracting and retaining talent
New market entrants
Investment
Enabling customer service
R&D and innovation
New product development

11. 11
Banks need to have a clear sense of priority and posture
in order to differentiate themselves
1- Developing a customer-centric business model
2- Optimizing distribution
3- Simplifying business and operating models
4- Obtaining an information advantage
5- Enabling innovation and required capabilities
6- Proactively managing risk, regulations and capital
The pace of change is
increasing and banks
need to do even more
to ensure they are well-
positioned to succeed
in the future.

12. 12
Trends around customer attitudes, expectations and behaviors will
direct future of banking in coming years
Customers are
buying, but
less so from
current
providers
First-contact
resolution is
key to
retention
Digital
channels have
significantly
increased the
number of
overall
interactions
Non-
traditional
competitors
are gaining
ground with
consumers
Compelling
offers could
win back
customers
Customer
loyalty
program
adoption is
rising, but
fails to keep
customers
committed for
the long haul

13. 13
What needs to be done ?

14. 14
In order to build a strong roadmap they needs to build a strong
foundation and be ready for a paradigm shift
Organize to speed up
innovation and change
Leverage technology and
service providers’ platform
Plan a holistic omni- channel
integrated model
Build a ‘Digital First’ approach
within the organization

15. THANK YOU
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16. 16
References
Accenture - Banking 2020 As the Storm Abates, North American Banks Must Chart a New Course to Capture Emerging
Opportunities
Accenture - Banking Customer 2020 Rising Expectations Point to the Everyday Bank
Gartner- Market Insight: A Banking Industry Primer, 2015
Ernest& young- Building the bank of 2030 and beyond
Ernest& young- The quest for profitable growth
PWC- Retail Banking 2020 Evolution or Revolution? Powerful
PWC- The future shape of banking Time for reformation of banking and banks?
BCG- Global Corporate Banking 2015 The Look of a Winner
Bain & company- Building the retail bank of the future
Deloitte- Reshaping the retail banking experience for the customer of tomorrow
BCG- Digital Banking Opportunity for Extraordinary Gains in Reach, Service, and Productivity in the Next 5 Years
AT Kearney- Digital Banking Opportunity for Extraordinary Gains in Reach, Service, and Productivity in the Next 5 Years
Aditya Chaitti- Multi-channel banking A user experience (UX) perspective
Deloitte - Multi-channel banking – A user experience (UX) perspective
IDC- Transitioning to a Digital Bank: Make Banking Fun
KPMG- Banking the Customer Experience Dividend