Next-Generation Customer Experience in Retail Banking

Much more than technology is required to meet rapidly changing customer expectations.

Analyst Perspective

Next-Generation Customer Experience

Most banks are currently engaging in some form of transformation effort. Most of those transformations are focused on digital enablement. When you look at the root issues driving the need for transformation, most can be tied back to the need for more effective overall customer experience (CX) while engaging with their bank.

Customer experience is among the highest-ranked sources of competitive differentiation, with 81% of organizations listing it as a key priority. CX is also a key focus for management teams with 76% citing CX as a top strategic performance measure. Despite a significant investment of time and resources, only 13% of organizations rate their CX delivery a 9 out of 10.[1]

Getting customer experience “right” is critical not only to remain competitive, but also for fundamental financial reasons. Organizations with effective CX in place realize increased customer loyalty (92%), increases in revenue (84%), and reduced costs (79%).[1]

Despite significant efforts, many banks are still not delivering on the needed CX improvements. Our research has revealed that many organizations view leading-edge CX as a technology solution. In many cases, the challenges that prevent leading CX experiences are not just technology. To truly deliver next-generation CX requires changes throughout the entire organization – that means people and processes as well as technology.

David Tomljenovic
MBA, LLM, CIM
Research Head, Financial Services
Industry Research
Info-Tech Research Group

[1] Dimension Data, 2017.

Executive Summary

Info-Tech Insight

The banking industry is undergoing a period of intense change driven by competition from new products and services. Among the top sources of competition is customer experience. Non-financial and neo-bank competitors are targeting customers who are dissatisfied with the experiences they are receiving from their existing banks. Deep challenges with siloed systems, data, and organizational alignment need to be addressed.

Banks are not delivering a strong client experience

Bank and customer perceptions differ

Banks often believe they deliver an excellent experience for their customers…
51% of banks believe that they are delivering an excellent customer experience.

…but fewer customers report receiving an excellent experience
26% of customers report having an excellent customer experience at their bank.

— Source: The Financial Brand, 2022.

Banks need to demonstrate they know their clients

Customers do not feel their bank understands them
Only 24% of bank customers report feeling that they are well understood by their bank.

Banks are struggling with personalization
Customers expect a more personalized experience from their bank. Only 21% of customers were happy with the personalization their bank offered.

Source: The Financial Brand, 2022.

Many forces are driving the need for new CX

Customer expectations in retail banking are influenced by a wide array of forces both financial and nonfinancial. Retail banking customers experience digital products, services, and journeys in all parts of their lives. Their experiences establish the bar against which a bank’s CX will be measured.

The top influencers of overall CX expectations are:

1. COVID-driven consumer use patterns
   COVID-19, which forced customers to use online and mobile products, revealed weaknesses in digital products/services/journeys.
2. Increasing neo-bank competition
   Neo-bank competition provides a stark contrast to traditional bank CX. Their mobile- and digital-first tech stacks power faster and easier CX.
3. Continued growth in mobile usage
   Mobile adoption continues to accelerate and is now the device of choice. Mobile CX must be on point or risk user dissatisfaction.
4. Non-financial customer experiences
   Nonfinancial CX experiences have had a powerful influence on customer expectations.
5. Expectations of real-time products / services
   Real-time applications are rapidly becoming the new minimum standard. Banks must update their CX to meet this new standard.
6. Desire for 24/7 access
   24/7 access is becoming essential. Waiting for traditional hours to respond to a request or transaction will not be tolerated.

Customer experience takes many forms

Customer experience is among the top of strategic priorities for retail banks

“Customer experience consists of all the interactions customers have with your bank at all stages of the customer journey – even if it doesn’t result in a transaction. CX focuses on the relationship between a bank and its customers. Whether it’s a call to customer service, observing an ad, or something as simple as paying a bill, every exchange between a customer and their bank builds – or damages – the relationship. Most importantly, customer experience is how customers view those experiences collectively.”
– Zendesk, “What Is Customer Experience?”

Some of the benefits of delivering a great customer experience include:

Retention: Improved customer retention

Loyalty: Stronger loyalty through a deeper relationship

Value: Increased customer lifetime value / more share of wallet

Brand: Increased brand reputation and trust

Engagement: Happier and more engaged employees

Profitability: Higher revenues, lower costs

Technology and data analytics can support CX innovation

Technology can address specific CX challenges

“Research shows financial institutions are losing more business than they generate” as a result of outdated account opening experiences. Increasingly, banks are using best-in-class vendors to solve specific challenges to improve CX.

— Digital Banking Report, “Best Practices.”

Siloed systems are a roadblock to enhanced CX

“58% of organizations report that their channels are being managed in silos, and 42% say channel data is not shared between teams.”

— PR Newswire, 2017.

Banks need to improve at using external customer data

Banks need to extend their datasets beyond transactional data to include geographic, major milestones, purchasing preferences, and social media activity to better understand their customers.

— Hitachi Solutions, “8 Key Ways to Improve Customer Service in Banks.”

Customer experience initiatives must meet client needs

“To succeed in the future, financial institutions must focus on more than handling basic transactions on digital apps.”[1] Instead, they must build personalized and contextual solutions that can become embedded into a customer’s daily life. AI-driven financial wellness tools and humanized interfaces help to achieve this objective.

For banks to compete effectively their updated customer experience must focus on:[2]

• Implementing Real Time Systems: Implement real-time systems for transactions/payments, loans, credit, as well as for advice, alerts, and customer support
• Completing Customer Journeys: Transition away from providing specific solutions (e.g. a mortgage) to providing end-to-end journeys (e.g. complete home buying) through ecosystems
• Understanding Context and Needs: Use advanced technologies such as AI and machine learning to derive deeper insight and context around what customers need
• Delivering Hyper-Personalization: Transition toward individual/hyper-personalized products and services based on observed and predicted individual behavior

[1] Digital Banking Report, 2021.
[2] Valtech, 2022.

Next-generation customer experience in retail banking is not “a technology”

The ultimate goal of modernized CX in retail banking is to ensure that, regardless of the channel selected, customer experiences are fast, relevant, personalized, and leave the customer feeling more connected to their bank.

People are critical to CX success

The people who design, select and implement the technology for CX create the value

Take a focused ecosystem approach

• Put one person in charge of your automation effort.
• The person in charge does not have to be a technical expert.
• Spend time focusing on your ecosystems. Choose the right partners for the challenge.[1]

Focus on the challenge, not the technology

• Your automation efforts should be part of the foundation of your business strategy.
• Clearly define what the business challenge is before you begin to create a solution.[1]

AI is increasingly becoming essential to CX

• In a 2021 survey, only 10% of small to mid-sized banks and credit unions reported using AI data frequently, whereas 75% of banks with $100 billion in assets were implementing AI. [1]
• For AI to be truly effective in your bank will require a team effort to assure it will “operate to its full potential” as well as to assure it is “ethical, responsible and safe.” [2]

[1] Alkami, 2023.
[2] Forbes, 2019.

Real-time personalized products, services, and support are essential

Banks must identify and effectively deliver hyper-personalization to their customers in real time

Relevance drives customer satisfaction

• 91% of consumers have reported that they are more likely to prefer businesses that provide personalized offers and recommendations. [1]
• Many organizations still struggle to get this “right,” with 55% of consumers feeling “unseen” and 48% feeling “undervalued.” [1]

Speed is growing in importance

• Bank customers are comparing their experiences with the best they have had, regardless of whether it was a bank or not.
• “62% of customers agree that personalized recommendations are better than general ones” and “72% of customers want immediate service.” [2]

Customer data platforms support insight/personalization

• This tool helps create and maintain a “richly descriptive, unified view of every single customer” comprised of all data types sourced from across the entire bank.[1]

[1] Hitachi Solutions, “Deliver Personalized Experiences with a Customer Data Platform for Financial Services.”
[2] Zendesk, “5 Digital Banking Customer Experience Trends.”

Omnichannel solutions are critical

You must engage customers how and when they want

The number of engagement channels is rapidly increasing
On average, customers have between 9 to 11 engagement channels available to them which banks must be able to deliver to.[1] Only 8% of organizations say they can interact with all these channels.1 Omnichannel combined with customer analytics were the top factors reshaping CX.[1]

Silos remain the top challenge to CX
58% of organizations report that their channels are being managed in silos, and 42% say channel data is not actively shared between teams while “72% fail to collect data to review and optimize journey patterns.”[1]

New technologies are rapidly creating new data/channels
New sources of external customer data from social media, IoT, and telematics are generating new data and the potential for new channels.
In a 2017 survey, 78% of organizations expected to see an increase in assisted services volumes, and 62% of organizations expected to see their customer interactions grow across all their channels.[1]

[1] PR Newswire, 2017.

Customer trust is the key to deepening a relationship

Real customer trust extends beyond the expectation of security

A major trust gap exists between banks and customers

Most US adults feel that their money is safe in the bank, but few believe their bank is helping them improve their financial lives.[1] “Developing high levels of advisory trust is an imperative.”[1]

Banks must be proactive when trying to build trust

“Innovation in data, analytics, and channel strategies has enabled” banks to diversify the ways they engage customers and build deeper, more trusting relationships with their customers.[3] The recent failure of Silicon Valley Bank is likely to set the entire banking sector’s trust factor back several levels with customers. Losing trust is rapid; gaining it back is very slow.

Going back to basics to build trust

Banks are building trust through proactive customer engagement:
Education – Banks can provide better knowledge about their products/services so they can make better financial decisions.[4]
Notifications – Regarding billing, application status, or announcements to keep their customers better informed.[4]
Proactive Advice – Banks should be proactive, especially during difficult times, to reach out and provide guidance to their clients.
Surveys – Banks can proactively collect customer feedback to better identify and understand customer needs.[4]

[1] Celent, “Raising the CX Bar.”
[2] Celent, “Platform Banking in the US.”
[3] Reve Chat, 2022.
[4] Digital Banking Report, “Maximizing Digital Banking.“

Building trust and engagement with proactive outreach

Proactive alerts show customers their bank is concerned for their financial wellbeing

Financial alerts
Engaging customers about significant activity in their accounts such as low balance, large transactions, and large withdrawals as well other transactional information can connect a bank more deeply to its customers.[1]

Fraud and activity alerts
As financial fraud continues to escalate in volume and complexity, customers value alerts regarding their accounts. Change of information alerts as well as new account and product application alerts can help a bank protect its customers.

Proactive intelligence alerts
Proactive alerts show that the bank is a trusted guide for their customers, looking out for their best interests. AI/ML can predict whether a customer is likely to go NSF on their account using customer data, transaction history, and product information. For example, if the mortgage is coming due without sufficient balance in the payment account and the payroll date appears to be after the mortgage due date, an alert with options to sweep money from savings or offer an overdraft account shows that you are a trusted partner looking out for your client’s financial wellbeing.

[1] Forbes, 2020.

The entire organization is needed to achieve next-level CX

All parts of your bank must come together to design, implement, and support your new CX

Cross-functional teams are effective for CX projects
To deliver superior customer experience requires all parts of the bank to work together. Where major CX transformations are planned, the formation of cross-functional teams provides critical input and coordination of effort. Customer experience does require the entire organization to achieve.

Using business/IT alignment approaches are critical
Banks that are working to elevate their customer experience should be investing in alignment techniques such as agile and DevOps. Agile is very effective during the development process and DevOps can be implemented once the product or service is deployed.

Integration is key
As customers consume more of a bank's products and services, the need for deeper systems integrations increase. Banks must ensure that their integration capabilities are in place and functioning well before they try to improve their CX.

CX correlates to financial performance

The correlation of CX to NPS and its impact on financial metrics cannot be overlooked

CX improvements can be measured through NPS
In the simplest terms, loyalty appears to drive better economics in banks.[1] Intuitively, this makes sense. More customers referring the bank to someone else means more new customer relationships for the bank. As customer acquisition costs continue to rise, a customer gained through referral represents a very low-cost and potentially profitable acquisition.

NPS can be correlated to financial metrics
In a 2018 report produced by Bain & Co., they were able to provide some broad metrics that demonstrate the positive financial impact that CX improvements have on financial metrics. The chart shows the net interest income growth differential that exists between leader/laggard banks by market segment.

CX/NPS performance tied to organizational metrics
As banks address their customers’ CX concerns, ongoing measurement of the changes as reflected through financial metrics should be tied back to the entire organization’s performance metrics.

[1] Bain, 2018.

Align your strategy to CX and brand consideration drivers

CX drivers often overlap with brand consideration, but they are not always the same. Focus on drivers that improve key performance measures, align to your bank’s strategy, and drive profitability

Design your brand NPS survey for driver analysis
Ensure your brand-level NPS survey includes the key attributes relevant to your bank’s performance. Maximum of six attributes per question. Rotate the order of responses. No longer than 12 minutes. Two versions of the survey – one that uses market lists (blind study) and one using your client contact lists (your bank name exposed). Attach a unique identifier to each respondent from your client list.

Evaluate NPS and brand consideration drivers
Use multivariate and/or bivariate analysis to determine the drivers of brand consideration and NPS. Evaluate the drivers from within your own client base and from external lists. Compare drivers between NPS and brand consideration for your bank and with your competitors.

Connect survey data to internal and external data
Using the unique identifier, attach internal data to the survey results of your client list to evaluate performance against revenue, depth of relationship (product use count), channel usage, tenure, etc. Attach to external sources (where available) such as credit scores to determine the quality of client you are attracting.

Apply AI/ML with financial analysis over time
Monitor the change in clients’ depth of relationship, revenue contribution, and attrition over time based on NPS and consideration scores (6 months, 12 months, etc.). Using the combined dataset of internal and external data, leverage AI to identify the attributes that will impact key drivers and result in the greatest revenue gains.

Info-Tech Insight

When evaluating CX/NPS and brand consideration drivers, separate penalty drivers (ex. “I can access my money when I need it”) from reward drivers (“The bank is proactive in helping me achieve my financial goals”). To do this, be sure your advanced analytics and AI teams use Shapley analysis to distinguish between the direction of each driver.

There are common challenges for customer experience in retail banks

All but the newest neo-banks struggle with common challenges. Over time, the addition of new business lines and products as well as the increased use of technology have led to challenges with data, silos, and organizational alignment.

Top challenges for retail banks:

• Data/contextual data
• Siloed Business lines, products, Services, and Systems
• Complete Organizational alignment

Info-Tech Insight

The global banking industry has been subjected to significant disruption. Before COVID-19, fintechs and neo-banks were already making sizable inroads. A considerable amount of their success was based on their ability to deliver customers with faster, easier, and more relevant experiences. COVID-19 significantly accelerated the importance of customer experience as users were forced from branches to online channels. This transition elevated the need for banks to address their data, silo, and alignment issues.

Case Study

Caixa Bank, Spain

• INDUSTRY: Retail Banking
• SOURCE: NTT Data, 2021
• 5,397 branches, 15.8 million customers
• €4.29 billion in revenue

Case Study

First Direct Bank (HSBC), United Kingdom

• INDUSTRY: Retail Banking
• SOURCE: Customer Experience Update, 2022
• Branchless
• 1.5 million customers

Case Study

Caixa Bank, Spain

• INDUSTRY: Retail Banking
• SOURCE: NTT Data, 2021
• 5,397 branches, 15.8 million customers
• €4.29 billion in revenue

Recommendations

Design a digital business strategy to serve your clients. Focus on automating business processes and driving business resilience for growth.

Launch digital solutions that elevate marketing, sales, operations, collaboration, engagement, service, and production capabilities.

It is imperative to focus on the digital risks associated with digital transformation initiatives at the level of structural and operational changes in the organization.

Info-Tech Resources

Activity 1.1 Define the organization’s key capabilities

Input: Retail banking reference architecture
Output: Highlighted capabilities of cost and competitive advantage creators for the organization
Materials: Whiteboard/flip charts
Participants: Project manager, CIO, Relevant stakeholders accountable for CX-related decisions

1-2 hours

1. Determine the cost advantage creators. Focus on capabilities that drive a cost advantage for your organization. If your organization has a cost advantage over competitors, the capabilities that enable it should be identified and prioritized. Highlight these capabilities and prioritize the programs that support them.
   1. What is the source of your cost advantage? IT should support the capabilities that drive the cost advantage.
   2. Is the industry you operate in sensitive to prices?
   3. Don’t focus on capabilities that create an unsustainable cost advantage. Take a long-term perspective and allocate your resources wisely.
2. Determine the competitive advantage creators. Prioritize capabilities that give your organization an edge over rivals. If your organization does not have a cost advantage over competitors, determine if it can deliver differentiated customer experiences. Once you have identified the competitive advantages, understand which capabilities enable them. These capabilities are critical to the success of the organization and should be highly supported.
   1. Are there any products or services your organization provides that customers consider superior to competitive offerings?
   2. Which capabilities enable the competitive advantage?
   3. How easy is it for competitors to neutralize your competitive advantage? Focus on the capabilities that are difficult to replicate by competitors to create a more sustainable advantage.
   4. Don’t determine the competitive advantages alone. Incorporate various perspectives from throughout the organization to truly understand how the organization competes in the marketplace.

CX capabilities, processes and touchpoints

Activity 1.2 Define the impact CX transformation will have across the organization

Input: Organizational key capabilities defined in activity 1.1
Output: Expanded reference architecture for the organization, Determined CX processes and features needed to drive success
Materials: Whiteboard/flip charts
Participants: Project manager, CIO, Relevant stakeholders accountable for CX-related decisions

1-2 hours

1. Know where you want to go and chart a course to get there. In addition to the current cost and competitive advantage creators, the organization may have the intention of enhancing new capabilities and features of its customer experience.
2. Discuss and select the key capabilities that will help drive the success of enhanced customer experience. From there, determine and map out which features and processes will be necessary to enhance CX.
   1. Are your competitors doing anything to give them a competitive advantage?
   2. Can your organization easily replicate the capabilities needed to neutralize that advantage?
   3. How is the external environment (political, economic, social, or technological) likely going to change in the future?
   4. How might these changes impact your current key capabilities?

Info-Tech Insight

Don’t blindly copy competitors’ strategies. It is important to understand that each organization is unique; before focusing on key capabilities that might neutralize competitors’ advantages, ensure they fit well with the organization’s overall strategy.

Analyze the customer experience impact with value chains

Activity 1.3 Complete a value chain analysis

Input: Organizational expanded reference architecture from activity 1.2
Output: Value chain analysis for a CX
Materials: Whiteboard/flip charts
Participants: Project manager, CIO, Relevant stakeholders accountable for CX-related decisions

1-2 hours

1. Determine which value chain is most important to CX enhancement by reviewing the various CX value streams, chains, and processes identified in activity 1.2.
2. Establish which processes within the value chain pose a high degree of pain/risk and financial impact to the business to indicate which area of the bank needs to be digitally transformed first.
3. Further analyze the value chain by discussing the greatest risks, complexities, benefits, dependencies, and financial revenue highly impacted if CX enhancement was implemented for the processes highlighted.

Improve your bank’s CX with the right data and metrics

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