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Branching Out - Mobile Banking CXM

Branching Out ― Customer Experience Management Strategy in Mobile Banking

More than 600 bank branches have closed in Britain in the past year[i]. Over the last decade, the figure is more like 3,000.

It’s no surprise then that mobile banking is now the number one channel of choice for customers[ii].

Gone are the days when you knew your bank manager by name, and they knew yours... and when mortgages, overdrafts and day-to-day transactions were conducted face-to-face.

Today, mobile banking has overtaken telephone and online as the preferred way to do business. There were 40,000 banking app downloads a day in 2015 (up 25% from 2014)[iii], while the total number of app logins increased by 50% to 11 million[iv] ― each day!

None of this should come as any great shock. People love their smartphones. But how do we get them to love their banks?

Traditionally, the answer has been customer service. But how can banks deliver personal, differentiated service in what many would argue is an increasingly impersonal, people-less environment?

Banking on a positive customer experience

The answer goes beyond the historic banking values of trust and understanding. It involves creating a positive customer ‘experience’ at every stage and every level of interaction across a myriad of channels, touchpoints and technologies.

To succeed, today’s banks need to respond with outstanding and truly differentiated, omni-channel customer engagement that builds loyalty, improves retention and strengthens barriers to market entry. In other words, they need to embrace Customer Experience Management (CXM).

When RR Donnelley commissioned research to discover the importance of CXM in business today, more than two-thirds of senior executives in large B2C organisations (including retail banks) described it as a key strategic tool to increase loyalty, advocacy and lifetime value.

  • However, only 10% said they had achieved their CXM goals.

 

The future of CXM ― lessons to learn

The executives we spoke to cited many reasons for not achieving their CXM goals ― cultural challenges, ever-increasing customer expectations, and legacy systems and processes. But the more forward-thinking also provided valuable pointers to the successful design and implementation of a coherent CXM strategy.

They included active leadership, a clearly articulated CXM vision that crosses departments and disciplines (and embraces people, processes and technology) and intelligent omni-channel communications.

To find out more, download our whitepaper, The Rise in Customer Experience Management

 


[i] BBC, May 2016 
[ii] British Banking Association, The Way we Bank Now: Help at Hand, Summer 2016
[iii] ibid
[iv] ibid
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