Customer Experience Management in Banking
The
banking experience is like interactions a customer perceives along the entire
journey till completing their process in banks. The banking sector has to provide
a good banking experience to their customers.
WHAT SORT OF OUTCOMES DO CUSTOMERS WANT TO EXPERIENCE IN BANKS?
Ø Necessary
insurance should be covered for the customer’s needs and expectations. For
example the money lost in any situation the bank has to take necessary steps to arrange and get the money to the customers.
Ø Bank staffs must approach the customers as friends (well wisher to guide in a proper way. For example: loans, FD deposits, lockers etc).
Ø Access-Consumers should have access in products and services that meet their need and capabilities over their lifetime and in different personal circumstances.
Ø Bankers should act as a socially responsible entity to take care of poor/down trodden
people day to day requirements.
Ø Choice-Consumers must have effective choice, without having to take unrealistic amounts of time to review and understand the market. Active choice is realistic and the market does not exploit consumer inertia. Consumers must be able to easily make a link between their needs and the products and services provided by their bank/building society. Consumers must readily understand the differences between products and services offered.
Ø Clarity & transparency-Products and services should be described and sold in a way that consumers understand. Products and services are provided with fair and clear terms. The features of products and services are well communicated.
Ø Bankers to provide assistance to the seniors citizens at their doorstep.
Ø Redress and being listened to - Consumers should have access to easily navigable forms of redress when things go wrong. Consumers should be appropriately listened to within banks and building societies.
Ø Value for money-Consumers should have the information to enable them to judge value for money easily.
Ø Fairness-Consumers
experience must be dealt fairly – as individuals over the lifetime of a
product and not just at the point of sale. Consumers should be dealt fairly and
appropriately in terms of both product and service, e.g. during illness,
bereavement or job loss.
WHAT IS THE AMOUNT CUSTOMER EXPERIENCE IN BANKING SECTOR?
Ø Bankers
taking more time to provide assistance or servicing the customers.
Ø Most bankers are rough in nature while handling the customers.
Ø They are not giving the right service to the customers. For example-If customers are asking for any transaction with the cashier, they are not responding well to the customers.
Ø Banks should provide proper parking system for both two wheelers and four wheelers vehicle.
Ø Banks must have proper security people.
Ø Banks staff and managers are not available in their respective cabins.
Ø Banks are not inspecting the documents properly to provide loans to the customers results in NPA(Non Performing Assets).
HOW CAN WE MEASURE WHETHER WE HAD SUCCEEDED?
Ø To
provide revaluation sheets to the customers to assess the banking performance
and to its staffs about performance, and they must also be asked how they are handling each and
every customer.
Ø Every bank must appoint customer service officer to ask opinion from customers about how the staffs are handling the customers.
Ø Take any surveys in related areas with the customers to know the performance of the banks.
Ø Provide suggestion box in branches after implementing changes in customer experience management of the bank.
WHAT ARE THE BANKING STATISTICS ARE THERE TO PROVIDE FOR BANKING EXPERIENCE TO THEIR CUSTOMERS?
Ø According
to the recent banking survey taken in 2014, banking sector has to know that customer experience is one of the key
areas for banking sector to experience their customers as much as possible.
Ø According to McKinsey, we have to improve customer experience, increase the likelihood of the customer for buying the products.
Ø According to the survey taken in banking sector, more customers are switched their bank providers in past 12 months due to absence of good service quality or value of money. Same survey says that 61% of banking customers expect to have access to more online transactions across their entire customer life cycle.
Ø The banking sector should invest more in customer experience to have good CX strategy in banking sector.
Steps to improve customer experience in banking sector are:
·
Plan,
·
Strategize,
·
Improve CX,
·
Measure &refine..
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