Most of us fret at the thought of visiting a branch or calling a bank’s contact center. Few days back I was trying to call the contact centre for one of the credit card company in the region. I realised there was no option to reach an agent. I thought I made some mistake. I dialled 6 times, but could not find an option to talk to someone. Then I chose a service I did not want, spoke to an agent and was told the number key to land to an agent. I could not believe myself. That incident prompted me to write about the state of Customer experience in banks.
In last 2 years, there has been a lot of talk in the banking circle around Customer experience. Below are the Customer experience scores for US banks compared to other sectors over last 3 years (Please click on the picture to zoom). Customer experience scores are still in the range of “Okay” (60% – 70%), with slight movement towards the upper end of the band. This increase is due to better performance by banks at the lower end of the spectrum.
US Customer Experience 2011, 2012, 2013 by Temkin Group
Banks realise that with little product differentiation, Customer experience is the way forward. They have been wanting to ride the Customer experience bus, but it is not going to be an easy ride for them. Below is my take on why banks find it difficult to transform the Customer experience.
1. Extreme product centricity that even customers are segmented as per products
2. Competing products with separate sales teams lead to deeper silos
3. Channels and branches under separate heads makes seamless experience difficult
4. Lack of differentiation pushes employees to confuse customers
5. Lack of transparency as a culture ingrained in policies
6. Huge employee attrition due to multiple reasons
7. Disintegrated technologies and systems
9. Presence of Customer experience team as a separate entity in the organisation
10. To some extent Central bank guidelines make it difficult for banks to experiment and have fun
( Chief Learning Officer )
Entrepreneur, Trainer, Consultant, Blogger, Mother Arti heads the Training division of Finesse. Arti brings with her 11 years of cross industry experience. She started her career with AGC Networks handling post sales customer satisfaction levels. Here she learned about building long lasting customer relationships.
After AGC, Arti co-founded a start-up in Telecom services sector. This gave her hands on experience in creating cohesive teams, retaining talent, and handling customer throughout the lifecycle.
At J&J Medical, Arti managed the suture business in a region and developed competence in salesmanagement, developing people and creating customer-focused teams. At Johnson & Johnson, she was also responsible for national sales training.
Arti founded Lead On Consultants in 2011 in line with her passion for Training & Customer Experience. In line with this vision, she joined hands with Finesse to develop their Learning & Development vertical.
Arti’s strength lies in her ability to work with people from different backgrounds and cultures. She puts immense trust in people, which brings out the best in them. Arti did her bachelors in Information Systems from BITS, Pilani, India and went to ISB, Hyderabad, India to study management.