BANKING CUSTOMER EXPERIENCE
Document #1: The State Of Banking Customer Experience
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Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 1: Most Banks View Customer Experience As Critical
What role will customer experience -- how your company
interacts with customers -- play in your company’s
competitiveness over the next three years?
Critical
76%
Very
important
21%
Moderately
important
2%
Not
important
1%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
2
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 2: Banks Want To Sell More products To Customers
Which of the following is the most important component of your
company’s customer-facing strategy?
Sell more products to
existing customers
37%
24%
Acquire new customers
Improve overall customer
satisfaction
16%
Improve the quality of
customer service
10%
Introduce new or improved
products and services
4%
Other
4%
Increase adoption of online
channels
3%
Cut the costs of servicing
customers
2%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
3
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 3: Banks Don’t Think They’re Meeting Customer
Expectations
How often do you think that your company meets or exceeds customer
expectations during the following types of interactions?
Selecting new products
Always
In the
14%
branch
Over the
7%
phone
Getting service help
Almost always
48%
35%
Online 5% 25%
Always
In the
branch
Over the
phone
27%
22%
Almost always
47%
43%
Online 8% 23%
Changed from previous version: charts were
under the wrong labels.
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
4
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 4: Problems Hamper Customer Experiences
Which of the following are significant obstacles to improving the
customer experience that your company delivers?
Lack of a clear customer
experience strategy
49%
Lack of customer experience
management processes
48%
Lack of cooperation across
organizations
43%
37%
Lack of budget
Lack of understanding about
customers
30%
27%
Lack of urgency
16%
Lack of executive involvement
None of the above
9%
(multiple responses accepted)
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
5
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 5: Most Banks Are Not Very Disciplined With
Customer Experience
How would you describe your company’s overall approach to
customer experience management?
Very
disciplined
13%
Somewhat
disciplined
55%
Somewhat
undisciplined
Very
undisciplined
Don’t know
21%
7%
3%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
6
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 6: Bank-wide Customer Experience Efforts
To what extent has your company put in place the following items?
Been doing for 6 months or more
Not doing, but actively considering
Been doing for less than 6 months
Not doing
Don’t know
A single set of
customer feedback
scores (e.g.,
satisfaction) that are
used across the
company
An executive in
charge of improving
customer experience
across products and
channels
Company-wide
program focused on
improving customer
experience across
channels
37%
39%
46%
8%
22%
15%
13%
18%
24%
25%
22%
9%
7%
12% 3%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
7
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 7: Size Doesn’t Matter when It Comes To The
Importance Of Customer Experience
What role will customer experience -- how your company
interacts with customers -- play in your company’s
competitiveness over the next three years?
78%
75%
Critical
Very
important
>$30 billion
<30 Billion
19%
23%
Moderately
important
2%
1%
Not
important
1%
1%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
8
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 8: Large Banks Are More Interested In Customer
Acquisition
Which of the following is the most important component of your
company’s customer-facing strategy?
Sell more
products to
existing
customers
34%
40%
Improve overall
customer
satisfaction
14%
18%
32%
Acquire new
customers
17%
Improve the
quality of
customer
service
9%
10%
Other
2%
5%
Introduce new
or improved
products and
services
3%
5%
Cut the costs of
servicing
customers
Increase
adoption of
online channels
<$30 billion
$30 Billion+
1%
3%
Changed from previous
version: the data labels
were flipped.
4%
2%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
9
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 9: Large Banks Lag In The Branch Experience
How often do you think that your company meets or exceeds customer
expectations during the following types of interactions?
(Percentage of firms that answered “always” or “almost always”)
Selecting new products
<$30B
$30B+
<$30B
59%
In the
branch
49%
37%
$30B+
62%
In the
branch
65%
Over the
phone
Online
Getting service help
88%
59%
Over the
phone
40%
18%
Online
70%
36%
27%
Changed from previous version: Getting
service help/$30B+/In the branch was changed
from 65% to 62%.
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
10
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 10: Large Banks Lack Cooperation
Which of the following are significant obstacles to improving the customer
experience that your company delivers?
59%
Lack of cooperation across
organizations
27%
Lack of a clear customer
experience strategy
47%
52%
Lack of customer experience
management processes
46%
52%
38%
36%
Lack of budget
Lack of understanding about
customers
33%
26%
Lack of urgency
21%
33%
Lack of executive involvement
None of the above
>$30 billion
<30 Billion
14%
20%
8%
9%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
11
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 11: Large Banks Have More Enterprise Customer
Experience Efforts
To what extent has your company put in place the following items?
(percentage of firms that are currently doing the activity)
A single set of customer feedback
scores (e.g., satisfaction) that are used
across the company
49%
42%
$30B+
<$30B
An executive in charge of improving
customer experience across products
and channels
Company-wide program focused on
improving customer experience across
channels
61%
47%
75%
55%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
12
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
BANKING CUSTOMER EXPERIENCE
Document #2: Banks Lack Experience Based Differentiation
Skills
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Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 3: Three Principles Of Experience-Based
Differentiation
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Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 2: Performance on EBD Principle No.1: Focus On
Customer Needs
How well do the following statements describe your company?
(percentage that selected either “4” or “5” on a scale from
[1] Does not describe my company at all to [5] Describes my company perfectly)
57%
Our company has a clearly defined set
of target customer segments.
Primary research is used to fully
understand the needs and behaviors of
target customers.
Decision making processes
systematically incorporate the needs of
target customers.
Employees across the company share
a consistent and vivid image of target
customers.
48%
40%
$30B+
<$30B
29%
36%
27%
22%
24%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
15
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 3: Performance on EBD Principle No.2: Reinforce
Brand With Every Interaction
How well do the following statements describe your company?
(percentage that selected either “4” or “5” on a scale from
[1] Does not describe my company at all to [5] Describes my company perfectly)
45%
The attributes of our company’s brand
are well-defined.
Our company’s brand drives how we
design customer experiences.
Our company translates brand attributes
into specific promises that we make to
customers.
Employees fully understand the key
attributes of our brand.
52%
38%
$30B+
<$30B
44%
35%
47%
30%
38%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
16
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
Figure 4: Performance on EBD Principle No.3: Make
Customer Experience A Competence
How well do the following statements describe your company?
(percentage that selected either “4” or “5” on a scale from
[1] Does not describe my company at all to [5] Describes my company perfectly)
Senior executives consistently
communicate the importance of serving
target customers.
54%
37%
Employees across the company are
recognized and rewarded for improving
the experience of target customers.
The quality of interactions with target
customers is closely monitored.
Senior executives regularly interact with
target customers.
49%
$30B+
<$30B
42%
38%
29%
26%
36%
Base: 190 North American Banking Executives
Source: Forrester Research Survey On Customer Experience, A Joint Project With American Banker
17
Entire contents © 2007 Forrester Research, Inc. All rights reserved.
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Figure 1: Customer Experience Is Critical To