For the first time in three years, global Customer Experience has declined reflecting an inflection point in customer expectations finds the World Retail Banking Report 2014. Future customers, mainly Gen Y or millennial, value technology, have high digital expectations, and are the largest users of social media, requiring banks to digitally transform to meet this segment’s expectations.
Featuring one of the industry’s largest customer experience surveys of its kind, Capgemini Customer Experience Index (CEI) analyzed responses from more than 17,000 customers across 32 countries. An additional 132 in-depth executive interviews and case studies complement the report findings which span across six regions: Asia-Pacific, Central and Western Europe, Middle East & Africa as well as North and Latin America.
Key findings of the Report:
- Customer experience declines. The 2014 Customer Experience Index results indicate a downshift in customer experience for the first time in 3 years and should act as a wake-up call for the industry. Left unchecked, bankers can expect negative impact on customer retention, referrals, cross-selling, and ultimately, profitability.
- Gen Y will drive digital transformation. Up and coming, digitally-savvy Gen Y customers will ultimately drive demand for digital servicing. Comprising up to a third of the population in many markets, banks need to digitally transform for Gen Y customers, while still supplying high-quality baseline services.
- Investments in social media. Social Media Banking will gradually become a permanent channel for retail banking as growth in social media penetration and adoption continues among customers and as banks look to leverage this channel in innovative ways for building a personalized customer-bank relationship.
Find out how banks can deliver a positive customer experience that differentiates them from their competition and increases profitability by downloading this year’s report.
We are proud to present our new interactive website to explore experiences and preferences of banking customers. The World Retail Banking Report website at www.worldretailbankingreport.com features dynamic graphs to explore customer data across three dimensions: retail banking products such as loans or accounts; channels including branch, mobile and phone; and customer lifecycle such as account status and history or transacting.
The Report looks at how banks are addressing digital transformation. By embedding digital integrally throughout the banking value chain, including all customer touchpoints and back end processes, banks can create more personalized customer interactions, achieve lean and cost effective operations, and transform the workforce by providing new ways to work and collaborate.
Learn how you can deliver a positive customer experience to increase profitability and remain competitive, get in touch with our experts at email@example.com.