As pointed out in our previous article, the customer experience of the ‘bank of tomorrow’ will be more technology-enabled, customer-centric, purpose-driven, focused on tangible as well as intangible value, cater to evolving customer base, personalized and proactive, invisible, intuitive, immersive, integrated, easy, simple, guiding, and channel agnostic.
Let us draw out a strategy that the banks of today can use to build this customer experience of tomorrow. We have put this strategy in a series of steps so that it is easier for the banks. Think of these steps as competencies that the bank must develop to deliver a great customer experience.
It is important these steps focus on understanding each customer at a much deeper level in line with an overall customer experience of the organization and documenting this understanding using the latest technology, and building a hyper-personalized approach to each customer using this customer information. While doing this, it is important to understand that only technology can help the banks traverse this journey which needs to be supported by a wide ecosystem of partners and a willingness to continuously raise the benchmarks in customer experience.
Let us look at the competencies:
1. Superior customer understanding and a culture of customer obsession
2. Deep knowledge about the profile of each customer
3. A great customer experience vision
4. Comprehensive bible of customer journeys mapped to the lowest detail possible
5. Detailed plan for translating the vision to action, at a strategic, tactical, and operational level
6. Responsibilities listed out across the organization, to deliver a genuinely great customer experience
7. Focus on hyper-personalization
8. Strong technology backbone across the entire banking layers – platform, product and process
9. Automation across the banking ecosystem
10. Comprehensive ecosystem consisting of partners and other players
11. Focused teams aimed at producing an exponential change in delivering a great customer experience
12. Ability to continuously measure, monitor, and manage the customer experience provide and raise the benchmarks in customer experience on a continuous basis