Ameliorating Customer Experience in BFS

18 Dec 2020
by Manu Aggarwal, Robin Jain, Rohit Sharma

Most banks have not been able to fulfill customer expectations in terms of delivering a superior customer experience. Banks have been inclined to treat customer experience as more of a compliance tick-in-the-box exercise than a useful tool to drive real change. As competition in the banking industry intensifies, failing to meet customer expectations could directly impact the top line, with customers increasingly choosing their banking partner based on experience.

More than ever before, customer experience has become a key factor for competitive advantage, especially in the post-COVID-19 scenario. Thus, banks need to understand their customers' personas and use customer journey mapping tools to understand pain points in their journeys. The road to offer the best customer experience does not end with one-time efforts, and banks need to drive continuous improvement across their customer touchpoints to achieve customer delight.

Scope

  • Industry: BFS
  • Geography: global
  • In this report, we study vertical-specific banking BPS customer experience. We have not covered customer experience in horizontal business processes such as Finance and Accounting (F&A), Human Resources (HR), and procurement

Contents

In this research, we:

  • Analyze challenges relate to customer experience for banks
  • Examine the present scenario
  • Explore how banks can close the experience gap

Membership(s)

Banking Business Process

Sourcing and Vendor Management

 

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