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New age Banking and Customer Experience Management

Changes in income, attitude and behavior, along with easy access of information enable customers today, to demand greater levels of autonomy, transparency and responsiveness from their banks. They Demand Personalized Products and do not hesitate in taking their business elsewhere if they get a better deal.Customers today are spoilt for choice, and banks need to appreciate that. Banks need to have the right mix of traditional and new age channels to meet customer requirements.

Customer Experience Management can be considered the primary differentiator, considering, the highly competitive market.According to a study by Gartner, 89% of all businesses compete primarily on customer experience.

Providing a seamless customer experience in the age of digital media is no small task. Traditionally, conversations between banks and customers have been one sided, but, this is no longer the case. Moreover, brands no longer have control over these conversations. This shift, makes it a priority for every bank to develop an effective customer experience managementprogram.

It is important to understand that customer experience management programs offer much more than just customer feedback.CEM is all about ensuring that the customer has a positive experience during every interaction with the company, through every touch point. It provides an insight into the customer journey and provides a 360 degree view of the customer.Considering the number of points of contact that exist today,between banks and customers; an integrated CEM software, capable of drawing inferences from various touch points, becomes a necessity for any bank who strives to provide a seamless ‘omni’ channel experience.

It is no news that customers today demand personalized products and services.Banks today understand that customers who have accounts with them are more likely to apply for a personal loan or mortgage. A good CEM software would help banks reach out to customers with targeted communications. Understanding the customer from every angle, is crucial to providing personalized experiences; which, again draws attention to the necessity of recording and analyzing customer feedbackto gain insights about customers.

Being aware of customer satisfaction levels also enables banks to keep tabs on customer attrition. Banking customers sticking with the same bank for a decade or more is not unheard of. When a bank loses a customer due to poor CEM, it loses a customer who could have stayed with them for a long time. Being aware of a customer’s likeliness to churn would help banks carry out pre-emptive measures. A good CEM  software would help banks ‘profile’ their customers. Studies indicate that more often than not, 80% of business is brought in by 20% of the customers. Identifying these customers, would enable banks give them the priority and attention they deserve.

The digital experience is a crucial factor in determining the customer experience, particularly so with the younger generation. Banks need to understand that digital experience is part of the customer experience. If a bank fails to meet their needs, customers today donot think twice before moving on to a different bank.The digital experience should not only provide basic functions, but, it also guarantee an overall positive customerexperience.

Customers today are more connected, more demanding and less forgiving. However, a large number of customers, do not see any difference among banks. They believe that all banks offer similar products.Hence, customer experience becomes the key differentiator. Banks need to make CEM the center of their operations to ensure that customers remain customers.

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