Staying relevant: Four pillars of the banking experience

Stephanie Bannos, Head of CX, Rightpoint, explores four pillars of the modern banking experience and how banks can stay relevant in today's market.

It’s a given that consumer banks need to invest in customer experience. With so much of global commerce already cashless and connected, consumers have come to expect seamless digital experiences regardless of industry. This expectation has been heightened by the COVID-19 pandemic, which has necessitated the adoption of digital technologies by consumers and companies alike. Unfortunately for banks, the pandemic has revealed underlying weaknesses in the digital consumer banking experience and underscored the need to invest to remain relevant.  

Leading banking brands are already prioritizing investment in artificial intelligence and machine learning to improve customer targeting, orchestrate recommendations and predict churn. However, these investments only deliver game-changing results if they are applied to the consumer experience strategically. At Rightpoint, a Genpact company, we break the consumer banking experience into four pillars.

Relationship Value: The tangible “what” of the experience

Answers the question: What is this relationship doing for me?

Banking has always been about relationships. What’s different now is how we can use technology to initiate, nurture and deepen those relationships. A 2018 JD Power study found that 78% of banking customers would like financial advice and guidance from their banks, but only 28% feel that they’re getting it. Banks can use content, personalization and contextual education to play an enhanced role in the customer’s everyday life.

Appeal: The intangible “what” of the experience

Answers the question: How do I feel about working with this bank?

Appeal is about creating a positive emotional connection with customers by embodying three key attributes:

• Relatable — Putting customers at ease
• Personalised — Making customers feel special
• Interactive — Rewarding customers for engagement

An experience-led approach to consumer banking builds trust, empathy and ultimately provides a powerful competitive differentiator.

Ease: The 'how' of the experience

Answers the question: Is doing business with this bank easy?

According to NPS Prism US banking data from Bain (May 2020), NPS when opening a checking/savings account fully digitally is 53 versus 39 when done through a bank’s contact centre. This proves that the technology exists to deliver simple and easy self-service experiences and that when done well it’s preferable for customers.

Availability: The 'what' and 'where' of the experience

Answers the question: Can I consistently have the same experience and have it be “always on”?

If a bank is fully available for consumers, it has the opportunity to step into the role of guardian and steward for all daily decisions involving money. The three keys to availability success are consistent quality, persistent records and communication and ever-present access that is both reactive and proactive.

Time is of the essence.

Evolving the customer experience is imperative for consumer banks that want to maintain relevancy and growth in an increasingly competitive market. New and non-traditional entrants are succeeding because they put the consumer first. If there was ever a time to double down on modernizing investments and customer strategies, it’s now. 

This article was contributed by Stephanie Bannos, Head of CX, Banking and Capital Markets, Rightpoint