CUSTOMER EXPERIENCE
while closing channel gaps at pace and at scale increased the risks of getting things wrong.
Finding purpose CX has become an ontological exercise. Techniques like customer personas, journey maps, and design thinking help bring customers’ core needs to life, in order to go beyond ‘what’ and ‘how’ to reveal the underlying ‘why’. Customers don’t want a mortgage (bank product) or to apply online (bank process), for example – they want to buy a home. This is helping banks unearth possible adjacent innovations and go deeper into the customer experience to serve core need. DBS Bank has done this with various home- buying services available within its corporate login to support the home-buying process (eg list rental properties, book removal teams and access home-improvement services). Commonwealth Bank (CommBank) is well known for offering a home-buying app that integrates property search information, while Moscow-based Tinkoff Bank teams up with various lifestyle partners. In this respect, rather than selling the coal (financial products), banks are selling the electricity (life goal), which is likely to induce a more powerful emotional connection with their customers.
Environmental, social and governance The pandemic is changing what matters most, with pre-existing environmental, social, and governance (ESG) trends translating into efforts to rebuild ‘better’ post-pandemic. Vast swathes of consumers are not just demanding cheaper, faster, and more convenient ways of managing their finances – they increasingly care about a company’s approach to moral, social and political values, and want brands they affiliate with to align with their own beliefs. This is enlarging the scope of CX beyond anything that has existed
“Vast swathes of consumers are not just demanding cheaper, faster, and more convenient ways of managing their finances – they increasingly care about a company’s approach to moral, social and political values”
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before. Winning this demographic over – not just as customers, but as potential employees – requires meaningful commitments and progress across the investing, lending, and advisory activities of a bank in ways that advance ESG imperatives.
Optimising for moments of truth Covid has increased the size of the prize in moments of truth. Consumers want a bank they can trust – one that can provide transparency around their options, the risks they face, and help them make better financial decisions. Get it wrong, with erroneously applied or punitive overdraft charges, and the damage may be irreparable. This is a particular risk amid Covid disruption, with banks operating at reduced capacity in call centres or working from home with disrupted internal processes. It will become even more of a minefield as furlough schemes wind down and banks are forced to manage collection processes remotely for highly distressed customers. Delivering on these new priorities requires a fresh set of technology capabilities.
Chatbots Customers are interacting primarily through messaging apps. Many chatbots already support voice-activated messages, which reduces friction. Bank of America’s chatbot, Erica, has moved quickly from basic queries to more complex tasks, having actioned more than 250,000 payment deferrals amid Covid. HSBC recently partnered with Google Cloud for an artificial intelligence (AI)-enabled chat service that will put automated interactions on compliance guardrails, automating cross-sell and upsell opportunities. Chatbots typically work best for simple customer queries – but with simple queries often accounting for 80%-plus of inbound call centre activity, there’s potential to cut costs while freeing up staff for the more complex interactions.
Process simplification In the absence of end-to-end digitisation, providers like Bank of America and Wells Fargo are using computer vision and natural language processing to automatically analyse data and documents to reach decisions and ensure compliance. Simplifying core decision-making processes drives the biggest possible uplift in
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