Why it's important
Customer experience continues to increase in strategic importance for retail banks. The rapid update of digital channels and changes in customer behavior add to the challenge. However, in reality, few banks have made material improvements in core service indicators in recent years and fresh perspectives are required to influence change. The Customer Experience Benchmark helps participants to address critical questions such as:
Key touch points: How well do we perform on the most common, simplest customer interactions across channels?
- How well do our branch capabilities, opening hours, and staffing reflect customer preferences for using the network?
- To what extent do digital customer journeys facilitate a simple, straightforward user experience?
- How does our self-service machine network score in terms of usage and reliability?
- How competitive are service standards and actual performance against SLAs in the contact center?
Complaint handling: What does it take to achieve leadership?
- What levels of complaints should we be recording? What is the best operational model for complaint collection and resolution?
- What resolution speeds are required?
- How can digital channels be used to deliver an enhanced complaint-handling experience?
- How can we best leverage complaints and feedback to drive change management?
"Moments of truth”: How well are we set up to flawlessly execute the most critical customer transactions?
- How do we perform on key moments of truth such as current account opening and onboarding, lending product applications, and fraud?
- Which operational metrics should be used to measure the end-to-end customer experience?
- What targets should we set for our organization?
- What mechanisms should we put in place to monitor and act on customer feedback?
Customer experience strategy and organization: Do we have the key organizational building blocks and management tools in place to achieve best practice?
- What organizational models do best-in-class banks have?
- How do they measure customer experience?
- Which executive behaviors shape the culture in high-performing banks?
- What impact can best-in-class capabilities have on outputs such as preventable attrition, customer dormancy, and account closure?
- What is the business case for further investment in customer experience?
The Customer Experience Benchmark enables executive management to:
- Use an in-depth diagnostic for an external ‘health check’ of performance, highlighting strengths, weaknesses, and opportunities
- Set robust, operational targets to improve performance and quantify the business case for service improvement to persuade key stakeholders of the need for change
- Develop a concrete action plan supported by best-practice insights
- Monitor progress over time