Customer Experience in Retail Banking
Banks around the world face a number of serious challenges: financial volatility, debt crises, emerging customer markets, increased customer expectations, and regulatory changes, to name a few. To further compound matters, a recent survey revealed that banks are also confronted with a significant lack of customer trust. In fact, the survey showed that 43 percent of retail banks said customer trust in the industry decreased from 2011 to 2012, while only 27 percent said it increased.
To tackle these complex obstacles, many retail banks are increasing their customer focus. To start, they are exploring new technologies and strategies in order to optimize the customer experience and build trust. For instance, some are looking to innovate, particularly with non-branch channels like mobile apps and self-service kiosks. Others are adopting social media strategies and acting on customer data in order to provide customers with optimal experiences. In the infographic below, explore some key lessons shared by banks as they continue to make strides to be more customer centric.