Professional Documents
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THE CUSTOMER
EXPERIENCE ERA
DAVID POOLE & JON DAY
FIGURE01
Changing priorities
Banks that thrive will simplify the
product set and develop a complex
and nuanced understanding of
the customer.
Simple understanding of
the banking customer
Complex product set
Complex understanding
of the banking customer
Simple product set
The successful bank will have a refreshingly simple product set built around
relationships, and a more nuanced
understanding of customers and their
needs for breakthrough experiences
(see Figure 1). The bank of the future
will act on its wealth of customer data
a shift in emphasis from systems
of record (data stores) to systems of
engagement (informing customers).
OUR PERSPECTIVES
FIGURE02
RANKING
AVERAGE
SCORE
2.51
Understands my needs
2.73
2.97
3.10
3.57
We define five dimensions to help quantify the essential elements of experience (see Insights 2014: The Bottom Line on Experience). Sense is defined as the extent to which
a person discerns a meaningful, emotionally relevant story.
3
OUR PERSPECTIVES
FIGURE03
A significant gap
With different objectives, banks have different priorities than customers rates
and operational costs being just two examples. But both aspire to have delightful
experiences for their customers and themselves.
Banks wants
Delightful
Delightful
Conversion to sales
Customers wants
ASPIRATIONAL
Ease-of-use
EXPERIENCE GAP
FIGURE04
7.1%
$148
7.4%
$140
5.5%
$159
$299
$278
$254
9.7%
1.2%
$75
$134
6.3%
$217
2.2%
7.4%
2.9%
$76
$143
7.5%
$221
4.1%
5.3%
2013
$231
6.3%
2014
$78
$153
$305
$287
$272
$168
2015
Percentage change from
2014 to 2015
Manufacturing
Business Services
Public Sector
Ernst & Young. Winning through customer experience: EY Global Consumer Banking Survey 2014. http://www.ey.com/Publication/vwLUAssets/EY_-_Global_Consumer_
Banking_Survey_2014/$FILE/EY-Global-Consumer-Banking-Survey-2014.pdf.
5
OUR PERSPECTIVES
OUR PERSPECTIVES
FIGURE05
Capital One
360
mBank
BMO
Simple
Branch
Mobile
Site
Commonwealth
Bank
Mint.com
Apple Pay
RBS
Social
PFM
Payment
ATM
Wells Fargo
Ally
USAA
Garanti
Cross-sell
Mobile
Deposit
Customer
Service
Integration
Fidelity
Investments
Bradesco
Wearables
Robot Teller
FIGURE06
PASS
CRITERIA
Capability untested in this
banking market
Low public awareness
CHANNEL EXAMPLE
Branch: Robot teller
Mobile: Microsoft HoloLens
Desktop: Games
ATM: Custom card printing
Call center: Voice biometrics
ON THE VERGE
TEST
CRITERIA
Offered by banking innovators
Delivering results in other industries
CHANNEL EXAMPLE
Branch: Beacon
Mobile: Smart watch app
Desktop: Massive Online Open
Courses (MOOC)
ATM: Cardless transaction
Call center: Virtual assistant
TABLE STAKES
INVEST
CRITERIA
Demanded by customers
Driving switching behavior
Offered by competitors
Available as white label service
(e.g., Yodlee and Mitek)
CHANNEL EXAMPLE
Branch: Video conference
Mobile: Quick swipe balance
Desktop: Budgeting or Personal
Financial Management Tools (PFM)
ATM: Biometric security
Call center: Single customer view
OUR PERSPECTIVES
Conclusion
Crucially, these touchpoints work best
when part of a cohesive world inspired
by an organizing idea, implemented
in a way that feels like a humanized
expression of the brand. The sum of
these parts needs to live up to the bank
brand promise wherever and whenever
customers come calling. Great brands
sell themselves, not their products, and
this shines through every interaction on
each channel. When this is successful,
customers react in a positive manner
regardless of the channel through
which they interact with the brand
(see Figure 7).
While individual touchpoints (e.g.,
mobile, ATM, etc.) between banks
and their customers have advanced in
isolation, a seamless, holistic packaging
of these touchpoints has yet to occur.
Its their combination that will accelerate the vision of humanized and
enjoyable banking.
The time has come for the omnichannel
financial experience. The question is
whether a bank, retailer, or technology
company will do it first.
OUR PERSPECTIVES
FIGURE07
David Poole
Senior Strategist, SapientNitro Boston
dpoole@sapient.com
David leads strategy for the Financial Services Center of
Excellence, which is responsible for supporting our global
network of clients in thought leadership, innovation,
transformation, and consumer insight.
Jon Day
Director & Global Lead, Financial
Services, SapientNitro Toronto
jday@sapient.com
With over 22 years of experience in financial services,
Jon guides our development of thought leadership, insights,
and research related to dramatic trends and movements
that redefine customer experience and how brands
connect to customers in the financial services sector.
SapientNitro, part of Publicis.Sapient, is a new breed of agency redefining storytelling for an always-on world. Were changing the way our clients engage todays
connected consumers by uniquely creating integrated, immersive stories across brand communications, digital engagement, and omnichannel commerce. We call
it our Storyscaping approach, where art and imagination meet the power and scale of systems thinking. SapientNitros unique combination of creative, brand, and
technology expertise results in one global team collaborating across disciplines, perspectives, and continents to create game-changing success for our Global
1000 clients, such as Chrysler, Citi, The Coca-Cola Company, Lufthansa, Target, and Vodafone, in thirty-one cities across The Americas, Europe, and Asia-Pacific.
For more information, visit www.sapientnitro.com.
SapientNitro and Storyscaping are registered service marks of Sapient Corporation.