Innovation of customer experience
Customers increasingly expect tailored products and services delivered to them in real time, in tune with their moods and behaviors. To do this, banks will need to fuse artificial intelligence (AI) and human judgement to turn the troves of customer data they possess into actionable insights that help customers improve their financial wellbeing.
Banks' capital in the last decade has largely been spent on compliance, risk management, and stress testing, rather than on designing new customer experiences. Some banks, though, are recognizing the importance of building an attractive experience for their customers, as they are challenged by new market entrants. In 2020 and beyond, banks should focus on innovation of customer experience.
This holds true for both retail and commercial banks. Increased competition and changing demands are forcing banks to focus more heavily on the customer journey. Yet recent Genpact research found that while 41% of commercial banking leaders say growing customer satisfaction is a top priority, just 35% have mapped the customer journey across both treasury and lending product lines. This, despite the fact that commercial banking executives identified the growth of these areas, respectively, as their company's first and second priorities.