Retail banks need to focus on improving customer experience, implement customer-centric strategies - report

According to the Customer Experience in Retail Banking 2013 report from not-for-profit organisation Efma and management consulting firm Peppers & Rogers Group, retail banks that focus on improving the customer experience and implement customer-centric transformation programmes will see a positive impact on business performance. However, banks admit they still need to be doing more to achieve this.

The report focuses on three key areas to show the business impact of customer-centric strategies in retail banking: current capabilities of retail banks in terms of organisation, process, information and technology; the measurement of customer experience; and the business impact of customer centricity. The survey results reveal that many banks need to focus more on the customer experience and use business performance measurements to assess their performance.

The report explains that successful customer-centric retail banks have put processes in place to understand customer needs, behaviours and expectations. Despite many banks recognising the importance of using data, next-generation analytics and adaptive engagement strategies to better serve their customers, more than a quarter of the respondents reported that they do not have a dedicated organisation for customer analytics.