• OpenText™ | Blogs
  • 16.04.2019
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OpenText™ "Event oriented customer experience"

Creating a better customer experience in the Banking and Financial Services industry

In my previous blog, I took a look at some of the major areas Financial Services needs to address to deliver the experience their customers demand. This time round I’m going to focus on the most fundamental change that you need to make to fully benefit from your customer experience investments: the move from a transactional to an event-oriented relationship with your customers.

Last time, I mentioned the excellent ‘Improving the Customer Experience in Banking’ report that found most retail banks were unprepared to meet the needs of growing customer expectations. While CIOs talked about customer experience, their investments were, in practice, aimed at delivering traditional business outcomes such as greater business efficiency or increased share of wallet.

For Jim Marous, publisher of the report and The Financial Brand, the result was that “the objective of delivering a positive customer experience has become secondary to other bank priorities, resulting in a transactional banking relationship to the customer”.

Putting the cart before the horse

It’s clear that things have to change. The massive investments that Financial Services companies are making in customer experience are yet to fully deliver. In fact the report found that, in one banking sector, a quarter of respondents thought their customer experience program had a negative impact on their business. To change to a more customer-centric business model, Jim Marous suggests five areas that all Financial Services companies must prioritize (I’ve added the last bullet myself):...

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