Regardless of the diverse risk profiles of individual banks and measures taken by regulators and governments in different countries to support their banking systems, banks across the EMEA (Europe, the Middle East and Africa) region are faced with the challenge of combating consumer mistrust, a major consequence of the economic recession and credit market crisis of 2008.
The current market scenario is extremely challenging. A recent Forrester research emphasizes on the importance of “customer advocacy” in developing deeper customer relationships among financial services consumers. The key here is the perception on part of the customers that a firm’s strategies and actions are governed by their needs and well being, not just the firm’s own selfish motives. In order to survive today’s market environment, banks in the region our under tremendous pressure to deploy advanced functionality, comply with regulatory requirements, improve security and enhance customer experience.
Banks are dissatisfied with the outcomes of their cross-selling/up-selling efforts. Other major concerns include consolidation of multiple products like account statement, credit card statement and investments and loan statement, consolidation of multiple systems like loan management system, wealth management system and CRM, distribution to multiple output channels like print, email and web presentment and dependency on vendors/ IT experts for performing minor changes on different systems.
Banks that succeed in defining and implementing solutions to offer fulfilling banking experiences to their customers will be the ones that will thrive into the future. Making the best use of customer data and segmentation is the key to high-quality interactions that attract and retain customers. An effective Customer Communication Management System would help banks leverage demographic profiling to capture customer interest, establish customer intimacy and earn customer advocacy.
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3 Comments to 'EMEA Banking Industry – Consumer Mistrust Calls for Enhanced Customer Experience'
It is really a great and helpful piece of info. Agreed that customer experience is the most important aspect to look at in today’s situation, and CCM looks like the key to it, but CCM offerings in the market have still not matured enough. There are no leaders in the space of CCM and no benchmarks or standard features. With every vendor claiming to be an expert, how does one choose the right partner?
A very pertinent question Patty. There’s no doubt that CCM is catching up fast and organizations are realizing its importance in light of changing ways to communicate with customers. In such a situation, some of these parameters(of the vendors) can be compared:
1. Product Range
2. Industry Domain Expertise & Recognition
3. Time required for Deployment
4. Services & Support
5. Coverage of different entities of the organisation by the solution
6. Value for Money
And most importantly ‘Relationship Management’ of the company, which can be gauged by analyzing repeat business, coz no one likes to hear a ‘No’ in times of need.
By comparing these features, I believe you would be able to find out the ‘Expert’ which is best for you.
Good post. I study something more challenging on totally different blogs everyday. It’s going to at all times be stimulating to learn content from other writers and practice a little one thing from their store. Customer communication is something I’m researching about and I’d want to use some of this content on my weblog, hope you don’t mind. Natually I’ll provide a link to your blog. Thanks for sharing.
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