Developing a Roadmap for Customer Experience
March 12, 2011
CXMM allows us to audit the activities and behaviours of a business to determine an overall level of customer experience maturity and create a road map for improvement.
Step 1: Audit
Using the Experience Banker CXMM audit tool, we conduct an audit of the overall customer experience activities in the business to understand what is – and isn’t – being done. As you can see below the audit tool maps each activity to a CXMM capability, pillar and stage.
The business is thoroughly analysed on each activity using the CXMM audit tool according to the following levels:
3 = Fully present, successful and sustainable
2 = Present, but opportunity to improve
1 = In development, too early for results
0 = Negligible/not present
The tool itself provides a graphical view on the level of maturity of the business. This is combined with knowledge about the business goals and customer experience aspirations to analyse the results.
The output is CXMM heat-map showing where and to what extent the business meets the CXMM capabilities.
In the example below the business has built up enough capabilities to perform strongly at Level 2 “Heard,” and has already started on several “Understood” activities.
CXMM gives businesses confidence about where they are in customer experience maturity and what actions they should take next.
If you want to know more about how CXMM can be used within your business please send us an email on robert.ballantine@gmail.com
Three Pillars of Customer Experience: Insight, Culture, and Design
February 23, 2011
In last year’s post on the Customer Experience Maturity Model, we introduced the stages of maturity in delivering customer experience. Now, in 2011 the need for customer focussed change has never been more apparent than in banking. Recently one of the UK’s biggest banks, RBS, was fined for failing to deal with customer’s routine complaints.
How does a huge organisation fail to deliver on a basic customer need like handling a complaint?
We believe there are three common organisational barriers to positive customer experiences in business: no customer experience strategy, lack of employee empowerment and insufficient mechanism to transform customer feedback into action.
Or put another way, businesses must develop capabilities across three “pillars”: Insight, Customer Culture and Experience Design. We call these the three pillars of customer experience.
Pillar 1. Insight
Does a business have an accurate, data driven, picture about its customers, their needs and behaviour?
Pillar 2. Culture
Does the whole business care about giving value and service to their customers and colleagues?
Pillar 3. Experience Design
Does the business actively design a differentiated experience at all touchpoints?
If we combine the pillars of customer experience with the stages of maturity, a picture emerges that helps to pinpoint specific capabilities that businesses must demonstrate in order to claim a certain level of maturity in the CXMM.
ExB has identified a set of capabilities and activities, that can guide a business from an inward looking organisation to one that joins business strategy and customer experience.
What does a company need to do at each level and in each pillar to deliver that stage customer experience maturity? Let’s break down each stage and pillar in detail.
CXMM Stage 5 – Passionate
At stage 5 a business is an undisputed leader in customer experience. Customers are passionate evangelists. They feel privileged and share their positive experiences with others. Examples include Singapore Airlines, Mandarin Oriental, Harley Davidson, Ritz Carlton.
Stage 5 Insight
A stage 5 business tracks and reports on ALL interactions with customers and predicts the effect of future interactions. Businesses at this level have invested in systems that augment CRM data with real-time feedback and track individual customer’s activities when not interacting with the business e.g. on social networking sites.
The line between “CRM” and “business intelligence” is blurred, all customer insight like satisfaction scores and demographics is shared with all employees and will alert decision makers when interactions are outside of established metrics. Businesses use this rich customer picture not only to offer the right products to customers but use this intelligence to drive new product design.
Stage 5 Culture
A business with passionate customers routinely involves them in setting the direction of the company and in the development of new products and services. A great example is Richard Teerlink, the former CEO of Harley Davidson, who regularly went riding with bike owners on weekends and subsequently insisted that his senior executives spend at least 15 days per year riding with customers, a process he dubbed “super-engagement”.
A stage 5 business will operate a customer-centric organisational model. This means that the business has structured itself around key customer segments (rather than products or processes) in order to deliver optimum value propositions. Read Booz Allen Hamilton’s paper on customer-centric operating models for a thorough treatise on placing customers at the heart of operating models.
Stage 5 Experience Design
Business have unprecedented behavioural data about individual customers that lets services and products to be tailored to individuals not just segments. The value of tailored offering is measured not only on sales benefits but also on the long-term value of the customer experience.
And a stage 5 businesses knows that passionate customers can be developed when things go wrong. These businesses have identified potential failings in a customer process and put in place pro-active actions for predicted experience problems. Ideally these measures are triggered before customers are even aware of the problem or complain. Techniques include engineering methods such as Failure mode and effects analysis (FMEA) and rapid response plans to deal with critical experience failures.
CXMM Stage 4 – Engaged
Stage 4 businesses have a comprehensive, actionable picture of customers, and a culture of accountability. Customers are willing to pay more for increased value and feel rewarded for loyalty. Examples include Apple and Virgin.
Stage 4 Insight
A stage 4 business quantifies and measures the value of customer experience. Business priorities are driven by what the business understands about customers. All major change initiatives follow a customer-focused design process and include customer insight reporting as a major indicator of success. Change prioritisation includes weighted customer metrics related to value (a point that management consultancies methodologies mostly fail to realise).
Stage 4 CXMM means that customers can provide immediate feedback about their experiences through any touchpoint. And feedback is immediately available to executives and responsible managers through a dashboard. The goal is to provide real-time actionable customer intelligence to all decision makers.
Stage 4 Culture
At stage 4, all employees fully understand how their role impacts customers and are empowered to deliver a positive customer experience. Employees are measured on customer metrics as part of performance rating. A successful example comes from Barclay’s Commercial Bank, winner of UK employer of the year in 2007. Barclays introduced “credo cards”. These single-sided cards outline Barclay’s services in action orientated sentences like “take ownership, avoid handoffs, and escort the customer”.
Stage 4 Experience Design
The stage 4 business has a clear strategy on the kind of customer experience they must deliver to identified segments in order to successfully compete in the market. The quality of customer experience delivery is fully under control, with consistent, positive experiences delivered each time. Owners are established and held accountable for customer touch-points and customer processes.
Using communication tools like customer promises or “bill-of-rights” the business has communicated to customers what they should expect to receive – and customers believe it. An example comes from RBS, who’s customer charter defines what customer should expect in terms of service quality. But a charter is not enough if the business is not geared to deliver and measure on it.
CXMM Stage 3 – Understood
Stage 3 businesses understand their customers’ needs and behaviours. Deep insight programmes are in place that track and drive customer service and ensure a consistent experience. Customers feel that their needs are mostly addressed by the products and services offered. Examples include Marks and Spencer and Egg Bank.
Stage 3 – Insight
At stage 3, core, met and unmet customer needs are understood in a way that helps identify new business opportunities. Customer needs are uncovered by sustained qualitative customer research programmes that focus on drivers of behaviours not only retrospective satisfaction measures.
Business at this stage use data about customer behaviour to trigger a business response. For example a private bank may consider a customer’s reduced contact with relation managers as a signal that a customer may reduce assets under management so triggering proactive contact.
Stage 3 Culture
A prevailing “internal customer” service culture typifies stage 3 businesses. Employees treat each other as customers, striving to provide superior service internally.
Business performance is measured on customer satisfaction and behaviour. One or more customer metrics, such as NPS or satisfaction, are on the management scorecard. Information about the customer base, including satisfaction, needs and trends, is shared among all employees and easy to understand. Techniques include distribution of customer profiles or personas.
Stage 3 Experience Design
At stage 3 the key drivers of positive experiences actively managed. The most important moments in the customer experience, those things that are critical to quality for customers, have specific performance objectives and are actively tracked.
For example, in retail banking a common abandonment point during account opening is when customers need to post back a form to complete the process. Having identified a vulnerable point in the customer process, business can actively manage that part of the experience using the mobile, web and telephone contact to encourage fulfilment.
CXMM Stage 2 – Heard
Stage 2 business have broad understanding of who customers are and how they feel about the business. Customers feel that the business is interested in learning from them, but they don’t have much attachment. Examples include Credit Suisse, RBS and HSBC – in fact, many banks are at this stage.
Stage 2 Insight
A stage 2 business uses customer research to segment their customer base. Customer satisfaction and its drivers are understood, but only in the context of the industry. Businesses at this stage will acquire and manages data on satisfaction through warehousing and regular market research including benchmarking, mystery shopping and satisfaction surveys.
Stage 2 Culture
Management understands available customer insights although at stage 2 it is rarely shared throughout the business. Bosses may communicate both externally and internally on the importance of customers experience to the success of the business.
Stage 2 Experience Design
The stage 2 customer experience is formed through systematic, ongoing improvements such as usability testing and use of channel metrics. At this stage a business will likely conduct competitive benchmarking and may have multiple channel improvement programmes, but these are unlikely to be joined up under a cohesive customer experience strategy.
CXMM Stage 1 – Ignored
Stage 1 business are inward looking. Customers often feel that the business does not understand or care about them. Customer experience is inconsistent and often unpleasant, indeed the business strategy may deliberately trade off customer service to reduce prices. Examples include RBS, Cablecom and Ryanair.
Stage 1 Insight
At stage 1 customer insight is employed at the most basic level and does not drive change. Businesses at this stage are capable of receiving and processing customer complaints but do not act on the root causes of complaints. Stage 1 businesses may track competitive positioning of customer satisfaction through 3rd party research
Stage 1 Culture
Some executives have gone through the customer experience and have a clear, accurate picture of processes and interfaces that customers use. But the organisational culture does not facilitate a top down influence on customer experience.
Stage 1 Experience Design
A stage 1 business tolerates bad experiences. The most critical experience failures are addressed reactively, but not in a systematic way.
CXMM – A framework for change
Creating customer focussed change is a long term goal for a business. Establishing activities that create positive customer experiences and achieve the necessary accountability among employees is a multi-year initiative that requires ongoing management to maintain, the value generated by improved loyalty and new customers makes it a sound investment.
In future articles we will describe how Experience Banker’s CXMM can be leveraged to audit the customer experience maturity of a business, drive strategy realise value.
If you want to know more about how CXMM can be used within your business send us an email on robert.ballantine@gmail.com.
Voice of Experience: Interview with OCBC’s Jin Zwicky
October 6, 2010
Earlier this year ExperienceBanker talked to customer experience expert Jin Zwicky, VP of customer experience at OCBC – the 2nd largest bank in south-east Asia.
Coming from a design and engineering background, Jin stands for the development of elegant business solutions through action – listening to customers, prototyping, testing, refining – rather than assumptions. And Jin boasts quite a pedigree in customer experience and banking, before OCBC she was in charge of customer experience strategy at Credit Suisse Private Bank in Zurich.
In this interview with ExB’s Rob Ballantine, Jin provides her perspectives on customer experience in business strategy, the role of design, listening to customers …..and what banks can learn from dentists.
ExB - Let’s start with the basics. Define customer experience?
JZ – Every company has a different understanding of customer experience. For some companies, CX means working out customer behaviour from data like the transactional behavior of customer segments. But for me it’s simple. Customer experience is every interaction between the bank and the customer. In my field of private banking, the most important part of the experience is the people, but the rest is too often neglected: the website, the physical space, the phone calls, the paper makes up the experience. These touchpoints are best measured by our customers emotional and rational judgement of how good it is.
ExB – I understand why banks would want a hard measurement, but why are emotions and judgement so important?
JZ - Because it’s something we can’t control. Why do you like certain brands? Whether you like a brand or not, can’t be forced by a company. In banking, like all industries, customers have choices and there are competitors out there that offer similar services and advice, so experience is one the key elements that we need to differentiate on more.
ExB - So customer experience helps strengthen brands but how should it interplay with the creation of the brand?
JZ – Good experiences are designed based on customers’ needs and expectations, based on the business goals, and based on our brand strategy. But I believe customer experience is the way we deliver the brand. At Credit Suisse the brand value was “helping clients thrive”. That means helping customers to understand our services, and making customers’ interactions easier therefore making confident decision to grow their wealth.
ExB – You mentioned critical touch points, tell me what you mean by this?
JZ – Critical touch points are for me something that customers interact with most frequently or something they rely on to make a decision. So statements are something that every customer gets. Or product fact-sheets, which are the first touch points that customers see when deciding on investments. Online banking, customers experience on a daily basis. For me its about frequency and relevance of interaction that makes a critical touch point.
ExB – How do you find out what customer needs are of a touch point?
JZ – I use a method called experience labs when working in a specific touchpoint. These are in-depth discussions with customers. I find out needs that were not identified in surveys or quantitative data.
ExB – The famous experience labs. How do they work?
JZ - Experience labs are about 2 things: firstly, finding out how customers feel about the bank and second letting our business stakeholders have empathy towards customers through observation. It’s a one on one conversation with customers but normally we have something to show them or something to interact with. It’s similar to a usability test but it can be applied to online touchpoints such as paper or even processes. Another difference from usability tests is that we don’t prescribe tasks beforehand. It’s a customer driven discussion. I want to understand how they use our touchpoints in a natural situation. But it’s not only about listening, it’s also about observing non verbal behavior like facial expressions. Which is why its important to have the key stakeholders including senior executives responsible for the touchpoint observing live.
ExB – You have executives observing during your research?
JZ – A critical element of experience labs is having the observation room and then having a discussion after each interview to develop a collective insight. It’s not only researchers’ findings, but collective findings of project stakeholders from all fields like legal, operations, marketing and IT. This collective insight became invaluable source to make important decisions whether strategic or operational.
ExB – What effect does it have on your stakeholders?
JZ – Once they are in the room, they really enjoy it, its entertaining and they learn so much because its interactive. They have to listen, and importantly discuss what they’ve heard. I get a lot of project referrals from colleagues who have attended labs – they say “its cool, you have to go”. It creates a buzz and creates returning internal business for us. In companies like OCBC or Credit Suisse, or any bank for that matter, it’s quite a unique decision-making experience.
ExB – When you finished your labs for a project, how do you turn those findings into improvements? What techniques do you use to go from insight into design.
JZ – This is at the core of customer experience. We can turn qualitative insights into actionable concepts or design solutions or prototypes. Once you know what’s important it’s often about getting the basics right. For information channels like web or print that means highlighting the most important information or creating a structure that makes the most relevant information the most accessible for customers. I share the collective findings in a report or as a story that contains tangible recommendations at all levels from strategy down to tangible improvements. And then as a project we start to sketch out, visually putting ideas together, we visualize to think. there is no formal design process, we start out sketching ideas then iterate, iterate, iterate.
ExB – So the people in your team need to be designers as well as researchers?
JZ – When I first joined Credit Suisse, I knew little about research methods, I was a designer first. Research is my greatest learning in this job. But for me it’s about team composition. And having a mix of backgrounds that helps to come up with rich solution and trying to learning from each other.
ExB – What are the ingredients of a great CX professional?
JZ – First empathy. Second passion. You need to be able to understand then be passionate for change. Another part is design – and by that I mean the ability to judge good design or bad design, especially when you work with creative agencies and consultancies. This includes information design and functional designs. Another part is being a big picture thinker, experiences don’t exist in silos, a customer who does online banking also receives a bill – we provide experiences in a multi channel environments, so being able to think in with multi channel perspectives and being able to explain it as the big picture is critical.
ExB – Does a business need to have a customer experience strategy?
JZ – I believe, yes we need to have the concept of CX in senior managers heads and to have it widely communicated in a simple format that is understandable by all functions of organizations. For example, at OCBC the four values of customer experience are ‘Simple’, ‘Fast’, ‘Friendly’ and ‘Useful’. But this not enough, we need to translate what these values mean to this particular interaction. For example when it comes to mobile banking, being ‘friendly’ means humanizing the technology- using terms users understand, providing specific message that users need to know. The rest values will be also translated specific to mobile banking to be tangible and workable.
ExB – What obstacles do you encounter that get in the way of doing good CX work?
JZ- First one is regulatory requirements. As a bank I believe that transparency and simplicity will drive more and more change. Customers want to be empowered, they want to understand more, they want banks to make their life easier. But at the same time regulatory pressure is getting higher and higher. Recently I have been working on our investment products brochure, and I am faced by legal telling me -” we must put it in there, this is a new regulation” . I fully understand banks’ legal responsibility. But I do believe there are creative ways to meet regulatory requirements and customers’ needs. The solution was enabled through having the legal stakeholder in the observer room and collaborating with them closely during prototyping process.
Second, the organization of a bank itself can be an obstacle due to the way it is structured. Banks are structured in own logic which unlike a customers view of the bank. Therefore often the big picture of how customers interact with us may not be shared by different part of organizations, making it a challenge to create cross-divisional teams that really work.
ExB – What companies do you admire that do great CX?
JZ – Everyone usually says Apple, (who I do admire) but I say, my last dentist – Swiss Smile.
ExB – Pardon, your dentist?
JZ – Yeah, they were founded by two beautiful female dentists. What I like is they have a great waiting room concept. It’s like a hotel lounge. Their brand pervades throughout, which for a dentist is unique. And they open all year round, until 8pm(which is very rare in Switzerland) in the most convenient places. Normally in Switzerland when you go to the dentist, you need an appointment and they shut at 6.30, but Swiss Smile are super convenient. They’re different. They even have own branded products like tooth paste and dental floss. And the experience is great, and I got nicer teeth.
ExB: If you could give one piece of advice to a banks CEO on how to improve customer experience, what would it be? If you were in the elevator with a CEO from a bank what would you say?
JZ: I love Marty Neumeier’s Designful Company. I would recommend this book! And the greatest thing I got out of this book is this. (Sketching…)
d+d = : D
Something DIFFERENT and great DESIGN = Delighted Customers
He will remember it.
Jin Zwicky is currently Vice President of Customer Experience at OCBC bank in Singapore.
A technique for engagement. Barclay’s Commercial Bank and Credo Cards.
September 15, 2010
A challenge faced by banks is the distance that many employees perceive between themselves and customers. If you don’t deal with customers directly it is easy to lose the connection between your job and the customer experience.
This can have negative effects for both the organisational culture and the customer experience. Without a connection to customers, employees can easily forget the reason their company is business and become distracted with interdepartmental power games.
At ExB we believe that a business with engaged customers has engaged employees. All employees must fully understand how their role impacts customers and are empowered to deliver a positive customer experience.
A business needs to start by communicating the desired customer experience consistently to all employees. An example of this is Barclay’s Commercial Bank, winner of UK employer of the year in 2007. Barclays introduced “credo cards”. These single-sided cards outline Barclay’s services in action orientated sentences like “take ownership, avoid handoffs, and escort the customer”. The cards are given to all employees as a reminder of the service level that they are expected to deliver.
The technique originated in luxury chains like Ritz-Carlton, known for giving great service. However, Credo cards alone will not change an organisation. The cards need to genuinely represent the aspirant culture of the company, and form part of a sincere attempt to introduce customer focus, through selection, training and motivation of staff. Only then can employees believe in it. And that’s the first step to a customer focussed business.
BBVA Redesign the ATM
August 25, 2010
BBVA have launched a brand new design of ATM that breaks traditional design patterns. It includes changes to interface and money slots, but one notable difference is orientating the ATM 90 degrees to the queue so the customer feels more secure and aware of others in the vicinity; and a screen provides privacy. Based on the design principle of defensible space, the new ATM design creates clear customer “territory” and allows customers’ to monitor their immediate territory.
Working with agency IDEO, they interviewed and observed ATM users at BBVA and other bank branches in Spain, Mexico, and the United States. The team also examined other self-service experiences, such as those at petrol stations, supermarket checkouts, and train-ticket kiosks.
The great thing about this story is that customers probably weren’t aware there was a problem to be solved. ATM machines have been produced to a de facto standard for years and customers have adapted. By observing the experience of customers in banks and similar situations BBVA were able to identify unmet needs of privacy and security and improve an experience that’s been unchanged for twenty years. This video describes their design process to “humanize” the ATM.
Further reading
http://www.ideo.com/work/featured/bbva
Customer Experience Maturity Model
August 8, 2010
A select few companies achieve more than just loyalty from their customers; they have passionate, evangelistic customers. Think about Singapore Airlines, Harley Davidson, or Mandarin Oriental. These companies go beyond delivering positive experiences and offer experiences that turn customers into fans.
Great customer experiences don’t happen by accident. They planned, designed and actively managed. Companies that consistently deliver, and improve upon, positive experiences have certain capabilities in common that keep their organisation focussed on customers.
5 Stages of Customer Experience Maturity
At ExB we believe that companies demonstrate different stages of maturity in their focus on customers.
Each stage of maturity consists of tangible capabilities and activities that companies employ to realise customer and business value. This is why we created the Customer Experience Maturity Model (CXMM), to show how a company becomes customer focused and how much focus is right for a firm.
Based on a cross-industry analysis, we found that there are five stages of Customer Experience, ranging from companies that ignore customer to those who create passionate customers. Companies at each stage of the model generate increasing business and customer value.
Stage 5, Passionate: Unprecedented relationships with customers mean the company is the undisputed leader in the industry in key metrics such as customer loyalty. Customers are evangelists, they feel privileged and share their positive experiences with others.
Examples: Singapore Airlines, Mandarin Oriental, Harley Davidson, Ritz Carlton.
Stage 4, Engaged: A comprehensive, actionable picture of customers, and a culture of accountability, ensure a business which is differentiated in the market and generates loyalty. Customers feel that the business cares about them and they trust the business. Customers willing to pay more for increased value and feel rewarded for loyalty.
Examples: Apple, Virgin
Stage 3, Understood: Insight programmes are in place that track and drive customer-focus in the business and ensure a more consistent experience. Customers feel that their needs are mostly addressed by the products and services offered.
Examples: Marks and Spencer (UK retailer), Egg (UK bank), First Direct (UK bank)
Stage 2, Heard: An effective understanding of who customers are and how they feel about the business can be employed to make some improvements in the customer experience. Customers feel that the business is interested in learning from them. But in the end they don’t have much attachment yet.
Examples: Credit Suisse, HSBC, Bank of Scotland (as you can see banks tend to fall into this category).
Stage 1, Ignored: Business is inward looking. Only most basic understanding, or interest in, who customers are or how they feel. Customers often feel that the business does not understand or care about them. Customer experience is inconsistent and often unpleasant.
Examples: Cablecom, Ryanair
Not all companies want passionate customers and run their business based purely on price not service. Ryanair (where they make customers pay to use the aircraft toilet) is a clear example a company that will ignore customer needs and compete only on price.
But the ambitions of banks tends to be higher. Banks can rarely differentiate on price or performance. To do be different, banks need to deliver positive experience and certain business lines like wealth management rely on a premium service.
Where does your company fit in the maturity model?
We’ll be writing more about the CXMM over the next few weeks. But if you want to know more about the model and specific measures please send us an email or leave a comment, we’d love to hear from you.
Bank-in-a-Box
July 31, 2010
Bank accounts are traditionally difficult to explain to customers, you can’t see or touch them, yet they require pages of brochures, and forms to fill out. Jyske Bank in Denmark has a different approach to merchandising its bank accounts. Use a box.
The outside of the box shows the marketing and information like interest rates and key terms and conditions. There is enough space to include the most important information, that’s readable at arms length, but not so much space that it becomes filled with boring waffle and jargon.
A boxed product offers the design principle of affordance, basically, it looks familiar and you know what to do with: pick it up, read it, buy it. Such tactile engagement is important to the buying process. It allows consumers to consider the product on their own terms, and gives them a chance to understand before having to talk to anyone. In this video from Jyske Bank you can see the box concept (at 53 seconds).
But the “box” concept can be taken a step further. As we mentioned in our last post, Tesco (UK’s biggest supermarket) plans to provide full retail banking services in their stores. Joining bank-in-a box merchandising with a supermarket environment where people are already in “buying mode” (and add ATM cards and cheque books inside the box) may create a fresh banking experience that is:
- Easy to understand. Only the most important information is shown on the box
- Immediate. Customers can “buy” and activate an account on the spot
- Convenient. No need to wait for forms to be posted or go back into a branch to validate ID.
With immediate business benefits including:
- Zero abandonment. Most customers who abandon account opening do so after they have completed the form, but perhaps don’t post it or go to the branch to validate ID.
- No mistakes on the form, everything is checked in store.
- Immediate usage. Customer’s can start using the account in the store
We’ll be following these trends in merchandising closely over the next few months. We hope that this simple concept will offer easier, useful and enjoyable banking experiences plus a powerful challenge to traditional high street banking. Tell us what you think.
Metro Bank positioned on customer experience
July 30, 2010
New UK bank, Metro Bank opened its doors this week in London with a promise to “surprise and delight every customer”. Without a differentiator on price or products, Metro Bank has adopted a market position around customer experience that promises “unparalleled service and convenience”.
Convenience factors include: branches that open 7 days a week, an account opening process that takes no more than 15 minutes, and ATM/credit cards which are printed in the branch – although customers still need to go into a branch to open an account (or “relationship” as Metro call it).
It’s refreshing to see a bank taking a position on service and experience. Taken together, experience factors drive customer satisfaction and loyalty more than product and price alone.
But will it prove a short term advantage? The UKs biggest supermarket, Tesco, plan to provide full retail banking services in their stores. Tesco (and other supermarkets) also open 7 days a week, have a huge customer base and expertise in design for consumer behaviour.
As new, savvy, players enter the retail banking market and compete on service and experience, traditional banks will be under severe pressure to get off their laurels focus on customers.
But to truly differentiate on experience, promises of great service must be genuine, accountable, attempts to build relationships with customers and make employees proud to work there.
Consumers don’t trust Facebook for recommendations
July 27, 2010
A recent report from ForSee results may undermine corporate efforts to engage with customers through social media. As reported in FastCompany, “consumers don’t use Facebook or other media sites for product recommendation purposes and generally don’t purchase things as a result of posts on these sites. That news will be a slap in the face for the many companies that interact with their clients through Facebook fan pages or Twitter conversations.”http://www.fastcompany.com/1672161/facebook-customer-satisfaction-survey-low-score
