It is unlikely that the retail and business banking value chain will return to a pre-COVID paradigm; how banks attract and service customers will likely continue to move towards meeting customers on their terms. Even the most branch-favoring customers have been forced to learn new paths to manage both their day-to-day transactions and major decision around their financial relationships. In the long-term, those same customers (and new ones) will continue to have higher expectations for their financial relationship, across a variety of dimensions, including convenience, transparency, and capability. Financial institutions should deliver frictionless digital experiences and move towards normalizing these types of interactions in a way that benefits themselves and their customers, persisting after the restrictions of the COVID pandemic lift.
Our teams at Capco work with community, regional and global banks around the world, enabling us to understand the unique complexities or responding to this shifting business environment from the ground up. We have found that leveraging customer-centered value frameworks in the context of business-driven transformation initiatives allow banks to target opportunities and prioritize them appropriately with the intent of improving their Customer Experience.
Here are six strategic tools your institution can use immediately to react to shifting customer needs and focus on improving customer outcomes.