One of the biggest problems facing retail banks today is their inability to stand out in an increasingly commoditised and competitive marketplace. Few banks are forging innovation in developing new products, and as the role of the branch continues to diminish banks are not connecting with customers in a personalised way. New delivery channels, while offering convenience, have created an inconsistent and disjointed experience for many customers.
More than ever, banks need to decipher the customer experience to better understand the drivers of providing positive experiences and building long-term customer loyalty. With over 50% of customers likely to leave or unsure of staying, banks must improve customer experience or risk losing customers.
Providing insights into customer attitudes towards retail banking, the Report uses a comprehensive Voice of the Customer survey which surveyed over 18,000 retail banking customers in 35 countries. The responses provide the basis for our proprietary Customer Experience Index which measures customers’ banking experiences across 80 different touch points to reach a specific Customer Experience score. Countries are then ranked by this score to create the Index.