Tag Archives: Mobile Banking

What means Customer Experience anno 2014?

…From history to the drivers for change in this year…

For this blog I had the honor to interview B. Joseph Pine II. Author of several best-selling management books around Customization and Experience, speaker at TEDx conferences and contributor to several research papers for the Harvard Business Review. During my last blog I discussed customization of banking services and referred to his thinking already. This blog therefore is an interesting follow-up on that.

I used the inputs from this interview across my blog and want to thank Joe Pine for his contributions at the beginning of my blog.


Banking in the past was perceived as something for very smart guys and customers missed the understanding of it. They really needed their bank and its advisors to manage their cash. Today the world looks different. The (product) information is freely available and written in a more understandable way. Customers are looking more at how and when they do their banking. The customers know what is possible and expect it to be delivered in a simple and seamless way. Banks seem to understand that they need not only their customers’ money but the customers in person too!

Although this change is widely accepted and we regularly stepping over to it quickly in our publications, it is interesting to understand how this evolvement took place so quickly. With 2008’s financial crisis and the Smartphone development we have the 2 key components together.

Trust in banks went to an all time low during and after the financial crisis with customers that wanted to be much closer involved in management of their financials. Although we experience a strong increase in customers trust towards banks again, customers will never ever let them act stand alone anymore. They will always be more closely involved than pre-2008 levels.

This is partly due to the fact that they can easily connect with their bank online or by mobile. The ease and speed of those channels make the barriers almost disappearing to do so. What does this mean for customer experience anno 2014?

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5 reasons why I do not want to go to the bank branch and 1 why I actually want to go

Before you continue reading go for the exercise yourself and write down reasons why you want, or not want to go to your bank branch. Let find out if we have some commonalities. My thinking started actually by defining a reason for me to go to the branch. Small disclaimer here, I do not say this is what all banking customers want, but I am pretty sure the group of customer that have similar wants as I have is quite big and increasing by the day…

I don’t want to go, because…

  1. I am forced to go because bank procedures force me to do so – My friends are complaining every day. Even I had to go back 3 times to the branch to provide additional documents when applying for a Credit Card (why didn’t you tell me on the phone?). And I am pretty sure I am not alone!
  2. I have to wait – Even with an appointment you are not sure you are serviced directly after entering the branch. The clock is ticking…
  3. I have to come back to (hopefully) finish the procedures – If you are lucky your request is processed flawless, so you only have to come back for a signature.
  4. I have to go the branch because what I want is not offered via the channel I want to use – Specific products (eg. Mortgages) in most cases cannot be bought online. You have to make an appointment to visit the branch. Most of the banks do not provide you to have that appointment after work, forcing you to take leave from work.
  5. If I go to the branch without appointment I am not sure I will leave with my need satisfied – When you access the branch without pre-announcing your visit, there is a good chance the person you need to get your question answered is not attending or available. So you have to come back later…or, Yes, make an appointment.

And all of this takes time. And that is probably the big frustration. Because we know there are faster, easier ways to do all this… Continue reading