Customer Experience Execs Help Banks

A recent post, Lessons Learned From Chief Customer Officers, highlighted some of my findings from discussion with a number of senior customer experience executives. It was clear to me that these execs were making a difference within their organizations.

But what about for banks? They have an uphill customer experience battle — as we can see in this fun video created by IBM:

Earlier this year, Forrester did a joint survey of 190 North American banks with the American Banker which I discussed in the post “Banks Prepare For Customer Experience Wars.” I recently published a Forrester Research report called Customer Experience Execs Help Banks that compared responses from the 54% of banks that have an executive in charge of customer experience (which we’ll call a Chief Customer/Experience Officer, or “CC/EO”) across channels with those that don’t. Here is some of the data from that report:

  • The top 3 obstacles to customer experience success:
    • With CC/EO: Lack of cooperation across organizations (49%), lack of a clear customer experience strategy (48%), and lack of understanding about customers (36%)
    • No CC/EO: Lack of customer experience management processes (70%), lack of a clear customer experience strategy (51%), and lack of budget (40%)
  • Use a single set of customer feedback scores across the company:
    • With CC/EO: 61%
    • No CC/EO: 27%
  • Passed our self-test on principle #1 of Experience-Based Differentiation: “Obsess about customer needs, not product features:”
    • With CC/EO: 31%
    • No CC/EO: 18%

 The bottom line: Change takes leadership — bank on it!

About Bruce Temkin
I am a customer experience transformist, helping large organizations improve business results by changing how they deal with customers. As part of this focus, I examine strategy, marketing, interaction design, customer service, and leadership practices. I am also a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Simply put, I am passionate about spotting emerging best practices and helping companies master them. And, as many people know, I love to speak about these topics in almost any forum. My “title” is Managing Partner of the Temkin Group, a customer experience research and consulting firm that helps organizations become more customer-centric. Our goal is simple: accelerate the path to delighting customers. I am also the co-founder and chair of the Customer Experience Professionals Association (CXPA.org), a non-profit organization dedicated to the success of CX professionals.

One Response to Customer Experience Execs Help Banks

  1. Pingback: Citibank And JPMorgan Chase Face Customer Experience Crossroads « Customer Experience Matters

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