Banking success in developing markets hinges on delivering better customer experience, notes KPMG’s Nigerian banking customer satisfaction report.
Despite their warm embrace of smart phones and social media, Nigerians are not yet fans of their nation’s web banking choices.
As agile ‘FinTech’ companies invent new financial tools and channels, banks have begun co-creating with these start-up firms to tap into their customer innovations.
New research on customer loyalty distinguishes between frequent buyers and fiercely loyal customers, whose ‘sports fanatic’ type dedication to certain brands makes them a coveted target for bank marketers.
In the battle to win current account relationships, research shows that banks should fix service issues that ‘push’ customers out rather than focus on enticements to ‘pull’ them in.
Banks may look at the user-friendly technologies from upstart mobile payment providers if they want to draw customers to their own P2P services.
The utility sector offers lessons relevant to banks regarding ways to embrace customer-centricity, without letting that newfound customer-focus become lost or diluted by infrastructure transformation programs.
Innovation, technology and ‘Customer-Centric Compliance’ can help banks balance the competing demands from customers, regulators and shareholders to improve service, enhance controls and lower costs.)
Net Promoter Score (NPS) market research is all the rage, but are banks missing invaluable insights by focusing on their happiest customers?
Banks should take a closer look at delivering personal financial management (PFM) services, especially via online channels and apps, to strengthen customer relationships.
Why banks need behavioral economics to better target their ‘sticky base’ of customers who resist lower cost channels.
Proposed changes to interchange fee rules could hurt card issuer profits and trigger product changes that vex cardholders, but give a strategic advantage to ’affinity’ card providers.
Should main street banks rebrand traditional branches as franchises to restore consumer trust? The franchise model offers lessons in customer centricity, relationship building and cost control.
Upcoming Current Account Switch Service for UK bank customers is attracting new competitors, but prospective players should study the waters before diving into the current accounts pool.
Polarize their customer propositions, use social media to increase member loyalty, and build multi-channel offerings – some suggestions on how building societies can adapt their models for consumers seeking non-bank alternatives.