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Rethinking the Customer Experience

Just got a really interesting survey from Deloitte looking at the future of financial services. The document is based upon a survey of 200 industry execs, and garners their views across a broad brush of areas.

Interestingly 89% of those surveyed believe their firm survived the crisis as expected or better than expected. I expect you can guess who’s in the 11% who thought their firm suffered badly.

Now most of them are looking at recovery and 88% are positive about the future … I expect you can guess who’s in the 12% who aren’t.

Anyways, there are loads of question in there, but here’s a few charts that really intrigued me.

In answer to the question: what strategic objectives of your business do you think have experienced the most long-term damage from the financial crisis and economic downturn? more bankers than securities folks were worried about their ability to continue operating as they did in the past.

Deloitte Chart 1

In fact, it amazes me that 66% of bankers and 75% of securities personnel are therefore answering this question as ‘business as usual’.

What planet are they on?

Similarly, when asked what positive opportunities have resulted from the financial crisis and economic downturn? the answer is overwhelmingly that competitors have been squeezed out of the market but, more intriguingly, Europeans are far more focused upon cost reductions than the Americans.

Deloitte Chart 2
Now, I keep hearing that this crisis was caused by US investment banks … so how come it’s Europe that’s cutting the costs?

And what are they going to do strategically about it?

Well, most are going to focus upon better measurement of risks.

Deloitte Chart 4No wonder we all hear stuff about liquidity risk and real-time risk management these days.

Finally, most of the banks agree that it is customers and their relationship with customers that has been hit hardest by this crisis.

Therefore their #1 focus is to rebuild relationships.

How will they do that?

By focusing upon improving the customer experience.

Deloitte Chart 3Now then, who’s doing that? What examples are out there of customer experience improvements?

Aha, I know one.

Checkout BBVA’s ATM of the Future:

BBVA's ATM of the Future from Chris Skinner on Vimeo.

Fascinating stuff.

About Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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