Distribution: Customer Experience

To many customers, the customer experience is the bank. With more and more customers interacting across channels, banks will need to be increasingly intentional as they think about the customer experience across the bank. Today, banks think about the customer experience within channels. Getting the customer experience right is mission critical as banks seek means to deliver value to customers while maintaining a profitable relationship. Novantas helps clients develop differentiated, value driven customer experiences that are suited for a multi-channel world.

The customer experience is the collection of interactions a customer has the Bank and its product from awareness and information gathering through every part of the client/bank relationship. Along with products and price, the customer experience defines the bank’s value proposition. In the past, customers interacted with the bank primarily through the branch network. The customer experience for a single channel consumer could be controlled within the field organization, with branch managers championing customer service for their customers. Now, multi-channel customers are increasingly customers of the bank as a whole. Delivering on a customer experience that is consistent with the bank’s value proposition and consistent across channels is a complex proposition. Self-service and electronic channels also present cost-experience tradeoffs that are challenging and have some permanence.

Novantas helps banks to approach customer experience questions from an analytical, customer oriented point of view. Segment strategy is central to developing the right customer experience for your bank’s customers and your bank’s value proposition. Understanding this context, we work with clients to understand the cost and revenue implications of decisions around the experience to arrive at a mutually attractive design. Our proprietary data and tools provide the underlying modeling, while proven design frameworks put structure around an experience design exercise.

The need to change the customer experience can come from within the bank (cost reduction, technology changes, regulatory changes) or from the market (changes in behavior, demand for new services). Customer experience changes impact the core operations of the bank. As banks look to new ways of operating the institution, the customer experience is often a focus. Altering hours of operations or driving self-service migration are as much about the customer as they are about the bottom line.

We help clients:

• Determine “what’s important” to include in a customer experience, setting the guiding principles for developing a consistent and compelling experience throughout the institution
• Build customer segmentations that are actionable, for differentiating the experience based on the nature of the relationship or opportunity
• Discover the key moments in an experience and building the firm’s process to be strongest where it is most important
• Create the “playbooks” that allow the firm to clearly articulate expectations and approaches to the field
• Develop management structures and processes, including key metrics, to ensure the firm is steering the process and optimizing customer and prospect outcomes