How do you win the loyalty of today’s bank customers, who are so used to the convenience of online shopping? Digital solutions can get you close to the customer experience of e-commerce, but if your fees aren’t competitive, who will stick around to appreciate your newest features?
The push to digitalise operations makes quick fixes tempting, especially at the customer touchpoints, but they can backfire. For example, the convenience of applying for a loan from your phone quickly turns to disappointment when you find out there’s a long waiting period for the approval. Or worse, you have to print out, sign, and return a paper document.
And how do you even pay for customer experience enhancements without raising fees? A McKinsey report warns against “one-off initiatives in separate units that don’t have a big enterprise-wide impact”. Rather, strategic solutions that address the needs of the whole organisation are what drive the savings and efficiencies that make it all possible.