Sales or customer focused? Banks' evolution to customer-driven sales 24 November 2015
Misys and Efma set out to explore the relationship between customer service, digital and sales. The results paint a challenging picture and affirm the conversations that we have had with clients that there is still much to do to achieve true digital delivery. One in five banks perform less than one per cent of sales via digital channels. Moreover, 40 per cent of customer acquisition is still done through the branch. Despite palpable fatigue with the term “customer-centricity”, an inability to truly master it is now starting to have serious consequences for traditional retail banks. Today’s consumers are tech-savvy, connected 24/7, social and impatient. If banks are not providing a service on a par with the likes of Google, Uber or Amazon, the customer feels let down. Our research proves that banks are cognisant of this fact. Our experience shows they are also aware of the technology solutions that can support improved customer engagement, leading to greater cross-sell and acquisition via digital. As this issue moves up the agenda from a ‘nice to have’ to an imperative to conduct business, we are seeing more institutions engage in discussions about how to deliver digital, customer-driven sales. We hope that this report adds further evidence regarding the state of digital banking and highlights the opportunities that banks currently face in harnessing online and mobile channels to better serve the customer and benefit the bottom line. Banks must develop a strategic link between digital channels and their ability to support customer experiences that – crucially – result in sales outcomes.
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