Changing the game: The new face of customer experience

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1 Changing the game: The new face of customer experience

2 Why should you care? I m so close to dropping my bank, because they keep having promos to get new clients, but what are they doing to keep me happy? This loyalty thing isn t working for me when I m no longer their key concern. I was with a big bank, but the client service was abysmal. I like my new bank s approach and flexibility. Even though they don t have brick and mortar operations, they keep me happier. Bill Gates famously said that we need banking, not banks. If we look at buying behaviours, customers across generations are starting to think like that and disruptors have taken note. Superior products and services are now a given. It s customer experience and putting the customer at the heart of everything you do that can help you stay relevant and differentiated. The question is: Are you prepared? 2

3 Index Tap the icon or page number to jump to each section. Customer expectations Customer Satisfaction Index Why does it matter? How to build trust Disruptors are here Why should you care? Disruptors are taking over Products Transactions Analytics Funding Brand and experience 3

4 Why should you care? Missing the mark: What today s customers want and how banks are falling behind 4

5 Customer expectations are being shaped by global trends, new technology, and innovative consumer offers Smart technology Pro Con Customers have more devices than ever and are empowered to make demands anytime and anywhere. Customer expectations Self directed Customers do their own research and comparisons which leads to more informed purchase decisions. Companies have developed the capabilities to personalize services in real time. Now customers expect companies to serve them directly and to suit their own unique needs. Customized to the customer One experience, many channels Customers interact with businesses over multiple channels and expect the right experience to be delivered on their preferred channel. 5

6 Customer Satisfaction Index The customer satisfaction gap among the big 5 banks is closing TD BMO RBC BNS CIBC Overall Satisfaction Index Average Gap: 3 Average Gap: TD RBC BNS BMO CIBC J.D. Power and Associates. Canadian Retail Banking Satisfaction Study

7 Why does it matter? There is a strong correlation between a customer s experience and the level of trust and confidence they have in their bank. + EXPERIENCE + TRUST + CONFIDENCE % Customer likelihood to change banks vs. customer satisfaction % % 42.3% 54% 50.% 5.8% 43.9% 4.% 47.% 38.3% 30.8% According to statistics: 0 0 Correlation between customer experience and the trust and confidence that customers have in their banks Of the banking customers with a positive experience, what percentage HAVE trust and confidence in their banks Of the banking customers with a negative experience, what percentage HAVE trust and confidence in their banks Asia-Pacific Latin America Central Europe Middle East & Africa Western Europe North America Middle East & Africa 92.8% 42.% Likely to change Unsatisfied customer Central Europe 92.% 38.3% Asia-Pacific 9.3% 37.6% Latin America North America Western Europe 89.8% 89.6% 86.7% 28.2% 45.7% 27.% Poor customer service is one of the top two reasons why customers leave or switch banks 2 Capgemini. World Retail Banking Report 203, April 23, Corporate Executive Board. Financial Services Customer Experience Survey, December

8 How to build trust Be authentic - original, real, distinctly meaningful Be honest - transparent, make intentions clear Be empathetic - understand their needs, desires, and lives Support them - be helpful, act on their behalf The best differentiator to attract and retain customers is no longer the products and services you offer, but by the relationships you build. They trust They know Customers prefer doing business with banks... They like Studies show that customers build relationships similar to how they build friendships. Brand advocacy Brand loyalty Providing good products and services at the right price is table stakes, banks today need to focus their efforts towards selling lasting relationships and creating advocates for their brand. 8

9 Disruptors are here and they re changing the game! Disruptors are emerging from all angles of your value chain. The rise of disruptors are challenging Canadian banks to be more proactive in their efforts to attract and retain customers. Disruptors understand the value of building trusted relationships with the customers. Disruptors leverage the changing landscape of customer expectations as the platform for their business models. Disruptors in the market today $ $ $ Peer-to-peer lending Large technology companies Crowd funding Invoice trading 9

10 ? Why should you care? Disruptors are here to stay and are competing against you. Midsize bank segment avg. Big 5 bank segment avg Experience in travel, music and retail shows how quickly players can be marginalized if they fail to respond to new ways of doing business. Traditional banks are stuck in a competitive battle with each other 2 J.D. Power and Associates. Canadian Retail Banking Satisfaction Study Ibid. The Big Five banks (RBC, CIBC, TD, Scotiabank and BMO) scored an average customer satisfaction rating of 749 out of,000 while midsize banks (Tangerine, PC Financial, Manulife Bank, National Bank of Canada, Laurentian Bank, ATB Financial and HSBC Bank Canada) scored an average rating of

11 Why should you care? Shaking things up: Five trends in banking disruptors and what the banks can learn

12 Disruptors are taking over critical links in your value chain! New and compelling value propositions are disrupting the traditional banking chain. Some companies have redefined bank interactions, making banking simpler, more transparent, socially connected and engaging. Brand and experience Products Non-banks are entering the financial marketplace and are providing additional value for customers. Funding New non-conventional platforms and social communities for funding removes the traditional bank from the process. Disruptors Transactions Alternative transaction platforms provide companies and individuals other means to transfer funds back and forth, which reduces the number of interaction opportunities for traditional banks with their customers. Analytics Sources are leveraging vast amounts of customer information to anticipate individual customers needs and tailor services. 2

13 Products Trends in banking disruptors 2 4 Banking without a bank account Banking products from less regulated competitors Product disruptors are using their existing brand and large customer base to directly compete with the core business of traditional banks, with services like credit cards, insurance and payments. Pre-paid cards and mobile apps are allowing companies to offer banking services without a standard chequing account to under-banked customers. The one-size-fits-all approach to banking is being challenged by companies offering standard banking products that are tailored to individual customer needs. Non-standard financial institutions are encroaching by offering their own banking products. They re aggressive and can offer products to a broader customer base due to less regulation. Retailers and technology companies are now providing banking services Tailoring of products to each individual customer 3 3

14 Transactions Trends in banking disruptors Growth of the mobile wallet and digital currency Simplified payment platforms Reinvention of old models The global mobile wallet market is expected to grow by 35% a year between 202 and 207, allowing users to pay virtually using online credits, disrupting the core business of traditional banks and plastic payment companies (Visa, MasterCard etc), with little or no processing costs. Simplified payment platforms require consumers to input personal information only once for multiple online and mobile merchants, offering enhanced convenience, speed and security. Mobile transactions are becoming table stakes to compete sales topped $235 billion last year. Digital platforms allow for traditional commerce models to be reinvented online. From technology-enabled brokers to P2P forums, lending has become accelerated and more accessible for consumers. 2 3 Partnerships and collaborations Non-industry players are partnering to coexist and deliver value to the customer (e.g. Google Wallet is the transaction, while the merchant holds the loyalty program attached to it). 4 Gartner, 202 4

15 Analytics Trends in banking disruptors Aggregating data Non-banking competitors like tech giants are using data sources, including external research companies, social media monitoring tools and open data sources, in tandem with internal data, for competitive edge in customer intelligence. Today s leaders use data-driven techniques to personalize and market products and services based on user preferences, current location and timing. This allows them to make the right offer at the right time, through the right channel globally. Customer insight 2 3 A single consistent and integrated view of the customer Leaders are integrating multichannel capabilities with technology solutions to capture consistent and standardized data across systems, which helps provide better customer experience through intelligent insight and predictive analytics. Banks are evolving to a more service-oriented architecture where data is shared and used in real time. Leaders are already offering personalized services based on complete customer profiles, by eliminating silos and integrating systems and data across product lines. Real time analytics and offers 4 5

16 Funding Trends in banking disruptors Integrating the social perspective in funding Funding is no longer viewed as just a business transaction. Many funding projects are aligned to a community or a social cause, and individuals have become personally invested in what they fund. 2 Funding from individuals Funding has expanded beyond institutional funding, and is now being provided by individuals using collateral and personal assets. 3 The power of many Obtaining large capital doesn t require an institution with deep pockets or large reserves, with crowdfunding enabling companies and individuals to raise substantial capital by tapping into a pool of individual investors. 4 Personal investing Banks are no longer the only investment channel, with individuals becoming more willing to take on riskier investments by putting their own money in non-conventional investments. 6

17 Brand and experience Trends in banking disruptors Focus on the customer Today, bank customer s are digitally connected, highly informed and demand very personalized and improved products, services and engagement. If done well, the reward more consumer data. Simple Engagement Easy payments, quicker sales processes and banking solutions with a simplified mobile-first strategy are the strongest competitors for customer business Iconic brands Services with personalized and brand-differentiating experiences increase retention and loyalty, keeping customers away from the competition. The problem? Consumers view most banking brands as undifferentiated and complacent. Drive towards digital Consumers want to research, purchase and manage their financial services on demand, using the device of their choice. This will erode silos of traditional retail delivery channels and require a holistic digital banking experience. 7

18 Who to call For a deeper discussion on customer experience, please contact: John MacKinlay National Financial Services Consulting & Deals Leader Karen Forward Partner, Consulting & Deals Anthony Klick Partner, Consulting & Deals Sasan Parhizgari Director, Consulting & Deals Kim Vander Aerschot Director, Consulting & Deals Debbie Dimoff Senior Advisor, Consulting & Deals Yair Weisblum Partner, Consulting & Deals

19 205 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. PwC refers to the Canadian member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details. 9

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