Financial Sector Leads in Customer Experience
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- Stephany Logan
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1 Financial Sector Leads in Customer Experience White Paper The industry difference There is little doubt that there are significant differences in customer service levels across various industries in the same geographies. Global research confirms there are country-specific factors at play, and individual organisations have the power to drive customer experience to gain competitive advantage. But what drives organisations in particular industries to deliver a better customer experience than others? And what are the other factors influencing overall performance against the competition? There are country-specific factors at play, and individual organisations have the power to drive customer experience to gain competitive advantage. Industry drivers behind the customer experience The investment strategies of organisations within particular sectors are determined by their markets and industry competition levels. Our research shows there are two core drivers behind one industry outperforming another when it comes to the customer experience: 1. Customer lifecycle value which includes inter-related factors such as sector investment strategies and sector competitiveness 2. HR Practices that relate to the skill levels of employees and complexity of the service delivery process The lifetime value of a customer will determine how much an organisation can afford to invest in the customer experience, and market competitors will set the bar for the amount just to remain competitive. This competition, in turn, is proportional to the potential value that can be generated from a specific market. The HR practices employed by organisations are based on the skill levels required in the business, which in turn is a function of the complexity of the service delivery process. By using these two categories, different industry sectors can be classified into customer experience quadrants. 01
2 Figure 1: Industry-based customer experience quadrants SECTOR VIEW Involvement HR Practices Production Low Market share driven er Customer Experience Telecoms (movers) Financial (movers) Cost focused Lower Customer Experience Financial (transactional) Telecoms (established) Retail (low cost) Travel (low cost) Value driven Customer Experience Financial (investment) Medical Motor vehicle Travel (loyalty driven) Retail (loyalty driven) Low Customer Experience (Competitive breakdown, cash focus market detractor) Public sector Dated innovation Customer Lifecycle Value Investment banks, health insurance and high end travel and retail companies typically pursue high value, loyal and demanding customers. More often than not, they also have relatively complex business processes. levels of customer experience are therefore critical to overall success in these industries. On the other hand, some travel and retail companies follow a price advantage strategy to attract customers, leading to a reduced spend on customer services. For more established telcos and retail banks, price and simplicity are key considerations as they try to grow their market share across the more price-sensitive end of the market. Some competitors in these sectors might however use customer experience as a mechanism to grow their market share in order to gain economies of scale. This higher level of customer experience will therefore be driven by strategic considerations, rather than the life-cycle value of a customer. The last quadrant refers to companies that find themselves in a situation where the market dynamics have broken down, potentially leading to a breakdown in customer service delivery. Examples of these are monopolies or state-owned enterprises, where the absence of competition or a pure profit motive leads to a lower drive for customer satisfaction. Another example would be outdated innovations or technologies where group executives might use these potential cash cows to fund longer term expansions in other areas, thereby limiting investment in customer satisfaction. A South African view Using the aforementioned customer experience classification, we are able to define the customer experience that industries are likely to deliver, according to their human resource requirements and customer lifecycle value. 02
3 Figure 2: South African industry-based customer experience quadrants SECTOR VIEW Involvement HR Practices er Customer Experience Retail Banks Telecoms Lower Customer Experience Retail Banks Telecoms Customer Experience Private Banks Retailers (loyalty driven) Pay TV Low Customer Experience Eskom Production Low Mass Retailers Local Municipalities Customer Lifecycle Value From our survey of observations of a cross section of typical users in relation to customer satisfaction, we identified the four leading sectors in customer satisfaction. Figure 3: South Africa s leading customer experience Our survey also identified the leaders in each of these sectors. 03
4 Figure 4: South Africa s sector leaders in customer experience FINANCIAL RETAIL TELECOMS HEALTH CARE FNB Woolworths Vodacom Discovery Capitec Bank Pick n Pay MTN Standard Bank Foschini Cell C ABSA Nedbank Survey participants also enabled us to identify the leaders in customer experience. The remainder (40%) are made up of 102 companies Finally, we asked a panel of 39 experts in the customer service space, to identify the sectors in which customer experience can be used as a defining competitive advantage. Figure 5: In which industries in South Africa can customer experience be used as a defining competitive advantage Government 6% Airline 7% Medical 1% Motor 12% Financial 22% Telecoms 14% Manufacturing 7% Tourism 13% Retail 18% 04
5 It all starts with strategy Our expert panel has identified that the top three sectors where customer experience can serve as a distinct competitive advantage are the same three top performers in customer experience. This supports the theory that sector investment strategies are the leading cause for differences in customer experience between sectors. At the same time, it confirms that competition plays an important role in driving investment strategies in specific sectors. Sector investment strategies are the leading cause for differences in customer experience between sectors. 05
6 Driving the customer experience 1. Establish your customer lifecycle value that is based on market sector competition levels to define your sector-specific investment strategy 2. Consider your HR Practices that take your employee skill levels into account and the complexity of your service delivery process. Results from a Merchants commissioned research study by the Scientia Institut, along with insights from Dimension Data s Global Contact Centre Benchmarking Report were combined to compile this discussion paper. We hope that the findings will continue to fuel the debate about supply and demand and help drive the evolution of self service in South Africa. The study included theoretical research on international case studies, quantitative analyses of 2172 observations from the typical consumer base in South Africa, as well as qualitative analyses of insights from 33 leading experts in the customer experience industry in South Africa. About Merchants Merchants is a recognised global leader in providing customer management and related business process outsourcing solutions that deliver positive business results. Providing flexible access to technology, facilities and people, we enable companies to keep pace with and exceed customer expectations. Merchants is a Dimension Data company the world s leading contact centre systems integration business and part of the NTT group. Looking for more? In addition to helping you drive an improved customer experience in your business, Merchants is able to source, build, manage and support all aspects of your entire contact centre infrastructure requirements from technology hardware and software to buildings and facilities. The Complete Contact Centre from Merchants. Talk to us to find out more. 08/11/13_v2 Merchants commissioned Scientia Institut ( to compile this paper. 06
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