The branch channel remains critical to the multi-channel experience. Improving the experience will help to reinvigorate a channel that is clearly still important to a wide range of consumers. Optimizing the customer experience will also help to retain customers, increase cross-selling, and help to produce more satisfied customers overall.
Browse All : Market Research Reports
Features and benefits
- Optimize the branch customer experience by learning how consumers use this channel for researching and purchasing products.
- Tailor the functionality of branches through gaining an insight into the features that consumers view as essential to this channel.
- Boost customer retention and produce more satisfied customers by understanding what consumers want from their branches.
- Learn best practice in branch customer experience from a series of global case studies.
Highlights
Use of the branch channel is high, with 77.4% of consumers globally having used this channel in the 12 months to June 2011. The most popular activities for consumers to conduct through the branch channel are ordering a new check book or new card, booking an appointment with an advisor, and depositing or withdrawing money.
For all but three products, the branch channel is used by more consumers to purchase a product than it is to research that same product. This reveals the branch channel’s strength as a channel of opening for consumers.
A roughly equal proportion of consumers believe that self-service kiosks and the ability to meet an advisor without booking are essential features of the branch channel. This finding highlights that globally consumers place equal weighting on being able to conduct activities themselves in branch and having an advisor to assist them.
Table Of Contents
OVERVIEW
Catalyst
Summary
Methodology
Catalyst
Summary
Methodology
INTRODUCTION
The customer experience can be defined for every interaction with a provider
Consumers are willing to pay a premium for a valued experience
A good customer experience can differentiate a provider from its competitors
Providers are starting to focus on customer experience management
Most banks now have in place extensive programs to monitor customer satisfaction
Good customer experience can aid consumer retention and control costs
A satisfying customer experience will help to retain customers
Customer experience can also be used to manage costs
FS providers need to improve the quality of the customer experience they provide
There is much room for improvement in the standards of service that banks provide
Emotional attributes are vital to creating a unique experience
How a bank handles “moments of truth” has a disproportionate impact upon the customer experience
Channels cannot be viewed independently of one another
An integrated multi-channel approach will improve the overall customer experience
There will be tangible rewards for banks that perfect the multi-channel experience
Retailers offer best practice examples for a good multi-channel experience
The customer experience should be viewed as a journey
Mapping the customer experience will identify areas for improvement
Providers must first identify what the customer experience should look like
Analyzing the customer journey will help to improve the multi-channel experience
Customer journeys will vary due to consumer preferences and the availability of channels
The branch channel remains critical to the multi-channel experience
The majority of consumers globally continue to use the branch channel
The branch channel is most used for infrequent activities and querying transactions
A significant proportion of consumers continue to use the branch channel for simple, everyday transactions
The number of consumers booking an appointment to see an advisor has seen the biggest increase
Where there has been a decline in the use of the branch channel, it has been a small decrease
The customer experience can be defined for every interaction with a provider
Consumers are willing to pay a premium for a valued experience
A good customer experience can differentiate a provider from its competitors
Providers are starting to focus on customer experience management
Most banks now have in place extensive programs to monitor customer satisfaction
Good customer experience can aid consumer retention and control costs
A satisfying customer experience will help to retain customers
Customer experience can also be used to manage costs
FS providers need to improve the quality of the customer experience they provide
There is much room for improvement in the standards of service that banks provide
Emotional attributes are vital to creating a unique experience
How a bank handles “moments of truth” has a disproportionate impact upon the customer experience
Channels cannot be viewed independently of one another
An integrated multi-channel approach will improve the overall customer experience
There will be tangible rewards for banks that perfect the multi-channel experience
Retailers offer best practice examples for a good multi-channel experience
The customer experience should be viewed as a journey
Mapping the customer experience will identify areas for improvement
Providers must first identify what the customer experience should look like
Analyzing the customer journey will help to improve the multi-channel experience
Customer journeys will vary due to consumer preferences and the availability of channels
The branch channel remains critical to the multi-channel experience
The majority of consumers globally continue to use the branch channel
The branch channel is most used for infrequent activities and querying transactions
A significant proportion of consumers continue to use the branch channel for simple, everyday transactions
The number of consumers booking an appointment to see an advisor has seen the biggest increase
Where there has been a decline in the use of the branch channel, it has been a small decrease
STRATEGIC CONTEXT
The branch channel is most used in terms of research for loan and mortgage products
Products need different levels of support at the researching stage
There is a two-tier use of the branch channel for opening
Face-to-face opening is convenient where paperwork and identification are involved
General insurance products are less frequently opened in branch
Life insurance and pensions products are not predominantly opened in branch
The branch channel is more popular for purchasing than it is for researching products
Current accounts and savings accounts see the greatest leap between in-branch researching and purchasing
Mortgages and personal loans are more likely to be purchased than researched in branch
The branch channel is pivotal in resolving consumer complaints
Consumers are most likely to raise a complaint through the branch channel
The branch channel is where most problems are eventually resolved
Consumers demand both self-service and immediate attention from the branch channel
Consumers demand both self-service and advisors in the branch channel
Extended opening hours make the branch channel more accessible to consumers
Consumers seek a range of additional features in their branches
The branch channel is most used in terms of research for loan and mortgage products
Products need different levels of support at the researching stage
There is a two-tier use of the branch channel for opening
Face-to-face opening is convenient where paperwork and identification are involved
General insurance products are less frequently opened in branch
Life insurance and pensions products are not predominantly opened in branch
The branch channel is more popular for purchasing than it is for researching products
Current accounts and savings accounts see the greatest leap between in-branch researching and purchasing
Mortgages and personal loans are more likely to be purchased than researched in branch
The branch channel is pivotal in resolving consumer complaints
Consumers are most likely to raise a complaint through the branch channel
The branch channel is where most problems are eventually resolved
Consumers demand both self-service and immediate attention from the branch channel
Consumers demand both self-service and advisors in the branch channel
Extended opening hours make the branch channel more accessible to consumers
Consumers seek a range of additional features in their branches
STRATEGY IN FOCUS
Convenient branch locations improve the customer experience and aid consumer acquisition
Convenient branch locations are essential to attracting new customers
Consumers seek out branches in order to purchase products
The high demand for convenient ATMs can be leveraged to move transactions away from the branch channel
Opening hours must fit with the location of a branch
Branch layout can aid convenience and improve the experience of visiting a branch
The branch channel should move towards a sales and advice focus
Branches must adapt to meet the consumer demand for face-to-face advice
Queues and wait times need to be managed efficiently to allow consumers to see an advisor at a suitable time
Everyday, simple transactions should be moved to remote channels or self-service kiosks
Innovation in self-service kiosks will help to shift consumers to automation
Staff are a key differentiator in the customer experience
Consumers expect staff to be polite and interested
Staff must be experts with regards to the products and services that they work with
The correct balance between staff and self-service machines will improve the customer experience
A customized branch network needs staff to cater to local consumer needs
Staff remuneration must be better aligned with customer experience outcomes
Retaining staff over the medium to long term will improve the customer experience
The design of a branch must go beyond the functional to create a superior experience
Intuitive branch designs increase efficiency and improve the customer experience
Digital signage allows consumers to have the most up-to-date information
Branch design must go beyond the functional and “wow” the customer
The branch experience should be tailored to the segment or community it serves
Premium banking customers will expect an exclusive customer experience
Different segments of the population will enjoy different experiences from the branch channel
Tailoring a branch to the local community will aid consumer engagement
Convenient branch locations improve the customer experience and aid consumer acquisition
Convenient branch locations are essential to attracting new customers
Consumers seek out branches in order to purchase products
The high demand for convenient ATMs can be leveraged to move transactions away from the branch channel
Opening hours must fit with the location of a branch
Branch layout can aid convenience and improve the experience of visiting a branch
The branch channel should move towards a sales and advice focus
Branches must adapt to meet the consumer demand for face-to-face advice
Queues and wait times need to be managed efficiently to allow consumers to see an advisor at a suitable time
Everyday, simple transactions should be moved to remote channels or self-service kiosks
Innovation in self-service kiosks will help to shift consumers to automation
Staff are a key differentiator in the customer experience
Consumers expect staff to be polite and interested
Staff must be experts with regards to the products and services that they work with
The correct balance between staff and self-service machines will improve the customer experience
A customized branch network needs staff to cater to local consumer needs
Staff remuneration must be better aligned with customer experience outcomes
Retaining staff over the medium to long term will improve the customer experience
The design of a branch must go beyond the functional to create a superior experience
Intuitive branch designs increase efficiency and improve the customer experience
Digital signage allows consumers to have the most up-to-date information
Branch design must go beyond the functional and “wow” the customer
The branch experience should be tailored to the segment or community it serves
Premium banking customers will expect an exclusive customer experience
Different segments of the population will enjoy different experiences from the branch channel
Tailoring a branch to the local community will aid consumer engagement
GLOBAL CASE STUDIES
Handelsbanken: handing control back to the branch
Handelsbanken’s decentralized model improves the experience of decision-making
Staff are empowered through increased autonomy
Handelsbanken leverages the branch’s power for relationship building
Citibank: “Smart Banking” branches use technology to be more customer-centric
Citibank has used technology to make the branch channel more convenient and interactive
Citibank will cater its “Smart Banking” format to local needs
Frank by OCBC: tailoring branches to target a youth audience
Frank has designed retail store concept branches
Branches located on university campuses help to target the youth segment
Targeting one segment in branch helps providers to focus the customer experience
ING Direct: using physical locations to build a brand and relationships with customers
ING Direct has distinguished its cafés from typical bank branches
ING Direct uses physical locations to build relationships with its customers
FS providers can learn from ING Direct’s focus on advice and relationship building
Metro Bank: bringing a retail experience to the bank branch
Convenience and service are central to Metro Bank’s customer experience offering
The Metro Bank branch design is retail-inspired
Metro Bank staff target customer satisfaction scores not sales
Retailers: in-store events and services are vital to improving the customer experience
The ability to “walk out working” will add to the convenience of the face-to-face channel
Financial health clinics would reassure consumers and attract more customers to the branch
In-branch demonstrations and workshops add value to the customer experience
Identifying staff who are experts in a particular product reassures consumers that they are speaking to the right person
Handelsbanken: handing control back to the branch
Handelsbanken’s decentralized model improves the experience of decision-making
Staff are empowered through increased autonomy
Handelsbanken leverages the branch’s power for relationship building
Citibank: “Smart Banking” branches use technology to be more customer-centric
Citibank has used technology to make the branch channel more convenient and interactive
Citibank will cater its “Smart Banking” format to local needs
Frank by OCBC: tailoring branches to target a youth audience
Frank has designed retail store concept branches
Branches located on university campuses help to target the youth segment
Targeting one segment in branch helps providers to focus the customer experience
ING Direct: using physical locations to build a brand and relationships with customers
ING Direct has distinguished its cafés from typical bank branches
ING Direct uses physical locations to build relationships with its customers
FS providers can learn from ING Direct’s focus on advice and relationship building
Metro Bank: bringing a retail experience to the bank branch
Convenience and service are central to Metro Bank’s customer experience offering
The Metro Bank branch design is retail-inspired
Metro Bank staff target customer satisfaction scores not sales
Retailers: in-store events and services are vital to improving the customer experience
The ability to “walk out working” will add to the convenience of the face-to-face channel
Financial health clinics would reassure consumers and attract more customers to the branch
In-branch demonstrations and workshops add value to the customer experience
Identifying staff who are experts in a particular product reassures consumers that they are speaking to the right person
APPENDIX
Additional data
Methodology
Secondary sources
Further reading
Ask the analyst
Disclaimer
Additional data
Methodology
Secondary sources
Further reading
Ask the analyst
Disclaimer
List of TABLES
Table: Consumers whose main method of conducting various branch activities is in branch, across 21 countries (%), June 2011 (one of two)
Table: Consumers whose main method of conducting various branch activities is in branch, across 21 countries (%), June 2011 (two of two)
Table: Consumers who consulted a member of staff in branch before opening various banking products, across 21 countries (%), June 2011 (one of two)
Table: Consumers who consulted a member of staff in branch before opening various banking products, across 21 countries (%), June 2011 (two of two)
Table: Consumers who opened various banking products through the branch channel, across 21 countries (%), June 2011 (one of two)
Table: Consumers who opened various banking products through the branch channel, across 21 countries (%), June 2011 (two of two)
Table: Channels used to make initial complaint, across 21 countries (%), June 2011
Table: Whether consumers had to go to/return to their branch to resolve a complaint, across 21 countries (%), June 2011
Table: Consumer descriptions of self-service kiosks for paying in checks etc. in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of the ability to meet an advisor without booking in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of printed product and service information to take away in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of dedicated premium banking areas in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of foreign exchange facilities in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of seven-days-a-week opening in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of evening opening in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of free Wi-Fi in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of refreshments during appointments in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of coin-counting facilities in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of displays showing news in branch banking, across 21 countries (%), June 2011
Table: Influence of having a convenient branch near home or workplace on current account provider choice, across 21 countries (%), June 2011
Table: Influence of convenient cash machines on current account provider choice, across 21 countries (%), June 2011
Table: Influence of a convenient branch network on savings provider choice, across 21 countries (%), June 2011
Table: What kind of institution consumers went to when they last took financial advice, across 21 countries (%), June 2011
Table: Consumers’ primary method of communication with advisor when they last took financial advice, across 21 countries (%), June 2011
Table: Consumers whose main method of conducting various branch activities is in branch, across 21 countries (%), June 2011 (two of two)
Table: Consumers who consulted a member of staff in branch before opening various banking products, across 21 countries (%), June 2011 (one of two)
Table: Consumers who consulted a member of staff in branch before opening various banking products, across 21 countries (%), June 2011 (two of two)
Table: Consumers who opened various banking products through the branch channel, across 21 countries (%), June 2011 (one of two)
Table: Consumers who opened various banking products through the branch channel, across 21 countries (%), June 2011 (two of two)
Table: Channels used to make initial complaint, across 21 countries (%), June 2011
Table: Whether consumers had to go to/return to their branch to resolve a complaint, across 21 countries (%), June 2011
Table: Consumer descriptions of self-service kiosks for paying in checks etc. in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of the ability to meet an advisor without booking in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of printed product and service information to take away in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of dedicated premium banking areas in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of foreign exchange facilities in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of seven-days-a-week opening in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of evening opening in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of free Wi-Fi in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of refreshments during appointments in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of coin-counting facilities in branch banking, across 21 countries (%), June 2011
Table: Consumer descriptions of displays showing news in branch banking, across 21 countries (%), June 2011
Table: Influence of having a convenient branch near home or workplace on current account provider choice, across 21 countries (%), June 2011
Table: Influence of convenient cash machines on current account provider choice, across 21 countries (%), June 2011
Table: Influence of a convenient branch network on savings provider choice, across 21 countries (%), June 2011
Table: What kind of institution consumers went to when they last took financial advice, across 21 countries (%), June 2011
Table: Consumers’ primary method of communication with advisor when they last took financial advice, across 21 countries (%), June 2011
Latest Research Reports:
- Wealth Management in Switzerland 2011
- Customer Experience in Branch: Building Best Practice Strategies
- Express Benchmarking 2011 – Austria
- Express Benchmarking 2011 – Czech Republic
- Express Benchmarking 2011 – Denmark
- Epidemiology: Peripheral Neuropathic Pain–A common co-morbidity for HIV,diabetes,and herpes zoster
- Express Benchmarking 2011- France
About Us:
ReportsnReports is an online library of over 75,000 research reports and in-depth research studies & analysis of over 5000 micro s. We provide 24/7 online and offline support to our customers. Get in touch with us for your needs of research reports.
Follow us on Twitter: http://twitter.com/sreports
Our Facebook Page: http://www.facebook.com/pages/ReportsnReports/191441427571689
Contact:
Mr. Priyank
7557 Rambler road,
Suite 727, Dallas, TX 75231
Tel: + 1 888 391 5441
E-mail: sales@reportsandreports.com
Visit Our Blog : Research Reports
No comments:
Post a Comment