Bringing customer centricity to personal retail banking
Challenges
Digitization is making banks’ role more complex, and customer centricity is becoming increasingly important. In addition, the cooperative bank, has a higher cost structure compared to the competition. This hampers the attractiveness of its product and service prices.
This project is a part of a bank-wide program to identify a real value proposition for personal banking in order to define a new customer-oriented strategy.
Approach in detail
Data and benchmark analysis
Analysis of the customer data sets regarding similar clusters to identify hypotheses for further evaluations of customer insights. Research of benchmarks in retail banking and similar in order to identify best practices for touchpoints in the customer journey.
Qualitative customer survey design and execution
Setup of a questionnaire to identify the customer expectations along the customer journey. Also, classification of customer needs by means of the KANO methodology to identify differentiating factors in the customer experience along the customer journey.
Persona and customer journey design
Definition of persona profiles reflecting the characteristics, needs and expectations of the interviewees. Setup of a structural overview of the customer journey, reflecting the classification of customer needs in different interactions as well as valued best practices relevant for the customers in their journey.
Value proposition and strategy definition
Specification of the customer value proposition at the bank compared to competition and derivation of strategic pillars to be changed. Definition of interdependencies between strategic pillars in order to define customer-centric strategy for personal banking.
Created impact
Customer satisfaction is not ensured by products alone, but by creating an experience they value. This requires a well-defined value proposition and a customer-centric strategy.
250k
customers' data evaluated and analyzed
35
qualitative customer interviews
7
personas plus one value proposition
Explore our Financial Industries expertise
Patrick Pfalzgraf
PartnerPatrick Pfalzgraf heads the Financial Industry division at rpc. He is a proven industry expert for financial industries with a focus on digital transformation, strategy, sales performance and operational excellence.
how health insurers can path the way to true customer orientation
Read more...empowering software users with WalkMe
Read more...increasing sales performance in the financial industry
Read more...
