Customer Experience Execs Help Banks

A recent post, Lessons Learned From Chief Customer Officers, highlighted some of my findings from discussion with a number of senior customer experience executives. It was clear to me that these execs were making a difference within their organizations.

But what about for banks? They have an uphill customer experience battle — as we can see in this fun video created by IBM:

Earlier this year, Forrester did a joint survey of 190 North American banks with the American Banker which I discussed in the post “Banks Prepare For Customer Experience Wars.” I recently published a Forrester Research report called Customer Experience Execs Help Banks that compared responses from the 54% of banks that have an executive in charge of customer experience (which we’ll call a Chief Customer/Experience Officer, or “CC/EO”) across channels with those that don’t. Here is some of the data from that report:

  • The top 3 obstacles to customer experience success:
    • With CC/EO: Lack of cooperation across organizations (49%), lack of a clear customer experience strategy (48%), and lack of understanding about customers (36%)
    • No CC/EO: Lack of customer experience management processes (70%), lack of a clear customer experience strategy (51%), and lack of budget (40%)
  • Use a single set of customer feedback scores across the company:
    • With CC/EO: 61%
    • No CC/EO: 27%
  • Passed our self-test on principle #1 of Experience-Based Differentiation: “Obsess about customer needs, not product features:”
    • With CC/EO: 31%
    • No CC/EO: 18%

 The bottom line: Change takes leadership — bank on it!

Written by 

I am an experience management transformist, helping organizations improve business results by engaging the hearts and minds of their customers, employees, and partners. My "job" is Head of the Qualtrics XM Institute. The Institute is still being established, but our goal is to help organizations around the world thrive by mastering Experience Management (XM). As part of this focus, I examine strategy, culture, interaction design, customer service, branding and leadership practices. And, as many people know, I love to speak about these topics in almost any forum. Prior to joining Qualtrics, I was managing partner of Temkin Group (leading CX research, advisory, and training firm), co-founder and chair of the Customer Experience Professionals Association (CXPA.org), and a VP at Forrester Research. I'm a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Check out my LinkedIn profile: www.linkedin.com/in/brucetemkin

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