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'm an experience (XM) management catalyst; helping organizations improve results by engaging the hearts and minds of their employees, customers, and partners. I enjoy researching and speaking about leading-edge XM topics. I lead the Qualtrics XM Institute, which is the world's best job. We're igniting a global community of XM Professionals who are inspired and empowered to radically improve the human experience. To achieve this goal, my team focuses on thought leadership, training, and community building. My work is driven by a set of fundamental beliefs: 1) Everything starts and ends with human beings, so you need to understand how people think, feel, and behave; 2) XM is a discipline that needs to be woven throughout an organization's entire operating fabric; and 3) Building the XM discipline requires a combination of culture, competency, and technology.

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