Industry Surveys
Customer Service Takes A Back Seat To Sales In Banking – Research
Bankers' attentions are skewed towards sales performance, according to a new global study.
Banks aren't as focused on improving customer service as they are on sales, according to 75 per cent of banking professionals surveyed globally by Efma and Misys.
Almost half (48 per cent) of the 185 individuals surveyed deemed "customer centricity" to be an overused term. Only 12 per cent of customer acquisition is conducted via digital channels, suggesting room for further client engagement online.
When it comes to sales, banks expect a significant migration to digital channels over the coming years. Indeed, they predict sales via digital channels will jump more than fivefold from 13 per cent on average today to 75 per cent in three years’ time. However, such a shift cannot be achieved without work to improve customer driven sales.
“The ambitious plans to drive the majority of sales via digital channels are unachievable in the current technology environment. Banks must develop a strategic link between digital channels and their ability to support customer experiences that – crucially – result in sales outcomes,” said Vincent Bastid, chief executive of Efma.
“Those banks that flourish will be customer-focused institutions, founded on core software and systems that can deliver better customer experiences as well as increase sales, all via an omni-channel approach.”
In other findings, respondents highlighted core banking systems as the top barrier to optimizing sales performance, stating that they could not keep up with the demands of the sales process. Banks also expressed frustrations at not being able to create customer-driven, personal products and services.
“The real issue here is core banking – banks which focus only on digital to achieve customer-centricity will have a beautiful shop window, with outdated stock. Customer-centricity must be from channels to the core. And only with core modernization, can banks reap the full benefits of digital innovation,” said Mark Yamin-Ali, retail banking solution lead at Misys.
