Banks Can't Rest on Their Laurels

Banks Can't Rest on Their Laurels

3. Seamless Customer Experience

The modern consumer interacts with brands across multiple channels and touchpoints. In such a scenario, creating a seamless customer experience can play an integral role in building brand equity. According to a customer experience study commissioned by Accenture and conducted by Forrester, a 1 percent increase in customer experience scores can translate into $10-$100 millions in annual revenue.

Customer experience high performers also saw higher rates of digital success, including a 21 percent improvement in brand relevance. Online marketplaces not only allow banks to provide an end-to-end experience for customers but also help reduce turnaround time by providing instant and paperless access to financial products, leading to a frictionless customer journey.

Mutual Success

In the world of digital there is constant change in consumer behaviour and buying patterns, evolution of current products, and emergence of new ones. Banking brands need to adapt to keep pace with their customers. With the rise of the platform economy, it will be more important than ever to be on marketplaces, especially if the competition already is. By working together, banks and marketplaces can create a path to mutual success.

 This article first appeared on BankBazaar.sg. BankBazaar.sg is an online marketplace in Singapore that helps consumers compare and apply for financial products such as credit cards and loans.