My experience
Back in 1990 I entered my local bank to carry out a transaction. The clerk asked me for my ID. The only problem was, I had left my ID at home! ”Let me check with the branch manager” said the clerk. He turned around and simply asked his boss: “Do you know this gentleman?” The branch manager replied: “Yes, that’s Mr. Van Druten from Roland Holst Lane.” 
As a result, two things happened: I got the service I needed and I knew that my bank knew me really well.

Now, in 2013, the numbers of transactions I have with my bank are increasing every day, especially thanks to easily accessible new channels like internet and mobile apps. However, face to face interactions have almost disappeared. These days when I need to go to my bank, I’m relieved when the clerk is able to find me in the system.

The World Retail Banking Report
According to the World Retail Banking Report 2013 over 50 percent of customers are at risk of leaving their bank as banks struggle to provide more personal customer experiences. Within the next six months, 10 percent of retail banking customers surveyed globally are likely to leave their bank and an additional 41 percent of customers say they are unsure if they will stay or go.  Globally, overall quality of service is the number 1 reason customers leave their bank. In the U.K., fees for banking services emerged as the main factor which influences the customer’s decision to leave their bank. These figures are based on the extensive customer survey and Customer Experience Index which measures perceptions of over 18,000 customers in 35 markets about the factors that matter most to them across channels, transactions and products.

To re-build the customer-bank relationship, opportunity exists for banks to become more customer-centric by leveraging vast amounts of customer data, employing customer analytics, and by further developing mobile capabilities to create more personal interactions.

Customer data can provide understanding of needs and preferences
Banks have access to more structured and unstructured consumer data than ever before which can be used to build better customer relationships.  However, Banks may not possess the required analytical tools or may have selected the wrong analytical tools (due to unclear business objectives), rendering extraction of insights from data virtually impossible. The insights generated might also be rendered non-actionable if there they are not in sync with business objectives. Employing a business objective led approach towards leveraging data should enable banks to get actionable insights. Based on these insights banks can differentiate themselves and develop a successful customer retention strategy.

Mobile Banking’s Impact on Building Customer Experience
Over the last decade, the mobile channel has evolved from a pure customer service instrument to a tool that drives business growth globally. The customer survey in the report shows mobile banking is emerging as a key tool for banks to drive customer-centricity, enable sales, influence the product-channel mix and achieve differentiation. In developing markets and for younger customers, the quality of mobile service has been found to be a significant influence on the customer’s decision to choose or leave a bank.

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