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Retail Banking

By 2020, banks could lose 35% of their market share to competition from non-traditional sources.*

*Accenture: Banking 2020 report

The massive disruption in retail banking continues to fundamentally alter the customer experience. There’s new competition from online-only banks, financial management hybrids, payment-centric technologies and big box retail entrants. Increasing government regulations make it harder to compete profitably. If your customers continually encounter multiple channels and product silos with fragmented messages, the result is a disjointed experience and growing dissatisfaction.

If you’re counting on customer loyalty to see you through, the numbers don’t look good. A recent study revealed that only half of customers are loyal to their financial provider, 40 percent are considering alternatives and 10 percent say they’ll switch within six months.

TeleTech can help you survive and thrive in this volatile environment with an integrated approach to transforming your bank’s customer experience.

Download our Retail Banking Brochure

Download our Retail Banking Brochure

 
 

6 Steps to Achieving Breakthrough Customer Experiences

Our integrated approach combines consulting, analytics, technology and care services that align with business and brand objectives and put customers at the center of every solution. Using a six-step process, we are able to deliver a breakthrough customer experience across every channel, every time.

We begin by gaining insight into customers’ needs, values and behavior. We use that data to design a customer-centric strategy that best aligns resource investments to returns. We then help clients design, deploy and manage multichannel interactions that are relevant and profitable. The process is managed by a metrics dashboard that allows us to continue to refine and improve performance.

 
 

01: Insights

Customer Segmentation
- Customer Lifetime Value (Current and Potential)
- Needs and Wants
- NPS and Voice of the Customer
- Demographics
Customer Metrics

02: Strategy

Predictive Modeling
- Acquisition
- Cross-Sell/Up-Sell
- Churn
Segment Treatment Plans
- Multichannel
Segment-Based Investment Allocation
Align Corporate and Customer Metrics

03: Business Design

Business Process Redesign
- Contact Center Optimization
Data Architecture
Enabling Technology
- Multichannel Communication
- CRM and Social Knowledge
- Systems Integration
Organizational Design

04: Deployment

Pilot Test
Measurement and Iterative A/B Testing
Refinement and Rollout

05: Manage

Care Professional
Technical Support
Multiple Geographies and Languages
Licensed Associates

06: Measure and Refine

Ongoing Analytical Model Updates
Enterprise Metrics
Customer Metrics (e.g. NPS)

Featured Consumer Banking Thought Leadership

Banking's Most Important Currency: Customer Trust

In this webinar Don Peppers, Founder, Peppers & Rogers Group, and Weston McDonald, Head of Financial Services, TeleTech, discuss how to convert trustable banking customer experiences into a competitive advantage.

View Webinar

 

What can we do for your business?

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