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.
Explore Our Retail Banking Solutions
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.
- Customer Lifetime Value (Current and Potential)
- Needs and Wants
- NPS and Voice of the Customer
Segment Treatment Plans
Segment-Based Investment Allocation
Align Corporate and Customer Metrics
03: Business Design
Business Process Redesign
- Contact Center Optimization
- Multichannel Communication
- CRM and Social Knowledge
- Systems Integration
Measurement and Iterative A/B Testing
Refinement and Rollout
Multiple Geographies and Languages
06: Measure and Refine
Ongoing Analytical Model Updates
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.