Banks must focus on the entire customer lifecycle

The number of account switches already reported should push banks to think more comprehensively about the entire customer lifecycle – from account opening to closure – to optimise the customer experience. Increasingly, consumers will become more savvy and enticed by those banks that offer better deals, writes Tony Virdi

The number of account switches already reported should push banks to think more comprehensively about the entire customer lifecycle – from account opening to closure – to optimise the customer experience. Increasingly, consumers will become more savvy and enticed by those banks that offer better deals, writes Tony Virdi

It is not just about running better and seeking compliance by increasing productivity and efficiency, it is also about running differently; with the regulation designed to disrupt and encourage greater competition amongst banks, vigilance and responsiveness to customer needs and desires will be critical. For banks to attract and retain their customers, they need to do all they can to understand their customers better and offer a quality of service that is a cut above the rest.

This is where technology has a key role to play. The ease of the ‘Apple’ level of customer experience is what everyone wants.

By radically reviewing how customers would like to interact with the bank, collecting and analysing data gleaned from customer interactions, banks will be able to better act on key insights and enhance their services accordingly.

As a result, they will be better able to give customers what they want, stay relevant and go the extra mile to surprise and delight them with special incentives and rewards for their loyalty. This will help boost all important customer retention rates.

While the regulation is highly disruptive for the industry, those that fully embrace it and are willing to adapt will reap the benefits."