CUSTOMER EXPERIENCE AND RETAIL BANKING TRENDS
The concept of customer experience refers to the impact of all the interactions that the customer may have with a bank, taking into account the multitude of touchpoints by which he activates. Customer experience includes every element related to the promises made through branding, advertising, off...
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Academica Brâncuşi
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Online Access: | http://www.utgjiu.ro/revista/ec/pdf/2017-Volumul%201%20Special/17_HandroOvidiu.pdf |
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doaj-c1e9582ac00548969cb82ab28b8872a22020-11-24T23:59:35ZengAcademica BrâncuşiAnalele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie 1844-70071844-70072017-11-011special issue128134CUSTOMER EXPERIENCE AND RETAIL BANKING TRENDS PAUL OVIDIU HANDRO 0UNIVERSITY OF CRAIOVA, FACULTY OF ECONOMICS AND BUSINESS ADMINISTRATIONThe concept of customer experience refers to the impact of all the interactions that the customer may have with a bank, taking into account the multitude of touchpoints by which he activates. Customer experience includes every element related to the promises made through branding, advertising, offers, products and services, but the most important is how they are delivered: easiness in using the services or products, promptness and efficiency in dealing with customers before and after purchase. [1] - [11] In the context of an environment influenced to a great extent by the evolution of technologies, but also by the accelerated dynamics regarding legislation (Payment Directive II, Directive 2014/92/EU) and competition, a traditional commercial bank must be extremely careful and competent to build and plan the present and future experiences offered to customers. Given the complexity of the structure of a traditional bank, an essential point in the performance strategy must be the improvement of the Customer experienced experience in dealing with the bank. The positive experience becomes defining both for customer loyality and to attract new customers. The segregation of responsibilities and at the same time harmonization of flows between the various structures of traditional banks (front-office- FO; middle-office-MO; back-office-BO) becomes the main challenge of the moment in order to provide the customer with the much desired positive experience. Affected at the global and European level by the dynamics of legislative changes, as well as by the business models that rely on the outsourcing of some positions, the back-office and middle office do not enjoy the same rhythm of evolution and support found in the front office, resulting in incoherent customer experiences and, at the same time, preventing the industry's capacity to attract, retain and delight the customers. In order to improve the level of customer experience, the banks must focus more on the development of the back office and middle-office in line with customer expectations, considering the multitude of possibilities to choose that customers have at the moment. http://www.utgjiu.ro/revista/ec/pdf/2017-Volumul%201%20Special/17_HandroOvidiu.pdfCustomer experiencePositive ExperienceTraditional BankAPI’sFinancial EducationDigital Education |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
PAUL OVIDIU HANDRO |
spellingShingle |
PAUL OVIDIU HANDRO CUSTOMER EXPERIENCE AND RETAIL BANKING TRENDS Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie Customer experience Positive Experience Traditional Bank API’s Financial Education Digital Education |
author_facet |
PAUL OVIDIU HANDRO |
author_sort |
PAUL OVIDIU HANDRO |
title |
CUSTOMER EXPERIENCE AND RETAIL BANKING TRENDS |
title_short |
CUSTOMER EXPERIENCE AND RETAIL BANKING TRENDS |
title_full |
CUSTOMER EXPERIENCE AND RETAIL BANKING TRENDS |
title_fullStr |
CUSTOMER EXPERIENCE AND RETAIL BANKING TRENDS |
title_full_unstemmed |
CUSTOMER EXPERIENCE AND RETAIL BANKING TRENDS |
title_sort |
customer experience and retail banking trends |
publisher |
Academica Brâncuşi |
series |
Analele Universităţii Constantin Brâncuşi din Târgu Jiu : Seria Economie |
issn |
1844-7007 1844-7007 |
publishDate |
2017-11-01 |
description |
The concept of customer experience refers to the impact of all the interactions that the customer may have with a bank,
taking into account the multitude of touchpoints by which he activates. Customer experience includes every element
related to the promises made through branding, advertising, offers, products and services, but the most important is
how they are delivered: easiness in using the services or products, promptness and efficiency in dealing with customers
before and after purchase. [1] - [11]
In the context of an environment influenced to a great extent by the evolution of technologies, but also by the
accelerated dynamics regarding legislation (Payment Directive II, Directive 2014/92/EU) and competition, a
traditional commercial bank must be extremely careful and competent to build and plan the present and future
experiences offered to customers.
Given the complexity of the structure of a traditional bank, an essential point in the performance strategy must be the
improvement of the Customer experienced experience in dealing with the bank. The positive experience becomes
defining both for customer loyality and to attract new customers.
The segregation of responsibilities and at the same time harmonization of flows between the various structures of
traditional banks (front-office- FO; middle-office-MO; back-office-BO) becomes the main challenge of the moment in
order to provide the customer with the much desired positive experience. Affected at the global and European level by
the dynamics of legislative changes, as well as by the business models that rely on the outsourcing of some positions,
the back-office and middle office do not enjoy the same rhythm of evolution and support found in the front office,
resulting in incoherent customer experiences and, at the same time, preventing the industry's capacity to attract, retain
and delight the customers. In order to improve the level of customer experience, the banks must focus more on the
development of the back office and middle-office in line with customer expectations, considering the multitude of
possibilities to choose that customers have at the moment. |
topic |
Customer experience Positive Experience Traditional Bank API’s Financial Education Digital Education |
url |
http://www.utgjiu.ro/revista/ec/pdf/2017-Volumul%201%20Special/17_HandroOvidiu.pdf |
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