New Research Uncovers the Four Foundational Customer Experience Practices of Growth Banks

Philadelphia, PA, June 27, 2013 --(PR.com)-- While most banks are undertaking a variety of customer experience initiatives, new research from PeopleMetrics reveals four foundational practices that are tied to revenue growth. These insights are drawn from PeopleMetrics 2013 Most Engaging Customer Experiences (MECx) study and can be found in the report: A Shifting Landscape: Customer Experience Trends and Priorities in Retail Banking.

Participating bank executives came from organizations that have grown top line revenues in the past 12 months as well as those with stagnating or declining revenues. By splitting the feedback PeopleMetrics uncovered the customer experience practices that are most highly correlated with financial performance. These four practices are:

1. Taking action on individual customer feedback
2. Utilizing a decision-making process that emphasizes the customer
3. Sharing a common definition of what customer experience is and is not
4. Establishing a goal for customer experience improvement

­­­Growth Banks have embraced practices that create customer understanding and action-taking at all levels of the company,” says Feather, “it’s a disciplined approach.” The study notes that these are fairly basic practices and that most banks are still shying away from taking on tougher, bigger impact efforts. “Banks just beginning their customer experience transformation, or struggling to see results from their efforts, should start with these four disciplines.”

“For banks who have mastered these practices,” Feather clarifies, “there’s a big opportunity to create a truly innovative customer experience. Customers in the study told us they want banks to make them feel valued and cared for. This is far beyond the functional elements of banking, and offers insight on how leaders can design a customer experience that actually builds lasting, emotional connection with a customer.” Details on the three drivers of an engaging customer experience and the bank type that is currently delivering this experience can be found in the full report.

To receive a copy of A Shifting Landscape: Customer Experience Trends and Priorities in Retail Banking, please send a request to info@peoplemetrics.com.

About PeopleMetrics

PeopleMetrics empowers marketers to create better customer experiences by providing them with the software to take real-time action on customer feedback, and insight into the systemic actions having the greatest impact on customer loyalty.