Raiffeisen Bank International AG’s Post

📉 Banking sales funnel abandonment rates, estimated between 67% and 80%, underscore the significant value lost when clients exit the onboarding journey, as noted by Arkwright Consulting. 🌟 In today's competitive landscape, sales conversion and cart abandonment pose challenges across all industries and channels. For instance, the retail sector grapples with the disparity between online and in-store conversion rates, where in-store purchases still dominate despite the growth of e-commerce. 💼 The financial services industry faces a unique challenge with customer abandonment, particularly during the extended onboarding process. Unlike retail, where the journey often ends at payment initiation, financial services encounter hurdles during KYC checks and compliance obligations, amplifying the importance of seamless onboarding experiences. 🔍 Arkwright Consulting's extensive experience in optimizing onboarding processes for financial institutions globally sheds light on the critical need to address abandonment issues. Through a digital onboarding benchmarking exercise across European countries, insights have been gleaned to enhance customer experiences and drive value in the banking sector. 📊 For more details on methodology, please refer to Appendix 1. Let's unlock the potential of improved onboarding experiences to drive customer retention and growth in the financial services industry. #Banking #Onboarding #CustomerExperience More Contents: Woongsik Dr. Su, MBA

Customer insights can transform the design of a digital experience. And even more so - a digital banking experience. Many industries can build their experiences with a broad range of customers in mind, without causing too many issues for individuals. However, the nature of managing finances is an entirely different story. When it comes to money, your customers are managing numbers and their own emotions. If a transaction doesn’t go through on an e-commerce website, the likelihood is that they’ll continue with their day as normal and perhaps try again later. If a transaction doesn’t work online when managing their own finances, a customer can be left stressed, anxious and scared. This emotional aspect of managing finances digitally is an important consideration for digital banking product leaders. This is where customer insight and understanding is key. Paying attention to customers, listening to them and iterating effectively based on feedback, can have an amazing result on your digital banking product. All digital banking leaders should have customer feedback and insight as a core part of their ongoing roadmaps and considerations. With customers always at the forefront of our minds, great products can be built. #customerexperience #customerinsight #digitalbanking #digitalfinance #digitalbankingproduct #bankingindustry #productinnovation

Sharing a presentation that delves into the intricacies of managing and operating digital banking. In this insightful presentation, you'll gain valuable insights into several critical aspects, including the essential core systems, pertinent guidelines, customer journeys, customer engagement strategies, and our robust business wing. In the upcoming second phase of this presentation, I will explore the following key points: 1. A comprehensive overview of our flagship Product PPG. 2. A peek into our innovative Product Navigation System. 3. The implementation of an automated Credit Scoring Model for enhanced efficiency. 4. The unveiling of our streamlined Digital Collection Module. 5. A closer look at our Insightful Portfolio Dashboard. 6. Detailed examination of the Comprehensive Product-Wise Portfolio Health Report. 7. Effective CRM Model for seamless customer relations. 8. In-depth analysis of the Market Structure and our Strategic Market Positioning. Stay tuned for this enriching journey into the world of digital banking management and operations. Your insights and feedback are highly valued! #digitalbanking #Innovation

CX Management: Fueling Efficiency In Retail Banking Contact Centers 🚀 In the fast paced world of retail banking contact centers, efficiency is the name of the game. Every interaction counts, and it's not just about resolving issues-it's about leaving a lasting impression. That's where Customer Experience (CX) management comes in, helping us supercharge efficiency and deliver top-notch customer service. 💼💭📈 #cxmanagement #customerservice #efficiency #retailbanking Why CX Management Matters 🎯 CX Management isn't just another industry buzzword; it's a game-changer. It means understanding our customer's unique needs, streamlining processes, and anticipating their concerns. Picture this: a customer calls in with a question about a transaction. With CX management in play, we not only solve their problem swiftly but also provide a comprehensive solution. That's efficiency at its finest. 🫱🏽🫲🏿💡📞 #dataiskey Data analytics is our secret weapon. By dividing into customer data, we uncover insights that drive smart decisions. We segment customers, personalize interactions, and address issues proactively. It's like having a crystal ball that helps stay ahead of the game. 🔍📊🧙 #customerretention In retail banking, loyalty is gold. CX management builds lasting relationships by ensuring every interaction reflects our commitment to excellence. This consistency breeds trust and keeps customer coming back for more. 🫱🏽🫲🏿🔐💼 #ROIbooster Efficiency isn't just about cost-cutting; it's about boosting returns. CX management delivers real ROI. Reduced call times, higher retention rates, cross-selling opportunities-these benefits pad our bottom line. 💰📈🚀 In closing: Keep Soaring As retail banking contact center professionals, let's embrace CX management. It's our ticket to delivering efficient customer service without compromise. Stay adaptable, keep learning, and continue to Innovate. Let's lead the way in efficiency and customer satisfaction. Together, we can make every interaction count! 🏆🚀💭 #retailbanking #efficientcx #customersatisfaction #customerretention #customerserviceandsupport #crm #bankingindustry #empathy #patience #gcc #dubai

#Amaiz 💡 Rethinking customer engagement in the era of open banking Financial institutions and merchants are leveraging consumer-permissioned data sharing and advanced technology to create hyper-personalised, customer-centric experiences. Mastercard's latest Market Trends report highlights the growing importance of open banking and open data in boosting customer engagement. With 55% of global B2C marketing decision-makers increasing their investment in customer relationship marketing in 2023, customer experience remains a top priority. However, many banks and merchants still struggle to stand out, with only 14% having a comprehensive view of their customers and 80% of executives feeling their rewards programmes are too similar. Traditional engagement strategies often fall short due to fragmented financial views, disjointed omni-channel experiences, and a lack of personalised insights. Open banking offers solutions like personal finance management, subscription management, and streamlined onboarding, leading to enhanced customer convenience and engagement. Consumers are more willing to share personal data for better experiences, with 82% open to this exchange, resulting in up to a 50% increase in customer engagement rates. How can your business leverage open banking to enhance customer engagement? #OpenBanking #CustomerEngagement #PersonalisedService #DataDriven #Fintech #CustomerExperience #Amaiz #businessbanking #bankaccounts #bankingsolutions #virtualcards #cards #iban 🌐📈 https://lnkd.in/eypV_c4k

Banking loyalty is in flux, but 💯 Jim Marous highlights the critical role of customer experience (CX) in navigating these changes. With findings from The Financial Brand and Forrester research, enhancing CX emerges as a crucial element for boosting satisfaction, loyalty and financial outcomes.
 Quick Hits: 🔹 Post-pandemic, U.S. banking CX quality dipped, dragging customer retention down with it. 🔹 Emphasizing trust, emotional connections, and a blend of digital and physical experiences can turn the tide. 🔹 Surprisingly, a mere 4% of banks hit the "customer-obsessed" mark, underscoring a massive opportunity for differentiation. 
🎯 Takeaway: Banks ready to prioritize customers and innovate across digital and in-person channels stand to win big, driving loyalty and profits up. 
 Dive deeper below 👇 https://lnkd.in/eE8_8NFE

$123 million in revenue!! Yes you read that correct, a one-point improvement in its Customer Experience Index score can lead to an increase of $123 million in revenue for a large multichannel bank. For a direct bank, it can lead to a $92 million increase in revenue. We’ve identified eight (8) key areas where banks can transform their operational and communications strategies to better connect with customers, and deliver a great customer experience. Read more here - https://bit.ly/4bh9Ox7 #banking #customerexprience #finance #customersupport #customerservice #bfms

🏦 How should banks navigate the future of retail banking? 🏦   Implement Consulting Group’s recent Retail Banking Customer Survey gathers insights from over 1,000 retail banking customers in Sweden. The purpose has been to identify and understand key drivers of customer loyalty and satisfaction that banks need to consider when pursuing transformations.   The retail banking industry is experiencing a seismic shift driven by, e.g., evolving customer expectations, the rise of digital-only players with niche offerings, and the emergence of new technologies.   Succeeding with the necessary transformations is easier said than done and requires overcoming two critical challenges: Ensuring strategic alignment of initiatives in line with diverse customer needs Tactful timing of deployments to avoid customer satisfaction disruption   Among others, the survey highlights that there is great potential to build stronger customer relationships by focusing on the large fraction of neutral customer (44%), to close the current proactivity gap (with 72% being dissatisfied with the bank’s current proactivity efforts) and adhere to diverse and generationally divided customer preferences for physical and virtual advisory. ✉️ Curious to learn more? Do not hesitate to reach out to get insights from the full survey and discuss the implications on your business. You can send a DM here at LinkedIn or reach me at [email protected] #retailbanking #customerexperience #businesstransformation