As digital technology advances unabated, organisations of all sizes and sectors must integrate it across their business to keep with the pace. This is digital transformation, and global banks are harnessing it to build customer loyalty in a disrupted industry. Profusion group client director Ganesh Raman provides a brief glimpse

Every industry is navigating a digital transformation. At the same time, disruptive competition is the biggest challenge for businesses, with the changing needs and attitudes of customers not far behind.

Loyalty is the hardest thing to gain and the easiest thing to lose, and it’s all about customer experience. Convenience is a new loyalty – give customers what they want at the moment they want it, and you’ll gain their trust and loyalty. 

Getting customers to switch bank accounts

Financial services is a sector I’ve worked closely with while supporting retail banking clients at Profusion.

Not so long ago, account holders stayed loyal to their bank. In fact, previous market research revealed customers typically remained with one bank for 17-19 years. They were much more inclined to go to the trouble of switching their car or home insurance than to change who they banked with.

Now open banking and digital/mobile-only banking providers have completely changed the landscape. Customers no longer stick to one bank for many years. And banks are working aggressively on digital transformation programmes to help customers believe in the benefits of switching to their current accounts.

According to several studies, the majority of non-considerers stayed with their existing bank for various reasons – comfort with their current provider, lack of clarity over whether switching banks offered them a good deal or not, and the perceived ‘hassle’ of switching. Banks are now addressing these barriers and creating an environment where customers are not loyal. 

Digital transformation at HSBC

HSBC is a client I’ve been working with for several years at Profusion. It has made great strides in simplifying customer interactions, improving productivity and enhancing customer experience – which all help to boost loyalty.

We continue to support the client to focus on understanding its customer touchpoints, and help its digital team to make the brand digital experience better for customers. We help analyse its data, since this is at the heart of digital transformation.

So what has that looked like? Here’s a bit more detail:

Optimised end-to-end customer journeys, improved customer experience

HSBC’s Student Account application process was complex and long-winded, with applicants asked to fill in a paper form in branch and wait four weeks for approval. The bank wanted to reduce lead times and improve user experience.

We built and hosted a digital application journey that allowed students to apply online and progress the application via email. We then created a data feedback loop to the robotics team to allow for decision-making around the application success criteria.

The application process is now seamless with no wait times in branch to apply. Customers’ application time has reduced from three weeks to three days and account openings have increased by 400%.

Optimised branch and contact centre footprint

This client also wanted to digitise and modernise across two core retail channels: branches and contact centres.

We supported them to optimise the branch and contact centre footprint to enhance customer experience and simplify customer interactions. We built a front end to simplify staff interactions with customers, and enable contact centre agents to email them user guides and video demos for specific customer queries – educating and empowering customers to navigate online banking. And we created digital welcome packs delivered with print-friendly PDF versions.

Welcome packs and pre-sales literature are now sent in real-time to arrive in customers’ inboxes before they’ve even left the branch.

So no perhaps it’s time to ask yourself: Do you want to take your organisation’s digital transformation journey to the next level? If so we’re here to talk. Contact us and one of our consultants will get in touch.

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