Building a differentiated customer experience based
on improved customer insights is not a departure from
existing approaches – in fact, it is meant to improve most
banks’ current efforts. Jeff Wordham, principal with Doblin,
Deloitte Consulting LLP’s innovation unit, explained, “To
excel, banks have to spend more time understanding the
unmet needs and motivations of customers. This requires
the use of more nontraditional approaches to generating
insights, including ethnographic research, mining social
media, and advanced data analytics.”
For instance, in retail banking, better customer insights can
help in designing the “bank of the future,” characterized
by superior experience in digital and mobile channels
together with more technology-enabled branch formats
– automated outlets largely staffed with advisors to assist
customers in making better financial decisions.