A differentiated customer experience is the result of
an enterprise-wide effort, involving even seemingly
unrelated tasks and processes. As John Kocjan, principal,
Deloitte Consulting LLP, explained, “Improving customer
interactions is an effort for the entire organization. Banks
should consider how all of their operations and priorities,
even those like cost efficiency and data security, support a
great customer experience.”
That said, many banks will also focus on reshuffling their
product mix to generate increased revenue, particularly
from fee-based businesses. One such area is wealth
management, where competition is likely to intensify
in 2014 and potentially hurt profitability, unless asset
growth favors everyone alike. This could mean scale
will become all the more important, benefitting large
wealth management providers. Smaller shops could
fend off competition through better customer service
Finding new ways to differentiate the
customer experience
Focus areas
6
Competition
and markets Clients
and products
Technology
dynamics
Organizational effectiveness
Financial management
Governance, risk, and compliance