Role of Customer Analytics in transforming Customer Experience

How often do you visit your bank? Quite rarely, I suppose. Banks have come a long way since online banking was introduced way back in 1990s. Amidst strict banking regulations and slow economic growth, banks have strived hard and opened up to newer channels of communications that are aimed at providing ease of banking to customers. Mobile banking, for instance, has gained tremendous popularity within a few years of its inception. With these ever increasing customer-touch points over non-traditional channels, it has become imperative for banks to provide good customer experience across every transaction, irrespective of the medium. A recent research by Cisco indicates that consumers desire pervasive access to seamless banking services. So what exactly do banks offer to their customers to ensure great customer experience? Let’s have a look at some interesting facts about customer experience in banking:-

68% of consumers want streamlined interactions and communication from their bank

54% of consumers would like to receive real-time notifications that assisted with financial purchase decisions

55% of consumers believe that their banks still do not know enough to offer personalized services to them

Great customer experiences are created on the basis of good understanding of the customer and the delivery of the right message at the right time.  And this cannot be achieved without knowing what the customer actually wants in real-time. This is where the need for customer insights arises. Customer analytics can reveal deep insights about the customer that can not only help enhance customer’s experience but also prove to be highly beneficial for the growth of the bank’s business. While there are a host of software available in the market, true value-add can only be achieved with solutions that offer differentiated benefits in form of real-time insights and predictive analysis. But, how do predictive analysis and real-time insights help improve customer experiences?

Let’s take an example. Say you are an existing bank customer. You log on to online banking and transfer some money to a private builder. You next look up the ‘Loan’ section, go through the interest rates applicable and then log out. Since the bank has implemented an intelligent solution that sends real-time insights depending on customer behavior, the bank immediately senses your need and sends an SMS to you offering discounted rates on Home Loans. Isn’t this the kind of customer service you look forward to every time you transact with your bank?

Hence, employing a customer experience strategy in a bank without having customer analytics in place is incomplete in itself. A good customer analytics solution can not only benefit the bank in terms of improved customer loyalty but also help the bank steer way ahead of its competition.

–   By Tulika Sarkhel

Tulika is Assistant Manager-Marketing at CustomerXPs.  She can be reached at

CustomerXPs offers real-time, intelligent products that empower banks with instant insights enabling influenced outcomes of deeper customer engagement and fraud-free transactions.

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