The Bankwatch

Tracking the consumer evolution of financial services

Lack of a clear customer experience strategy forms largest obstacle!

Forrester Forum: Its always good news when your biggest problem is the easiest to fix … or at least you would think so. Forrester just released a new survey in conjunction with American Banker. Bank executives were asked, what are the significant obstacles to improving the customer experience that your company delivers.

47-52% reported that “lack of a clear customer experience strategy” was a significant obstacle, and that percentage made it the most pervasive obstacle. Its not good when you can’t even describe the strategy to yourself.

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Written by Colin Henderson

June 25, 2007 at 13:03

4 Responses

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  1. It’s no surprise that a whole bunch of bankers said a “lack of clear customer experience strategy” was a significant obstacle: 1) they don’t know what their BUSINESS strategy is (you might want to go back and re-read your June 14th post), and 2) no one can agree on what a “customer experience strategy” is.


    June 25, 2007 at 13:34

  2. @Ron … its still sad to see that and the lack of willingness to embrace social computing. Not that SC is the sole contributor customer experience, but its a strong candidate as an arrow in the quiver of “voice of the customer” which has been a hot topic today, as well as organic branding (a new term for me today)


    June 25, 2007 at 16:07

  3. All true, but this is beginning to change. For more than twenty years our company has helped some real leaders in the world of CEM (Starbuck’s, Disney, Harrah’s, Target, to name a few) measure, manage and improve the customer experience. We are now being inundated with inquiries from banks, credit unions and other financial institutions. They all seem to be realizing that differentiation is virtually impossible without a commitment to delighting customers.

    Mike Paton

    June 26, 2007 at 08:47

  4. Mike…. Thats good to hear. Banks need the help to get their brand message clarified.


    June 26, 2007 at 09:09

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