CX transformation

Why Bank CEOs Are Using Lifestyle Services To Drive CX Transformation

Investing in CX transformation allows profitable customers to be leveraged in ways that create differentiation, and grows the scale and profitability of that segment.

Banks worldwide are currently facing the perfect profit storm of low-interest rates, increased lending and geo-political risks, plus an enduring high-cost base of high-street branches that feels inefficient – especially given the rapid adoption of digital services during COVID-19.

So, why are 75% of CEOs of the world’s 50 largest banks supporting new and increased investments in customer experience (CX) in 2021? We have identified the reasons, and detail how lifestyle services can act as a single channel through which to drive CX transformation through several initiatives. 

 

 

Who is the case study for?

The content within this post is relevant for key decision makers at banks and wealth management firms who are looking to implement a cutting-edge CX strategy to become/ remain a leading figure in the private banking industry.

What questions does it answer?
  1. How high-quality concierge services drive retention and acquisition of the profitable mass affluent and High-Net-Worth customers?
  2. How digitally-enabled concierge services allow efficient engagement with customers and drive their profitability?
  3. How concierge services offer a single channel through which to drive several CX initiatives? 

 

If you are in the process of undergoing, or about to begin, concierge, lifestyle and CX provider procurement, read our three key questions to ask when selecting a concierge, lifestyle and CX provider.

Sources referenced in the paper
  1. McKinsey & Company – Managing a customer-experience transformation in banking
  2. PwC – Retail Banking 2020 Evolution or Revolution?

Our Case Studies

Lifestyle Service Open APIs Fuel Customer Experience and Value

Leading banks and financial services firms offer travel and lifestyle concierge services as part of their customer experience (CX) strategy. Open APIs allow these companies to surface the most relevant lifestyle services to their customers within their digital platforms and apps, growing acquisition, retention, engagement and card spend.

Interest rates are changing and so are customer strategies in financial services…

Private and retail banks should be working on their customer strategy when interest rates rise. Here are proven ways to invest in customer retention and acquisition.

The Value of Concierge

“We’re able to leverage the many choices available to open up conversations with clients… so we learn more and build deeper relationships.” – Senior Relationship Manager, a global private bank

How to drive your bank’s Net Promoter Score performance

Customer NPS for our banking clients increases as concierge use increases.

Use Content To Attract And Retain High And Ultra-High Net Worth Individuals

Content is a key tool used to attract, engage, convert and retain high and ultra-high net worth individuals. So, how do you create content for this discerning demographic and what kind of impact can you expect? Download this white paper to uncover the content-marketing practices that can transform your HNWI/UHNWI business.

What Can Loyalty Points Buy?

Driving engagement and spend, loyalty programs are key to customer retention. Yet with an estimated 50% of points never redeemed, there’s a risk of disengagement and financial liability. Here’s how you can encourage point spend and enhance lifetime loyalty.

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