Financial institutions often ask whether they can get a good return on investment from branches. However, one key issue is that banks may not be measuring what is really important: return on customer experience. A panel, “The Importance of Measuring What Matters,” at the upcoming Bank Customer Experience Summit, tackles the issue head on.
In this era of Big Data, it is still a major challenge to measure return on investment, especially within the banking world. This is in part due to the sheer amount of data that is difficult to sift through, but also due to changing circumstances.
With banks in particular, many have started to rethink their retail banking strategies, as COVID-19 and changing customer habits have forced many branches out of business. Financial institutions have begun questioning whether they can get a good ROI from branches. However, one key issue is that banks may not be measuring what is really important: the customer experience.
A panel called “The Importance of Measuring What Matters,” which will take place at the Bank Customer Experience Summit, held in Chicago from Aug. 31 to Sept. 1 will tackle this issue head on.
Jean-Pierre Lacroix, president of SLD, will moderate the panel. Participants include Stephen Griffin, SVP, director of retail distribution planning group, Regions Bank; EJ Kritz, EVP, training and customer experience at apc; Sergio Magalhaes, director of branch of the future department, Millennium bcp. and Staci Shedd, head of customer experience and WOW! Employee engagement strategy and support at TD Bank.
During the panel, the participants will discuss how branches can deliver effective customer experiences and how branches can measure return on experience (ROX). To gain insight on the topic, ATM Marketplace reached out to Lacroix via an email interview.
Q. What are some challenges when it comes to measuring ROI in retail banking?
A. There are no set standards or guiding principles for measuring ROI in addition most organizations have a fragmented approach to measuring performance with each department focused on a set of metrics that may not ladder up to a holistic view of the customer experience.
Q. Do you think retail banking should be measuring different metrics? If so, what should they be measuring instead?
A. When you look at where banks are focused on growth, it’s all about the reduction of attrition and also acquiring new customers to fill the void when older ones leave the bank. I believe banks need to go beyond these metrics as they are the outcome of not measuring the right metrics. Banks need to measure the emotional side of the equation around customer and employee sentiments.
Q. What do you hope to share with the audience at your panel at BCX?
A. The fact that challenges are not unique to any particular institution and the opportunities to shift measurements to ROX are immense.
Q. How do we create a culture of measuring what matters?
A. It has to start from the top down with a champion who that believes to win, banks need to deliver better customer and employee experiences. What a champion, it will result in what is happening today, a fragmented view of the customer relationship.
Click here to attend the Bank Customer Experience Summit. Use the code AMCEDIT20 at checkout for 20% off. If you represent a business-to-consumer organization and would like to participate in a BCX panel or be a speaker, click here.
About Networld Media Group
Founded in 2000, Networld Media Group is a leading business-to-business (B2B) media communications company specializing in digital media, associations and events in the tech, banking, retail and food service industries. Online properties include ATMmarketplace.com, DigitalSignageToday.com, FastCasual.com, KioskMarketplace.com, FoodTruckOperator.com, QSRweb.com, PizzaMarketplace.com, RetailCustomerExperience.com, VendingTimes.com and BiblicalLeadership.com. Annual events include the Fast Casual Executive Summit, the Restaurant Franchising & Innovation Summit, the Bank Customer Experience Summit (BCX), the Interactive Customer Experience Summit (ICX) and the Self-Service Innovation Summit.