Customer experience in an increasingly digital world

Abstract

The retail banking business model has clearly been disrupted with a lot of significant trends impacting mid-term profitability (low interest rates, regulations, new and aggressive competitors, more demanding customers, etc). The challenge today is to generate customer preference in an increasingly fragmented market. In our view, the winning approach is the one relying on a deep reinvention of the customer experience in order to rethink the banking relationship model. Super-satisfaction, recommendation and loyalty are thus becoming essential to develop new growth areas and to create long lasting differentiation. This paper analyses the challenges and essential success factors in implementing on the field a renewed customer experience in an international banking group such as Société Générale, characterised by the diversity of its markets.