Setting a new course. The customer experience challenge facing Central Europe’s retail banks
Survey among banking retail customers from five Central European markets
The financial landscape in Central Europe is changing constantly. At a time when competition is intensifying and the number of banking services is growing day by day, the banks operating in the region have needed to make many adjustments to their business to improve the profitability levels that suffered so significantly during the recent crisis. In order to win new customers and keep old ones, banks need to understand and address the changing needs and expectations of their customers. A wider range of products, high-quality innovative services and transparency provide a basis for competitive advantage, a foundation stone of customer satisfaction and, in the long term, a powerful driver of loyalty.
Today, we are seeing the near future of traditional retail banking being formed. Customer behaviours, expectations and needs are changing very fast, and competitive pressure is growing from non-banks. Customers are demanding a consistently high quality of service in all their interactions with banks. Despite this, their expectations are remaining largely unfulfilled. At the same time, non-banks and new players in the financial services market are focused on innovation as they seek new opportunities to grow market share. Consequently, banks are being forced to take positive action that ensures a more sustainable and integrated approach to customer service and helps them redefine their development strategies.
In order to address this key issue of customer experience in the banking sector, Deloitte has carried out a survey among banking retail customers from five Central European markets (the Czech Republic, Hungary, Poland, Romania and Slovakia). The survey looks for ways to foster customer loyalty and improve satisfaction, and presents a number of possible changes of approach to managing the customer experience that are aimed at building sustainable growth strategy in banks.
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