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A Frost while the lowest scores came from two local banks that showed negative NPS. Foreign banks outperforming local banks in customer services Over 90% of Singapore customers prefer to go online or use self-service channels. However, when contacting their banks, only 10% believe their banks provide omnichannel support with the ability to track their interactions, purchase history, and preferences across multiple channels. In the survey, banks scoring higher Net Promoter Score (NPS) offered seamless support to customers across three channels though performing poorly in areas such as self-service and first-call resolution. Banks in Singapore yet to integrate silo-ed multichannels for omnichannel engagement Banks in Singapore need to rethink their customer engagement strategy to drive loyalty and retention, and growth in share of wallet despite customers overall satisfaction with the level of service they receive. The opportunity for banks to capture and analyse customer data to create more meaningful interactions with their customers is immense. Customer analytics key to sustaining competitive advantage Contact centre and branch banking still relevant amid growing popularity of online channels One out of four customers surveyed purchased banking services online. Despite the growth of new digital channels, 87% of banking customers still prefer traditional support (e.g., contact centre, branch) when seeking assistance to resolve complex issues. The finding highlights the slow progress of banks in deploying digital capabilities to meet customer expectations. Customer Experience in Singapore Retail Banking | 3Introduction Since Singapore began to liberalise its commercial banking system, many reputable foreign financial institutions such as Citibank, HSBC, and Standard Chartered have established a presence in the country as fully-licensed banks and continue to flourish. However, intensifying competition is placing enormous pressure on banks to continuously evolve their products and services as well as focus on better customer engagement strategies. To examine the state of customer experience (CX), interaction preferences, and underlying trends among retail banking customers in Singapore, Frost followed by email, another traditional engagement channel. Among the newer channels (e.g., messaging apps, chat, social media, video), messaging apps are viewed as the most preferred for future communication. New digital channels are available on mobile devices delivering greater convenience to banking customers, especially in Singapore, which has a high mobile penetration rate. Typically, customers prefer these new channels due to greater familiarity. However, awareness of the availability of non-traditional channels seems much lower than the adoption of such platforms for consumer communication. Less than 25% of customers surveyed are aware that their banks offer social media, chat, or messaging apps for services. Moving forward, how important are the following contact methods to you? Essential (5) Mostly Important (4) Somewhat Important (3) Not So Important (2) Not Relevant (1) Phone Email 30% 30% 29% 8% 3% 49% 30% 18% 3% 1% Chat 13% 27% 27% 19% 18% Messaging Apps (e.g., WhatsApp, WeChat) 19% 19% 25% 19% 18% Video 5% 10% 23% 32% 30% Facebook 9% 14% 22% 26% 28% Twitter 4% 8% 20% 28% 40% Customer Experience in Singapore Retail Banking | 13 Voice interactions remain important in the digital worldAs more banking customers in Singapore increasingly access information and services online, they exhibit a higher propensity to use online banking or banking apps before seeking live assistance. This is mostly due to the convenience and little to zero waiting time. Today, over 90% of Singapore customers regularly go online or try self-service channels as their first method for issue resolution. A comprehensive digital channel engagement strategy that leverages both self-service channels and a robust knowledge base is essential to helping customers find the information they need. Self-service is the new norm Although banking customers in Singapore use different channels at different times along their customer journey, the primary reason they contact the bank remains consistent. Issue resolution is of utmost importance for consumers. In fact, more than one-third of respondents believe the convenience of “getting things done the first time” is more important than contact options. Respondents exhibited relatively high satisfaction levels when accessing banking services via the two most used channels (online banking and mobile banking apps). Consumers are consistent with their needs Contact centre (phone) Branch Chat (via website or mobile app ) Always (5) About half of the time (3) Sometimes (2) Never (1) Almost always (4) 8% 2% 17% 24% 49% When I contact my bank, I have rst been online or tried self-service options. 14 | Customer Experience in Singapore Retail Banking29% Contact centre (phone) Branch 6% 4% Email Social media 3% 1% Chat (via website or mobile app ) Messaging apps (e.g., WeChat, WhatsApp) 58% Never (1) Almost always (4) When you require live assistance, which channel do you nd most effective in resolving your issues? Human touch is still valued in issue resolution Customer Experience in Singapore Retail Banking | 15 2 What omnichannel strategy can do for Singapore businesses, Singapore Business Review, Jan 2014 (.sg/information-technology/commentary/what-omni-channel-strategy-can-do-singapore-businesses) The ability to successfully resolve an issue plays a considerable role in channel preference. Most respondents in Singapore chose the contact centre (phone) as the most effective channel for issue resolution followed by a visit to the branch even if they can access digital channels such as chat, messaging, and social media. Survey results indicate that majority of banking customers in Singapore continue to use a multichannel approach to issue resolution with traditional care dominating the mix. While there has been much talk about the adoption of an omnichannel strategy to deliver an enhanced CX 2 , the reality seems quite far from achieving that goal.Customer Satisfaction is Key To drive customer satisfaction, retail banks in Singapore must gain an in-depth understanding of customer needs and expectations to align their resources and respond appropriately. Such an approach could well become the cornerstone for further developing a well-orchestrated customer engagement strategy continually delivering personalised, predictive, and productive experiences. Retail banking customers in Singapore have ranked issue resolution, satisfactory answers to queries, and the ability to contact them through their preferred channel as high in determining satisfaction levels. 16 | Customer Experience in Singapore Retail BankingKnowledgable Staff Informed of relevant offers Easy to access live service from people They keep me updated, I dont have to chase Dont have to repeat myself Know who I am and are aware of my issue What are some of the reasons (top 2) for satisfaction with your bank? Customer Experience in Singapore Retail Banking | 17 45% Really try to solve my issue/query 35% I can contact using my preferred channel 35% 22% 20% 12% 12% 9% 9% Get things done first timeRethinking Customer Experience Strategy Building superior CX in todays era of immediacy requires banks to leverage customer insights to drive business strategies. Banks need to understand their customers, their needs, and challenges, and promptly address them with targeted solutions to enhance customer satisfaction. Retail banks in Singapore need to evaluate the following considerations in the pursuit of transforming their CX strategy: To develop a sustained relationship with your customer, your organisations culture and processes have to be built around customer-centricity that requires an understanding of the entire buying lifecycle (consideration, purchase, experience, support, or advocacy/loyalty). Greater customer insights enable banks to personalise services that are relevant, helpful, and not high-pressure. Do you understand your customers enough to humanise interactions? 1 Based on customer demands for convenience, banks need to expand support to an “anytime”, “any channel”, “any device” environment. When it comes to channel options to serve customers, it is not a question of “either or”. Banks should ensure that the channels complement each other. Other factors to bear in mind: Voice channel is becoming the last resort for issue resolution for many customers Need to integrate digital channels email, chat, social media, apps, video over multiple digital touchpoints (web or mobile devices) Offer choices of self-service knowledge base and easy access to assisted service Are you serving your customers the way they want to be served? 2 18 | Customer Experience in Singapore Retail BankingCustomer needs and expectations should drive the experience design, not outdated technologies or legacy organisational processes. The focus should be on promoting and supporting customer centricity by addressing legacy technology and operational barriers that make it difficult to drive change quickly. Have you invested in the right tools and processes? Customer interaction analytics can offer insights into how consumers use products, services, and interact with banks. Advanced digital channels augment existing data sources with additional behavioural data. Organisations can map their customers entire journey in real-time and proactively engage them. At the same time, banks must monitor customer experience parameters and their impact on business performance to align resources and efforts appropriately. Have you adopted a data-driven decision culture? 4 5 Better customer experiences start with in-depth knowledge and understanding of the customer journey, as in why and how customers interact with the bank over time. A compelling CX journey maps all channels and touchpoints, taking into account the motivations and emotional factors driving channel preferences. Banks must be able to link the interactions systematically to provide a personalised, contextual experience for each customer. Are the available channels designed and managed for a true omnichannel experience? 3 Customer Experience in Singapore Retail Banking | 19Auckland Bahrain Bangkok Beijing Bengaluru Bogota Buenos Aires Cape T own Chennai Colombo Detroit Dubai Frankfurt Iskandar, Johor Bahru Istanbul Jakarta Kolkata Kuala Lumpur London Manhattan Mexico City Miami Milan Mumbai Moscow New Delhi Oxford Paris Pune Rockville Centre San Antonio Sao Paulo Seoul Shanghai Shenzhen Silicon Valley Singapore Sophia Antipolis Sydney Taipei T el Aviv T okyo T oronto Warsaw Washington D.C. We Accelerate Growth FROST ABOUT FROST & SULLIVAN Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break todays market participants. 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