It is only rarely that a management team would change their decision based on internal user feedback. And even if it is raised the obvious questions of justifying ROI (return on investment) of increased adoption are rarely answered. Which is surprising when looked at from the perspective of training, recruitment, operational risk, and customer experience failure risk. Poor system design is a major contributor to internal mistakes and incorrect data entry. Banks attempt to mitigate this risk by spending more on controls which in turn increases friction within the customer journey. Banks then try to alleviate this friction by increasing efforts and cost on training, which when done half-heartedly actually ends up increasing the risks associated with staff churn and loss of tacit knowledge. 58
Consequently, banks go on to further tighten controls on changes to any process and procedure definitions that again increase friction in the customer journey by reducing agility and flexibility. This appears to have become the industry culture and is most often referred to as industry standards. Which means that when new staff is recruited from competing institutions they invariably bring in the same mindset, and then mold new recruits as well? And so the vicious cycle has spun for decades. So how do we change this paradigm? Banks, financial services companies and insurance providers need to understand that the internal staff experience is just as important as the customer experience. The old saying of happy staff equals happy customers could not be truer. Consider this: would a mechanic’s workshop be designed without the mechanic’s needs being taken into consideration? Or, how about an operating theatre designed without the nurses and surgeons in mind? Again, this is common sense, but for some reason the financial sector has failed to embrace this concept. It is now time that financial institutions should start focusing on the entire customer journey and not just front — end enhancement. Therefore, while enhancing customer experience through the various touch points — branches, internet banking, mobile banking and ATMs — the key focus should remain on the entire customer journey. So the solutions that we procure or develop should be in-line with the principles of customer experience excellence and support the ultimate strategy. There will always be limitation from the principle application vendors and high cost for enhancement — therefore it is recommended to move towards building solution internally which caters to business requirements with a combined user and customer-centric approach. — The writer is Head of Technology Infrastructure and Security Operations, Noor Bank. Opinion expressed here are his own and do not reflect that of the bank or newspaper.
You've reached the end of your free preview.
Want to read all 90 pages?
- Spring '12
- Management, ........., Abu Dhabi Commercial Bank