Nine Steps to Building Retail Bank Customers Will Love

• Develop a customer-focused vision: Define how the bank can become more compelling to customers

• Copy what other customer-Intimate Industries do: Retail banks don't have a deep legacy of customer Intimacy. Steal from those that do such as retailers.

• Create a case for change: Quantify how the bank will derive value from the vision

• Tie core transformation to the vision: Define transformation in system upgrade terms and you'll get nowhere.

• Write a narrative: Tell a story about customer experience rather than cost and efficiency. (And keep it simple)

• Change the incremental mindset: Opening a savings account at a physical location isn't much different than opening one using online banking. Yet because each product is added in isolation. nether share the same process or IT infrastructure.

• Create a roadmap: Product-line owners need to know what they're facing and when and how it will benefit them in both the short and long-term.

• Update the vision each year: Big transformations need a regular reality check-and an opportunity to shift course if necessary-so that the transformation remains aligned with business challenges.

• Track the benefits: Fewer than 20 percent of organizations track the values of their IT investments after they go live. IN a multi-year transformation that won't do. 

Reference: How to make consumers love their banks

Prepared By: Nemo So