New Focus

In the Brunei Bulletin (I had never heard of it either) there is a great story about a local bank whose strategic approach in engaging customers is going to be by providing the best customer experience. Money quote -

"Customer experience is the new business model that the bank has envisaged for the future"

While this is not a revolutionary statement - this is an aggressive approach for a financial institution to take - and I love it. Putting the customer first is the mantra of many financial institutions, but we all know that at the end of the day shareholder value is really driving the bus. Companies should however look at improving the customer experience as a way to increase shareholder value through increased customer retention and higher wallet share amongst their existing customer base.

The other interesting thought on this is the heavy reliance on cell phone technology and wireless banking in countries like Thailand. With limited touch from the banks on their customers through a cellular transaction it is difficult to improve - or even measure - the customer experience. Maintaining a common experience across all channels (web, phone, cellular, ATM, in person) and leveraging current processes and experiences should be the approach taken by this and any organization looking to gain an edge.