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Benchmarking Industry Excellence in Delivering Superior Customer Experience

Customer experience is the accumulation of customers’ experiences throughout their journey with the supplier, across any and all functions, products/services, and various touchpoints. Frost & Sullivan explores the relationship of the experiences provided by Australia's retail banks. This research service takes a look at the critical factors that influence customer behaviour throughout the three phases—pre-purchase, purchase and post-purchase—of their journey through banks' touchpoints. The research service utilises our proprietary Customer Experience Index (CEI) methodology, as well as the widely used Net Promoter Scores SM (NPS) methodology to understand the dynamics of the interactions between customers and their primary banks.

Sample Methodology
1. Sample Design
The sample is designed to represents robustly the country’s demographics. Diversity by segments such as state, age, gender, race and urban density is covered.
2. Online Panels
The two-month online survey was conducted across Australia; more than respondents were randomly selected from consumer online panels to answer questions on customer experience attributes for specific industries.
3. Random Sampling
- Consumer panels were approached randomly with an online invitation for this survey. Consumers aged and above who had interacted with their bank in the past months were selected for the survey.
- Each consumer was asked to identify their primary bank—one they interacted with the most in the past months and which they consider as their “primary bank” for this period. Feedback was collated mostly on respondents’ perceptions of their primary bank’s performance, on the basis of their most recent experience.
- Primary banks with a lower base of consumers have not been included for extensive and detailed analysis in this research.

Customer Experience Management (CEM) for Australia’s Retail
Banking in 2015—Introduction
- In May 2015, the Reserve Bank of Australia (RBA), Australia's central bank and banknote issuing authority made its eleventh consecutive interest cut since 2010, which resulted in the country’s historically low rate of %. Banks have capitalised on the RBA’s policy to keep interest rate low in order to encourage borrowing and spending and are engaging in aggressive lending strategies, especially for property financing.
- Industry regulator has since intervened with capital call for these banks to prevent a collapse within the nation’s financial system. This is due to the risk associated with the strong lending activities by decreasing the fixed rate without proper concern on the financial ability of the borrowers. If left unchecked, this would increase the credit default risk which the banks need to bear as a consequence.
- In this study, Frost & Sullivan looks at the critical factors (such as attractive interest rates) that influence customer behaviours throughout the three phases of their banking journey: pre-purchase behaviour (the preferred channel to find out information on product/service); purchase behaviour (the channel/s that customers make transactions); and post-purchase behaviour (the preferred channel/s for the customers to follow up after purchase).

Table Of Contents

Customer Experience Management Study—Australia’s Banking Sector 2015
Research Methodology
Frost and Sullivan Research Approach
Frost and Sullivan Research Step-by-Step Overview
Overview of Research Process
Sample Methodology
Data Collection Quality Process
Sample Distribution by Primary Bank
Sample Demographics—Age and Gender
Sample Demographics—Main Products Purchased
Frost and Sullivan Customer Experience Index

Executive Summary
Customer Experience Management (CEM) for Australia's Retail Banking in 2015—Introduction
Customer Experience—Definition
Factors for Choosing Primary Bank
Reason for Service Discontinuation
Preferred Channel Across Stages
Online vs. Call Centre
Customer Experience Index Score—Definition and Score
Overall Customer Experience Index (CEI) Score by Bank
Net Promoter Score (NPS)
Channel Integration
Product and Service Recommendation by Banks in Australia
Customer Loyalty Reward

CEM Study—Australia's Retail Banking Sector 2015
Reason for Service Discontinuation
Service Discontinuation Breakdown
Most Often Used Channels for Banking
Average Frequency of Branch Visit by Primary Bank
Top Channels by Transaction
Customers' Priority-Experience Matrix
Customers' Frequency-Experience Matrix
Degree of Channel Integration
Priority of Superior Customer Experience and Living up to Sales Promises
Customer Loyalty Reward
Proactivity Rating by Bank
Customer Experience with Touchpoints

Understanding Pre-Purchase Behaviour
Factors for Choosing Primary Bank
Product and Service Recommendation by Banks in Australia
Channel Used at Pre-Purchase Stage
Channel Used for Pre-Purchase Enquiry
Customer Experience with Touchpoints
Evaluation of Experience in the Pre-Purchase Stage by Indicators

Understanding Purchase Behaviour
Channel Used
Customer Experience with Touchpoints
Degree of Satisfaction/Dissatisfaction—Branch Channel
Degree of Satisfaction/Dissatisfaction—Online and Mobile App Channels
Degree of Satisfaction/Dissatisfaction—ATM and Sales Agent
Degree of Satisfaction/Dissatisfaction—Call Centre

Understanding Post-Purchase Behaviour
Channels Revisited for Post-Sale Enquiry
Channel Used for Post-Purchase Enquiry
Customer Experience with Touchpoints
Evaluation of Experience at the Post-Purchase Stage by Customer Experience Indicators

Analysis by Customer Experience Index (CEI)
Customer Loyalty, Recommendation and Additional Purchase
Overall CEI Score by Channels/Touchpoints
Overall CEI Score by Bank
CEI Score for Online
CEI Score for Mobile
CEI Score for Self-Service (ATM)
CEI Score for Branch
CEI Score for Call Centre
Net Promoter Score (NPS)

Analysis by Company—Commonwealth Bank of Australia
Commonwealth Bank of Australia—Customer Transaction Preference
Commonwealth Bank of Australia—Customer Priority-Experience Profile
Commonwealth Bank of Australia—Frequency of Interaction-Customer Experience
Commonwealth Bank of Australia—Rating for Competitive Factors

Analysis by Company—Westpac
Westpac—Customer Transaction Preference
Westpac: Customer Priority—Experience Profile
Westpac: Frequency of Interaction—Customer Experience Profile
Westpac—Rating for Competitive Factors

Analysis by Company—ANZ Bank
ANZ Bank—Customer Transactions' Preference
ANZ Bank: Customer Priority—Experience Profile
ANZ Bank: Frequency of Interaction—Customer Experience Profile
ANZ Bank—Rating for Competitive Factors

Analysis by Company—National Australia Bank
National Australia Bank—Customer Transaction Preference
National Australia Bank—Customer Priority-Experience Profile
National Australia Bank: Frequency of Interaction—Customer Experience Profile
National Australia Bank's Rating for Competitive Factors

Analysis by Company—Bankwest
Bankwest—Customer Transaction Preference
Bankwest: Customer Priority—Experience Profile
Bankwest: Frequency of Interaction—Customer Experience Profile
Bankwest—Rating for Competitive Factors

Final Words—What We are Excited About
Would Improving Customer Rewards Programme be a Game-changer?
Would Banks be Able to Better Understand Customers' Needs and Demands in this Online-driven Industry?
Would Banks Still Benefit from Giving Better Rates After Regulator Intervention?

Frost and Sullivan's Customer Experience Solutions
Why Frost and Sullivan
Customer Experience—Definition
Integrating Process, People and Infrastructure
Frost and Sullivan's Customer Experience Maturity Model
A 5-step Strategic Approach
Legal Disclaimer

Appendix
Definitions
The Frost and Sullivan Story

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