Copyright The Asian Banker All rights reserved 1 Customer communication is key for customer retention Building a interactive communication strategy August 2009 Asian Banker Research
Copyright The Asian Banker All rights reserved 2 Agenda 1.Asian Banker Research Findings on Impact on Banks’ Existing Sales Processes and Practices 2.Elements of Building a Sustainable Selling Process 3.Client Communication and Contact
Copyright The Asian Banker All rights reserved 3 The highest gap between front line and clients is in support capabilities, client communication and due diligence Strategic Levers of Client Retention in 2008
Copyright The Asian Banker All rights reserved 4 In terms of current levels of communication with existing customers, which statement best represents you / your bank's stance? Banks are evaluating their client communications strategy to build more holistic sales capabilities in the long term…
Copyright The Asian Banker All rights reserved 5 Will your bank conduct additional research to develop customer insight, and in what forms? Banks need to implement more structured customer insight programmes to guide marketing and promotional activities
Copyright The Asian Banker All rights reserved 6 “In which of the following areas are your bank looking to strengthen client communications in terms of frequency, quality and documentation?” …and to re-establish trust with consumers in the interim
Copyright The Asian Banker All rights reserved 7 How often is communication initiated with existing clients (retail,SME,investor)? e.g. portfolio reviews, information dissemination etc Strengthening sales capabilities not only requires increased client communications but also the use of more personal channels
Copyright The Asian Banker All rights reserved 8 The major benefit of SMS communication is the personal touch and the opportunity to reach the customer anywhere anytime What are the most effective means of costumer communication*
Copyright The Asian Banker All rights reserved 9 Banks increasingly switch to paperless communication with customers, as it saves cost and supports social responsibility Split between paper-based and e-communication
Copyright The Asian Banker All rights reserved 10 “The banks we like” Commonwealth Bank has been embarking on a branch transformation project since 2007 with a community banking concept and a new approach towards interacting with customers. OCBC deploys a powerful events based marketing platform and is now deploying the event based marketing and CRM based platform regionally. All customer interactions – whether monetary or non-monetary are captured every day and an optimised algorithm identifies the most appropriate mix of leads to be supplied to each channel every day. Furthermore an interactive mobile phone proposition brings customers closer to the bank.
Copyright The Asian Banker All rights reserved 11 The Questions We Ask How do banks measure the effectiveness of customer communication? What is the most effective communication channel and how does this show? How often is communication initiated with existing clients (retail customers, SME, investors)? How do banks balance marketing needs and communication with customer harassment and overselling? In how far do banks understand customer needs and what is done to improve this?
Copyright The Asian Banker All rights reserved 12 For further information Members and subscribers to this programme may request further explanations and consult with Asian Banker Research analysts on additional information and specific needs. If the additional information you require can be repackaged from primary data we have already collected previously, the analyst will send it to you as part of your subscription or membership. If the additional information you request requires new primary work that is unique to your organisation, then a small fee may be applicable. For more information about this article and Project BankMetrics please contact us at