Customer Experience Management in Banking Sector

Globalization and the advent of Internet technology has radically changed the way businesses are conducted across the globe. Earlier companies were talking about how to deliver a differentiated product offering and constantly improve customer service in order to achieve customer satisfaction. However, products and services are no longer the primary differentiator, since they are commoditized to a form of almost uniform blandness. Today the differentiator that companies rely on to achieve a competitive advantage is the experience created with a brand (product/service) that a customer carries in his head. A great experience has to be created, because it doesn‘t happen by accident. Thus ‘customer experience’ and Customer Experience Management (CEM) is becoming the new frontier for customer-centric organizations.

The research paper-‘Customer Experience Management in Banking Sector’ highlights the domain, importance and implementation of this emerging marketing practice. Taking the case study of banking industry in the service sector, the author has given an example of a private-sector bank that has already tried to continuously improve customer experience at various touch points. The paper also highlights the implications drawn from the findings of a primary (descriptive) research study conducted by the author in order to explore the different avenues for providing a positive customer experience by the banking industry.