The Customer Experience Assignment Example | Topics and Well Written Essays - 3000 words

The Customer Experience - Assignment ExampleThese major banks are nationally direct banks with extensive branch and agency networks. Deregulation of the banking industry enabled them to compete more effectively with non bank financial institutions in many fields of financial services. good product consumption trend (add 20 words) Outline (add 20 words) 2. Background The co-operation bank and smile strategy in UK (their customers segmentation) The co-operation bank, whose roots realise back to 1872, is a full service retail player in the UK commercial banking industry. The co-operation bank has 3 million customers accounts for comparison Barclays Bank is a major competitor with over 10 million current UK accounts. Smile is a social occasion of Co?operative Bank, which was founded in 1872 as a part of the Co?operative Movement. The Co-operative Movement grows out of the revolution of industry to create a good means of distributing profits. In order to approach objectively to ru le the success of any retail bank Customer service strategies of that bank should be reviewed. A successful bank should be able to define and put through solutions to all the challenges at customer end. Here are the some essential positioning strategies presented to help you realize the needs of improving customer experience, leveraging cross-sell and up-sell opportunities and by promoting agent productivity and satisfaction in Banking Segment Offering an inviting Customer Door By making more Effective use of customer entropy Handle calls more actively Use inbound marketing to reach the customers outside the branch Leverage demographic profile to establish customer social occasion Boost the productivity of your agents through interaction blending. The target country Australia segmentation The main purpose of segmentation is to match the Banks offer to the customers needs. Precisely, customer segmentation is the process of defining who are your potential customers and group them r egarding their requirements, characteristics and/or behavior and their worth. Segmenting the Customers is a stepping key stone for a banks superior performance. The Australian banking industry indicates an oversupply of services as evidenced by reduced interest margins, falling interest revenue as well as moderate economies of outstrip amongst the major banks. Customer base segmentation is the established method for understanding customer requirements and needs as it enables an institution to reflect the homogenous groups within its customer community. Customer segmentation is an important part in the banking sector of Australia. In Australia various Segmentation factors such as customer-value, life stage, sophistication and geographic touch are all explored and the merits of each are analysed. The Research of private banking websites will show that they all speak of individual attention and tailored services. If some Australian private banks seek to better service their clients a nd to build their high reputed relationships, then there are two possible ways to be considered namely real tailored responsive service two-way client defined communication. For the cooperative bank the segmentation is being done on the basis of Average yearly gross income of the customers by age Rural and urban background of the customers Economical background of the customers Industrial setup of the customers Introduction of consumer behavior model It is very straightforward to