Software company CCA Europe.pl, the Polish branch of the global IT provider NTT Poland and Startquestion have joined forces in three areas: VoC, banking software expertise and global IT know-how. The long-term aim of the partnership is to improve the quality of customer experience in banking not only in Poland but also globally.

Customer Experience First

In the coming years, customer experience (CX) will undoubtedly be a growing area of interest for business.

According to the latest report by NTT Ltd. titled 2020 Customer Experience Benchmarking, 81.6% of respondents believe that CX increases company competitiveness. In addition, 58% consider positive customer experience as the organization’s main competitive advantage. And this is not just empty words. According to data, the number of organizations using knowledge collected based on CX to improve products and services has almost doubled in the last 12 months.

A well-planned strategy based on feedback from customers is important in building positive customer experience. Intuitive CX solutions anticipate the information that customers may need and provides it in a timely manner to reduce the search to the necessary minimum. Knowing why customers contact the company, it is possible to design smart digital environments using data and automation to proactively generate information and easily distribute it across different communication channels.

The authors of the report emphasize that it is vital to skillfully use technology as a key factor in enabling correlation between CX and business results. Organizations that understand and track the added value coming from CX, recognizing it as a key element of their strategy, offer a much better quality of customer service. 28.3% receive recommendations from clients (against an average result of 9.5%), and only 19.3% receive critical comments (compared to 64.2% of other companies).

Efforts to improve the quality of customer experience brings measurable profits. As stated by the NTT report, organizations using customer feedback programs have noted significantly higher benefits from CX improvement than others: 64.9% saw a growth in customer loyalty and value, 50% improved their revenues/profits, and 38.4% also reduced costs. In turn, the authors of the report CX Drivers prepared by Deloitte have forecast that the combination of technological possibilities and careful tuning into the voice of the customer is a way to new business models that will prove successful in changing markets, under the ever-growing competitive pressure.

Banking meets real customer needs

CCA Europe.pl, NTT Poland and Startquestion aim to implement solutions supporting the further development of the CX in banking. They intend to set new standards for customer service, based on the study of their actual needs.

– Deployment of IT solutions in banking requires in-depth knowledge of its processes, both in terms of technology and business. Our software house’s know-how and many years of experience will allow us to implement solutions that use the dormant potential of bank customer data, in-line with the concept of Data-Driven Banking – explained Jacek Nowak, CEO of CCA Europe.pl.

– NTT Ltd. Works with organizations all over the world, including banks and financial institutions, which want to grow and deliver using smart solutions, i.e. data-based, connected, digital and secure – says Aneta Bartnicka, President of the Board of NTT Poland. – We have over twenty years of experience in the area of CX. Our services and technological offer supports all customer interaction points, from digital self-service spots, to contact centres, to direct contact with the customer. We also offer semi- and fully automated interaction solutions based on machine learning and robotics – added President of NTT Poland.

– Startquestion is one of the largest and most advanced platform for online research. We are convinced that the combination of our approach focused on listening to the client with advanced banking IT solutions will allow us to create a new quality of obtaining VoC to build a Customer Experience strategy – concluded Piotr Sadowski, CEO of Startquestion.

The consortium is working on a joint offer. For more information, please contact the CEO of CCA Europe.pl, Jacek Nowak, Jacek.Nowak@ccaeurope.pl.

About CCA Europe

CCA Europe.pl has been operating on the Polish market since 2004. The company offers a full spectrum of developer services for the financial sector, including core banking development, business applications, testing and Data-Driven Banking solutions. The clients of CCA Europe.pl include, e.g. Crédit Agricole Bank Poland and ING Group.

About NTT Poland

NTT Poland is part of NTT Ltd., a leading global provider of technology services. We are a global partner of organizations that want to be successful thanks to smart technological solutions. In this context, smart means data-based, connected, digital and secure solutions. As a global supplier, we have significant potential and scale of operations. We employ over 40,000 people in a diverse and dynamic workplace covering 57 countries, supporting clients in over 200 countries and regions. Together, we create a digital future.

More at: hello.global.ntt

About Webankiecie

Startquestion has been providing online survey solutions since 2007, enabling making the right business decisions. Webankieta is the official technology partner of the Polish Society of Market and Opinion Researchers, an organization of several hundred professional market researchers. The platform also received the recommendation of PTBRiO. The company’s clients include organizations from the banking and insurance sector, including ING Bank Śląski, Santander Bank, PZU, Alior Bank, Link4, Compensa and Aviva.

More at: webankieta.pl

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Sounds insignificant to you? Nothing could be further from the truth. Younger generations pay attention to these matters much more than my peers.

Shift change

Banks can see a new generation change very clearly. Family funds, and sometimes significant fortunes, begin to flow from baby boomers to millennials and their successors, Generation Z, whose values and tastes are radically different from the ideals of their predecessors. Therefore, it is evident that the existing methods of building customer loyalty will soon prove ineffective.

In the UK, banks are already paying cash to their customers for transferring accounts from the competitors. This shows that banks are walking a tightrope in terms of trust, as modern technology companies lure their customers away. So it is obvious that they must adapt to millennials by making the offer more attractive, and changing their communication style. During the summit, Bartłomiej Dajer from Credit Agricole asked the perverse question whether customer loyalty in banking is even possible at all.

Monzo vs Revolut 

The session that especially caught my attention was Monzo’s. This fintech startup, or rather: a neobank decided to buy a banking license, unlike Revolut. Both companies strive to meet the regulatory requirements, however, Monzo’s ambition is to be perceived as a bank. At the same time, Revolut has no intention to invest in the license, even though it publicly claims full compliance with strict banking regulations regarding customers. And as a matter of fact, the customers have been trusting them.

Monzo and Revolut represent two different approaches, two different business models. Both ‘banks’ are growing very quickly, but it is Revolut that has broken the barrier of 10 million users.

Revolut’s innovative product, a secure card with extremely favourable exchange rates, can convince even the most distrustful customers. Revolut clients are travellers, at least most of them. So, what will happen to Revolut during the coronavirus pandemic? Will people still use their card back in their country? Even if they will, we need to remember that the Revolut business model is based on currency exchange margins, which are calculated upon the client’s travels. The unusual situation we are facing now will undoubtedly affect the company’s revenues. Of course, Revolut is trying to expand in other directions, but will they make it on time?

Speed up the changes

One of the summit’s critical topics was the problem of quick response to changes, or rather the lack of it. Some banks have already noted that they need to focus on this area. Our partner, ING Bank, has abandoned the long lasting RFP process or the waterfall approach. Instead, they switched to the iterative and incremental approach.

An interesting approach was presented by Backbase. Their operating model, developed in the course of projects for Societe Generale or BNP Paribas, cuts the decision making process regarding a project to 6 months. The goal is not to exceed even a year’s quarter. As emphasized by Backbase’s speaker, for banks that use the standard approach, the timeline is approx. 2-3 years! Instead of querying several bidders, Backbase experts recommend scanning the market, setting evaluation criteria and developing a Proof of Concept as soon as possible. Besides, they advise to send RFI not only to companies that first come to mind, but to expand the search systematically. The best bidders in a given industry can be found in the databases of Forrester, Celent, Gartner or IDC. According to Backbase, it is worth talking primarily with industry specialists or at least starting the search with them.

People, not clients

For a very long time, the client-centric paradigm was the primary approach in banking. Everything would start with the customer as all the products were developed for them. During the Digital Finance Summit, it was officially announced that everything starts not with a customer, but with a person.

Banks are entering the role of life advisers, working not through the perspective of products they want to sell, but through the people’s needs. In the new paradigm, the banks are not focused on offering only financial products, but also on supporting people in various life situations. Of course, this wouldn’t work without the numbers (revenue metrics?), and specific products, the range of which expands. 

Naturally, banking rhetoric is changing and the industry is walking out of Excel, launching on a journey to communicate with people. It is not about calling the customers to offer them a loan anymore, but about talking to people, understanding their situation and trying to provide support to meet their ongoing needs, without focusing on one product. 

This change of tune will no doubt trigger a strong emphasis on personalization. Reaching an individual cannot be based on random trials anymore. Effective operation in a new paradigm includes collecting enough information to know exactly if the bank’s offer matches the needs of the individual. However, personalization requires activating data. In the age of constant changes, only real-life data can be a source of information that would allow reaching people effectively.

CCA Europe has been working on proprietary IT tools for activating financial data for several years. For more information, visit our website, or contact us on the private channel – we are here to help you.

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