Private Banking: Building a Culture of Excellence

Chapter 8

Delivering a Superior Client Experience

Of all the factors that influence client experience, human interaction plays the biggest role. This dimension, the interface with and between the people who represent the institution, is critical. This is also one of the most difficult parts to manage. It is nearly impossible to replicate certain experiences, time and time again, providing the same quality and consistency. In addition, each client is different, and so is each situation. It is imperative for a bank to adapt very quickly to changing situations. While this could seem to be quite difficult to manage, a structured approach and a toolbox to define, implement, measure, and eventually improve client experience is presented in this chapter.

THE EVOLUTION OF CLIENT EXPERIENCE

Client experience means delivering on the qualities promised by the brand. It has become a catchphrase common to nearly all industries. It embodies a number of intangibles, making it hard to define, let alone replicate. Given the nature of subjective expectations and perceived qualities associated with it, can client experience truly play a role in private banking? The fact is, clients today expect much more than just a reliable and trustworthy partner. A brand that is not only associated with good and dependable service, but that also appeals to the senses and emotions is more likely to succeed, no matter what the business. Private banking is no exception, and private banks can hence ill afford to ignore ...