Why Bank CEOs Are Using Lifestyle Services To Drive CX Transformation

Investing in CX transformation allows profitable customers to be leveraged in ways that create differentiation, and grows the scale and profitability of that segment.
CX transformation

Banks worldwide are currently facing the perfect profit storm of low-interest rates, increased lending and geo-political risks, plus an enduring high-cost base of high-street branches that feels inefficient – especially given the rapid adoption of digital services during COVID-19.

So, why are 75% of CEOs of the world’s 50 largest banks supporting new and increased investments in customer experience (CX) in 2021? We have identified the reasons, and detail how lifestyle services can act as a single channel through which to drive CX transformation through several initiatives. 

 

 

Who is the case study for?

The content within this post is relevant for key decision makers at banks and wealth management firms who are looking to implement a cutting-edge CX strategy to become/ remain a leading figure in the private banking industry.

What questions does it answer?
  1. How high-quality concierge services drive retention and acquisition of the profitable mass affluent and High-Net-Worth customers?
  2. How digitally-enabled concierge services allow efficient engagement with customers and drive their profitability?
  3. How concierge services offer a single channel through which to drive several CX initiatives? 

 

If you are in the process of undergoing, or about to begin, concierge, lifestyle and CX provider procurement, read our three key questions to ask when selecting a concierge, lifestyle and CX provider.

Sources referenced in the paper
  1. McKinsey & Company – Managing a customer-experience transformation in banking
  2. PwC – Retail Banking 2020 Evolution or Revolution?

Our Case Studies

The Value of Concierge

Corporate clients see a strong ROI of at least 3x; underpinned by better retention rates, card spends, assets under management and new business.

Get to know the true value drivers of concierge.

Driving NPS Performance

How to drive your bank’s Net Promoter Score performance by creating broader relevance

The world’s top private and retail banks have found that travel and lifestyle services boost NPS of their valuable customers – by an average of +15 points higher.

React. Adapt. Evolve.

How the COVID-19 pandemic changed the needs and behavior of the affluent.

What next and what it means for you

Request A Case Study

Can’t find a case study for a problem that you are looking to solve?

If you are interested in any of the topics below, please let us know and we will get in touch.

By submitting this request, you are agreeing for Ten Lifestyle Group to store and process your personal data as well as communicate with you about our products and services.