Malaysian Banking Services Customer Experience Management

Benchmarking the Industry Excellence in Delivering Superior Customer Experience

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In this first Customer Experience Management report for Malaysia’s Retail Banking industry, Frost & Sullivan explores the relationship of the experiences provided by banks for its customers. We look at the critical factors that influence customer behaviours throughout the three phases (pre-purchase, purchase and post-purchase) of their journey, through the companies' touch-points.

Table of Contents

Malaysian Banking Services Customer Experience ManagementResearch MethodologyFrost & Sullivan’s Research Step-by-Step OverviewOverview of the Research ProcessSample MethodologyData Collection Quality ProcessSample Distribution by Service Provider—Banking MalaysiaSample Demographics by Age and Gender—Banking MalaysiaSample Demographics by Monthly Personal Income—Malaysian BankingFrost & Sullivan Customer Experience IndexExecutive SummaryCustomer Experience Management (CEM) Malaysian Banking Services 2014—IntroductionFactors for Choosing Primary BankFactors for Discontinuation of Primary BankPreferred Channels for BankingPreferred Channels across StagesMobile Banking versus Contact CentreCustomer Experience Index Score—Definition and ScoreCustomer Experience Index Score by Primary BankNet Promoter Score by Primary BankChannel Integration and Feedback by Primary BankProduct Recommendation by Primary BankCustomer Loyalty Rewards by Primary BankCEM Report—Malaysian Banking Services 2014Reason for Banking Service DiscontinuationReason for Banking Service Discontinuation (continued)Preferred Channels for BankingPreferred Channels for Banking (continued)Branch versus Website TransactionsFrequency of Branch VisitsCustomer Top Priority Experience MatrixDegree of Channel IntegrationPriority of Superior Customer Experience and Living up to Sales PromisesCustomer Loyalty RewardCustomer SatisfactionDegree of Satisfaction/Dissatisfaction—Internet versus Mobile BankingCustomer Experience with Contact CentreUnderstanding Pre-Purchase BehaviourFactors for Choosing Primary BankProduct and Service Recommendation by Primary BankNew Product Consideration by Primary BankChannel Used at Pre-Purchase StageChannels Used for Pre-Purchase InquiryEvaluation of Experience in the Pre-Purchase Stage by Customer Experience IndicatorsUnderstanding Purchase BehaviourPreferred Purchasing Channel Preferred Purchasing Channel (continued)Understanding Post-Purchase BehaviourChannels Revisited for Post-Purchase EnquiryCustomer Experience with Touch-pointsChannel Used for Post-Purchase EnquiryCustomer Experience with Touch-points by Primary BankAnalysis by Customer Experience Index (CEI)Customer Loyalty, Recommendation and Additional PurchaseOverall CEI Score by Channels/Touch-pointsOverall CEI Score by Primary BankCEI Score for Branch BankingCEI Score for Online BankingCEI Score for Contact CentresCEI Score for Mobile BankingCEI Score for Self-Service FacilitiesNet Promoter Score (NPS)Analysis by CompanyMaybank—Customer Transactions’ PreferenceMaybank—Customer Priority-Experience ProfileMaybank—Frequency of Interaction-customer Experience ProfileCIMB Bank—Customer Transactions’ PreferenceCIMB Bank—Customer Priority-Experience ProfileCIMB Bank—Frequency of Interaction-customer Experience ProfilePublic Bank—Customer Transactions’ PreferencePublic Bank—Customer Priority-Experience ProfilePublic Bank—Frequency of Interaction-customer Experience ProfileRHB—Customer Transactions’ PreferenceRHB—Customer Priority-Experience ProfileRHB—Frequency of Interaction-customer Experience ProfileFinal Words—What We are Excited AboutContact Centre—Where is it Headed with Regards to CEM?Mobile Banking Application—Will it Take Off?Frequently Recommending New Products to Customers and Not Violating Personal Data Protection Act 2010 (PDPA)Would Banks Shift from a Hard-sell Approach to Needs-based Analysis to Engage Customers?Would Improving Customer Rewards Programmes Positively Impact Both Customers and Banks?Frost & Sullivan’s Customer Experience SolutionsWhy Frost & SullivanCustomer Experience—DefinitionIntegrating Process, People and InfrastructureFrost & Sullivan’s Customer Experience Maturity Model A 5-step Strategic Approach Legal DisclaimerAppendixDefinitionsThe Frost & Sullivan Story

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