Customer focus, business impact

Target state customer experience model for foreign currency and international payments

The Problem

Lack of transparency for customers regarding the charging of fees when sending or receiving foreign currency was driving customers to other banking institutions that offered more sophisticated products and services.

Foreign currency exchange is a complicated process. For customers of an Australian bank, sending money overseas involves foreign banks providing additional services to ensure the transaction is settled as per customers instructions.

One issue was that the bank was unable to provide their customers with transparency of fees charged for the end to end service. Understandably customers weren’t satisfied with the service, with some leaving to find a more sophisticated banking institution with greater transparency and confidence.



Our Solution

A sophisticated end to end customer experience business model that segmented customers in the correct channel and identified key pain points in the product and services delivery value chain.

An end to end customer experience view was developed which identified key pain points by customer type and channel (i.e. banker, branch, online etc.) through to the relevant front, middle and back office support functions. The focus was on customer demand types and how well each of the relevant business processes, technology and people were aligned to support customer needs.



The Benefit

A clear view of the Target State Business Operating Model for FX and International payments along with a series of initiatives that are focused on closing out business function gaps and ultimately winning back market share for the organisation.

This solution provided the banking institution with a clear view of the Target State Business Operating Model for FX and International payments along with a series of initiatives focused on closing out business function gaps. This regained much needed customer confidence, winning back market share for the organisation.



Contact

Grant Minchin

Grant Minchin

Principal Consultant

Grant brings over 20 years experience across big data, digital and telecommunications. His background spans Solution Architecture, Business Analysis, and Product Management, and is particularly focused on leveraging technology to meet customer needs and solve business problems.

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