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Customer Experience Management Study - Malaysian Banking Sector 2021

  • Report

  • 81 Pages
  • May 2021
  • Region: Malaysia
  • Frost & Sullivan
  • ID: 5332723

Customer experience is the accumulation of a customer's experiences throughout his/her journey with a supplier across any and all functions, products, services, and touchpoints. This study adopts the proprietary Customer Experience Index methodology and the widely used Net Promoter Score metric to understand the dynamics between customers and retail banks in Malaysia.

The country continues to capitalize on the growing number of retail bank users in Southeast Asia as many individuals rely on banking services and products for both personal and business uses.

The publisher’s Customer Experience Management study in the banking sector explores customer experience among banking providers in Malaysia. The study focuses on the critical factors that influence customer behavior throughout the three stages of their retail decision-making journey: pre-purchase, purchase, and post-purchase.

For each stage, the study evaluates the key parameters that contribute to customers’ decision to purchase from and transact with a retail bank as well as their preferred channels or touchpoints.

Table of Contents

1. Research Methodology
  • Research Approach
  • Research Approach - Step-by-step Overview
  • Overview of Research Process
  • Sampling Methodology
  • Data Collection Quality Process
  • Sample Distribution - Primary Banks
  • Sample Demographics - Respondents’ Age and Gender
  • Sample Demographics - Main Products/Services Purchased
  • Customer Experience Index (CEI)

2. Executive Summary
  • Customer Experience Management in the Malaysian Banking Sector in 2021 - Overview
  • Customer Experience - Definition
  • Factors in Choosing Primary Bank
  • Factors in Discontinuing Service with Primary Bank
  • Preferred Channel in Consumer Decision-Making in the Banking Sector
  • Degree of Channel Integration
  • Products/Services Recommendations by Primary Bank
  • Overall CEI Score by Channel/Touchpoint
  • CEI Score by Primary Bank - Overall Experience
  • Net Promoter Score
  • Customer Loyalty Rewards

3. CEM Study - Malaysian Banking Sector 2021
  • Service Discontinuation
  • Service Discontinuation Rate among Primary Banks
  • Most Used Channels for Banking Products/Services
  • Preferred Channels for Banking Products/Services
  • Customer Priority Experience Matrix
  • Customer Frequency Experience Matrix
  • Degree of Channel Integration
  • Prioritizing Superior Customer Experience and Living up to Sales Promises
  • Customer Loyalty Rewards
  • Proactive Behavior of Banks
  • Customer Experience by Channel/Touchpoint

4. Understanding Behavior across the Life Cycle - Pre-purchase, Purchase, Post-purchase
  • Factors for Choosing Primary Retail Bank
  • Products/Services Recommendations by Primary Bank
  • Channels Used in the Pre-purchase Stage
  • Channels Used for Pre-purchase Inquiries
  • Customer Experience with Touchpoints in the Pre-purchase Stage
  • Customer Experience Evaluation in the Pre-purchase Stage by Channel
  • Channels Used in the Purchase Stage
  • Preferred Channels in the Purchase Stage
  • Customer Experience with Touchpoints in the Purchase Stage
  • Degree of Satisfaction - Online Platform
  • Degree of Satisfaction - Branch
  • Degree of Satisfaction - Mobile Application and Call Center
  • Degree of Satisfaction - Sales Agent and ATM
  • Degree of Satisfaction - Real-time Messaging and Chatbot
  • Channels Used in the Post-purchase Stage
  • Revisited Channels for Post-purchase Inquiries
  • Channels Used for Post-purchase Inquiries
  • Customer Experience with Touchpoints in the Post-purchase Stage
  • Customer Experience Evaluation in the Post-purchase Stage by Channel

5. CEI Analysis
  • Customer Loyalty and Recommendation
  • CEI Score for Overall Experience
  • Overall CEI Score by Primary Bank
  • CEI Score for Branch
  • CEI Score for Self-service Channels
  • CEI Score for Contact Center
  • CEI Score for Online Channels
  • CEI Score for Mobile Application
  • Net Promoter Score

6. The Publisher's Customer Experience Solutions
  • Customer Experience - Definition
  • Integrating Process, People, and Infrastructure
  • Customer Experience Maturity Model
  • A 5-step Strategic Approach
  • List of Exhibits
  • Legal Disclaimer