Customer experience can be a major factor in driving brand awareness and revenue growth in corporate banking. The beginning of a client relationship also sets the tone for expanding it, through increased adoption of a bank’s digital channels and transaction services. Digitizing commercial and corporate customer onboarding requires not only resources but also fortitude and perseverance. However, reduced cycle times result in faster time to revenue and higher levels of client satisfaction.
Celent sees a trend toward more personalized or adaptive client experiences, but personalizing client experience requires deep knowledge of customer businesses, priorities, and digital expectations. One size does not always fit all, since “treasury vocabulary” and practices are different between small businesses, midsized companies, and larger corporates. Leading banks are mass-personalizing their customer experience throughout all aspects of the customer journey, and taking steps to support clients as they move upmarket.
Silicon Valley Bank has reimagined customer experience through digital and relationship-based customer connections to improve satisfaction, increase revenue, reduce time to revenue, and reduce overall servicing costs. SVB is certainly not the first bank to undergo a major onboarding transformation or to revamp applications. What differentiates the SVB approach is the uniqueness of its segment-based experiences.
Source: Silicon Valley Bank, Celent
