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Banks and FIs
Helping banks and NBFCs understand customer insights, assess micro markets, benchmark products and services and identify improvement areas
What we do
- What are the main touch points in customer journey across different product categories?
- How does the customer journey originate (digitally, own sales team, agent, etc.)?
- How is the experience with the customer support across different banks / FIs?
- What was the level of dependence on the bank / FI personnel across different touch points?
- What are the specific pain points and areas for improvement at different touch points?
- What is the level of satisfaction on different touch points during the journey?
- What are the key financial products (loans, credit cards, insurance, etc.) required by customers?
- What are the key purchase criteria across different product categories?
- What are the product offerings customers are aware of and currently using?
- What is the frequency of usage and use cases across product categories?
- Are there any product offerings not available to customers? If yes, why?
- What are some of the unmet needs across existing products and reasons thereof?
- What are the digital products currently being used?
- Which banks / FIs are customers most satisfied with across product categories and why?
- How has their experience been with different offerings across different product categories?
- What are the reasons for preference of a particular bank / FI over others?
- How do customers rate the sales and service experience?
- What are the improvement areas across product categories?
- What is the level of stickiness across product categories?
- What are the triggers that would make customers shift to another bank / FI?
- What are the key elements to provide a comprehensive user experience?
- What are the main touch points in customer journey across different product categories? How is the user experience and ease of navigation?
- What is the degree of adoption of digital at different touch points?
- What are the KPC for adopting digital as compared to traditional options?
- Which products / categories do they prefer purchasing online and why?
- How does the digital banking journey differ from the traditional journey?
- What are the specific pain points and areas for improvement?
- What is the level of satisfaction on different touch points during the digital journey?
- Which banks / FIs are customers associated with across product categories?
- What is the value of financial products used (loan amount, monthly credit card bill, etc.) across banks?
- What is the share of wallet of the competitor banks / FIs across product categories?
- How can banks / FIs capture higher share of customer’s wallet?
- How can banks / FIs retain current share of wallet?
- What is the level of stickiness across product categories?
- What are the triggers that would make customers shift to another bank / FI?
- How likely is the customer to promote respective bank / FI?
- How does the NPS vary across regions and products and how does it compare with key competitors?
- What are the key reasons for a customer to be a promoter / detractor?
- What are the improvement areas across product categories?
- What is the level of stickiness across product categories?
- What are the triggers that would make customers shift to another bank / FI?
- What are the relative strengths and weaknesses that have the highest impact on NPS?
- How strong is the brand proposition in the minds of customers?
- Is the brand proposition consistent across regions and products / services?
- What is the level of unaided and aided recall?
- What are the top 3 words most associated with the brand?
- How likely are customers to recommend/ advocate the brand to others?
- Does the brand have a customer pull or distributor push across products / services?
- Are customers willing to pay higher fee, commission, etc. for brands?
- How satisfied are the employees with the bank / FI across different parameters?
- What are the areas of strength which employees would like the bank / FI to continue and build on?
- What are the key improvement areas?
- How satisfied are the employees with their career path in the bank / FI?
- How likely are the employees willing to recommend the bank / FI to others?
- What is the advertising reach across modes and customer segments?
- How does the advertising reach compare with competition? What is the customer recall?
- What is the frequency of advertising vis-à-vis competition?
- What is the Click-Through Rate (CTR) of digital advertising for various products and customer segments? How does it compare with benchmarks?
- What is the propensity to induce enquiry and trial?
- What is the ROI on advertising overall, and on specific campaigns?
- What is the impact on the overall brand?
- Are the campaign objectives and spend mix aligned with the overall business goals?
- Are the key messages of the campaign being received and understood by customers?
- What is the reach / Click-Through Rate (CTR) of the campaign, and what is the cost per customer reach out?
- What is the cost per enquiry/ lead/ trial?
- What is the actual commercial value (new customer acquisition, business volume, revenues, cost save through channel migration, etc.) of the campaign?
- What is the actual ROI of the campaign?
- What is the nature of opportunity in each micro-market (retail, commercial, etc.)? What are the typical customer requirements of this micro market?
- Who are the key competitors and what are the attributes of their offerings in each micro-market?
- What is our market share (points of presence/ sales capacity, number of customers, business volumes/revenues)?
- How do our existing offerings compare to those of the market leader?
- What are the key gaps in our product focus/ sales strategy/ distribution strategy across micro markets?
- What is the potential business upside/ risk across micro-markets?
- What does the competitive landscape look like in each product category?
- What are the differentiating features of the successful products/ services from the competition (product offerings, TAT, service levels, sales capacity, pricing, etc.)?
- How do our existing offerings compare to those of the competition?
- In which customer segments are we strong vis-à-vis competition?
- Where does the bank / FI win against competitors and where does it lag competitors?
- What is the potential value upside in the target market?
- What are the major drivers of revenue and costs for a branch?
- What are the key costs that can be controlled?
- What is the break-even point for the branch and how can branch level profitability be improved?
- What is the mix of products available in each branch?
- How standardized are the branch operations across geographies?
- Which processes can be centralized or decentralized to make the working more efficient and keep branches viable?
- What are the key purchase criteria and usage preferences of various customers?
- How do customers evaluate alternative options and select the product and service provider?
- What is the level of research undertaken before buying a product / service? What factors influence the customers’ decision?
- What are the key behavioral attributes of customers?
- How open is the customer to try new experiences?
- How do these vary by key demographic parameters – age, gender, income, occupation, etc.?
- What are the key 4-5 personas which emerge, and how is the bank/ FI competitively positioned in each of them?
- What aspects of the website portal/ mobile app catch customers’ attention?
- What is a typical journey of a customer on the portal/ mobile app?
- How much time do customers send on average on each page?
- How do customers navigate from one page to another?
- How do the size, placement, layout, colors of widgets/ tools capture the attention of the user?
- What are the blind spots for customers on the portal/ mobile app and why?
- How do customers locate/ search for the product or service they were looking for? What tools are effective in helping them locate the product/ service they wanted?
- How do the key metrics of our business processes (turnaround time, first-time right, NPS, etc.) compare with competitors?
- What are the areas of process improvements based on a time and motion study?
- What is the hands-on-time and wait time for each step of the process?
- What steps of the process can be eliminated or automated?
- What are the customer experience and efficiency gains for customers?
- How can we get customer feedback on proposed new product launches?
- What is the ideal methodology for testing new product concepts? What should be the sampling plan?
- How can we get insights on customer preferences on the features and overall product concept pre-launch?
- What should be key message and tonality while advertising the new product launch?
- What is the optimal beta launch design for a proposed product?
- How do the current interest rates on deposits compare with competition? What amount/ tenor buckets are we competitive in?
- What is the actual loan pricing in the market? What factors are taken into consideration while determining the interest rate?
- How does the interest rate vary with ticket size, risk profile, relationship value, etc.?
- How relevant are non-price factors such as brand, service levels, etc. for customers?
- What is the current real estate usage by location, purpose, etc.? How does it compare with competition, e.g. how do our branch formats and sizes compare with competitors?
- What should be the optimal usage of real estate?
- What is the rent per sq. ft., refurbishment/ fit out costs and how do they compare with the prevalent market rates?
- What are the levers to optimize the total real estate cost?
- What is the cost-to-serve of key processes such as customer acquisition, servicing, cross-sell/up-sell, etc.?
- How do these vary across channels – branches, customer care, self-service kiosks, ATMs, internet/ mobile app, etc.?
- How do these compare with key competitors?
- What are customer preferences for key processes across channels?
- What are the key improvement levers and potential upside?
- How has COVID impacted customer choice of channels and overall cost-to-serve for banks and financial institutions?
- What is the role of various channels (physical and digital) in the product lifecycle? How do these vary with customer segment/ demography? How have these changed over time?
- What are the key differences in the channel strategy vis-à-vis competitors?
- How does the extent of digital adoption vary across customer segments? What are the key drivers of digital adoption?
- How does the customer acquisition cost and cost-to-serve vary across channels and customer segments?
- What is the customer feedback and net promoter score (NPS) for our products? How does this vary across customer segments and products?
- What are the key customer pain points in various channels?
- How likely are the sales channel partners to promote respective bank / FI?
- How does the NPS vary across regions and channels and how does it compare with key competitors?
- What are the key reasons for a sales partner to be a promoter / detractor?
- What are the improvement areas across product categories and channels?
- What is the level of stickiness across product categories and channels?
- What are the triggers that would make channel partners shift to another bank / FI?
- What are the relative strengths and weaknesses that have the highest impact on NPS?
- How likely is the customer to promote respective bank / FI?
- How does the NPS vary across regions and products and how does it compare with key competitors?
- What are the key reasons for a customer to be a promoter / detractor?
- What are the improvement areas across product categories?
- What is the level of stickiness across product categories?
- What are the triggers that would make customers shift to another bank / FI?
- What are the relative strengths and weaknesses that have the highest impact on NPS?
Customer journey mapping
- What are the main touch points in customer journey across different product categories?
- How does the customer journey originate (digitally, own sales team, agent, etc.)?
- How is the experience with the customer support across different banks / FIs?
- What was the level of dependence on the bank / FI personnel across different touch points?
- What are the specific pain points and areas for improvement at different touch points?
- What is the level of satisfaction on different touch points during the journey?
Connect with our experts
Why 1Lattice?
Tech Enabled
Quality of Insights
Reliability of Outcomes
