Banks have focused on minimising conduct risk in the past decade. But the experience of other organisations shows they need to look at culture and customer experience too.
As financial institutions focus their efforts on improving conduct, they shouldn’t ignore the twin concerns of culture and customer experience – something challenger banks understand only too well.
For incumbent banks looking to stave off the emergence of challenger banks, the three Cs of culture, conduct and customer experience, form the tripod on which to support a sustainable and efficient business.
There are different approaches for improving all three aspects of a bank’s makeup and how the key to development – and ultimately success – could come from focusing on improving the relationships between the “3Cs”, not dealing with them independently.
Customer experience is now a central part of financial services and one in which challenger banks are excelling. Strengthening the tripod is therefore a vital tool for a modern, progressive business.