In today’s fast-paced BFSI industry, customer experience (CX) stands as the cornerstone of success. CX in banking encompasses every customer interaction with a financial institution, from opening an account to resolving issues and conducting transactions. It’s not merely a service; it’s an ongoing relationship built on trust, convenience, and personalization.
This report is a comprehensive scorecard on 40 leading banks across the Asia Pacific (APAC) and their holistic CX strategies. The outcome is a top 10 list of the best service providers across APAC to ace CX.
We hope that these leading banks and their innovative approaches will offer new benchmarks for CX in the Asia Pacific.

Twimbit CX framework

Banking leaders recognize that the essence of value creation resides in fostering hyper-personalized and digitalized experiences. Consequently, the industry is undergoing a paradigm shift, moving away from merely delivering standardized financial products to orchestrating exceptional customer experiences. In our assessment of banks across the Asia-Pacific (APAC) region, we analysed these banks through four pivotal dimensions crucial for delivering an outstanding customer experience.

CX mastery scale

Methodology

• Step 1
  We shortlisted 40 leading banks across the Asia-Pacific region.
• Step 2
  We developed informed perspectives on CX through company reports, published anecdotes, contemporary CX literature and press releases
• Step 3
  We shortlisted the top 10 banks by a thorough screening based on the four pillars of the Twimbit CX framework

Top 10 CX banking leaders

We conducted a thorough analysis of banks that have not only achieved but have also prioritized their endeavours based on the four key parameters outlined in twimbit’s CX framework. Consequently, these banking institutions have significantly impacted the landscape by reshaping how they create and deliver value to their customers. The following list of banks discussed below represents the outcome of an extensive benchmarking process conducted across the four foundational pillars.

Banks elevating the customer experience to new heights

Top initiatives

Digital experience: Revolutionizing banking with AI and ML

I like to say that we can make the bank invisible: we hide the banking services inside whatever it is that the customer really wants to do with his or her life, so that we can serve the customer at their convenience, in their domain, and on their time.
Piyush Gupta
Chief Executive Officer
DBS Group Holdings

In the contemporary age of technological advancement, the Digital Experience has emerged as a pivotal factor in shaping customer perceptions and interactions. For banks, the digital realm extends far beyond mere transactions; it encompasses user-friendly interfaces, seamless online services, and personalized engagement.
Banks are grappling with the fact that their customers, influenced by seamless digital experiences provided by industry giants like Netflix, Spotify, and Amazon, now demand a similar level of convenience and personalization in their banking interactions.
A robust Digital Experience not only facilitates efficient banking processes but also fosters customer loyalty by meeting evolving expectations in an increasingly digital-centric world. In the competitive financial landscape, delivering an exceptional Digital Experience is imperative for banks to stay relevant, attract new customers, and retain existing ones.

Digital experience score: 4.40

1. DBS NAV Planner is an AI-powered digital financial planning tool that aims to improve customers’ financial health.
2. Over 1/3 of 3 million NAV Planner users continues to remain active monthly.
3. The bank leverages AI/ ML to help customers make better financial decisions.
4. DBS’ AI/ML models help generate hyper-personalized nudges to help customers make smarter investment decisions

Digital experience score: 4.32

1. UOB TMRW is an all-in-one app designed around customer needs, allowing seamless bank, pay, and play capabilities.
2. Utilizes various innovative solutions from FinTech providers and proprietary in-house artificial intelligence (AI) and machine learning (ML) models.
3. The bank cleanses data, analyzes customer behaviours, and delivers personalized and actionable insights to digital customers across ASEAN.

Service experience: Service that goes the extra mile

For me, the focus on technology upgrade and digital transformation are central to achieving growth as well as excellence in customer service.
Sashidhar Jagdishan
Managing Director & Chief Executive Officer
HDFC Bank Limited

Beyond the digital touchpoints, the Service Experience stands as a cornerstone in defining how customers perceive and trust their banks. Service Experience encompasses the entirety of customer interactions, from in-person interactions at branches to the responsiveness of customer support channels.
Exceptional service goes beyond meeting transactional needs; it involves understanding and addressing customers’ concerns promptly and courteously. For banks, prioritizing Service Experience is not just a matter of customer satisfaction; it’s a strategic imperative to build lasting relationships, enhance brand reputation, and distinguish themselves in a crowded financial services market.

Service experience score: 4.20

1. Siddhi is a coaching platform enabling Axis colleagues to engage effortlessly with customers within an office environment without boundaries.
2. The innovative solution provides Axis colleagues with a streamlined and intelligent tool by offering proactive, personalized, and comprehensive support, allowing them to have ‘Axis in the palm of their hand’.

Service experience score: 4.19

1. HDFC Bank One is HDFC’s CX Hub, where an AI/ML-driven conversational bot transformed their on-premises contact centre into a singular centralised platform.
2. The CX Hub has been rolled out pan-India, covering contact centres including Inbound Phone Banking, IVR self-service, virtual relationship management teams, and telesales.

Brand experience: Banking that’s more than just money

Our “Built Around You” brand promise signifies our single-mindedness in delivering financial products and services that meet the evolving needs of our customers and communities. We aim to simplify banking through digital innovation, complement lifestyles, enhance financial accessibility and inclusivity, and drive positive outcomes for all.
Kevin Lam
Managing Director & CEO
HLB

In the competitive financial sector, establishing a positive Brand Experience is instrumental in differentiating one bank from another. Brand Experience goes beyond transactions and services, encapsulating the overall impression a customer has of the bank. It includes factors like brand messaging, visual identity, and the emotional connection customers feel with the institution.
A compelling Brand Experience not only attracts new customers but also instils trust and loyalty. For banks, crafting and consistently delivering a distinctive Brand Experience is a powerful strategy to build a strong market presence, create brand advocates, and foster long-term customer relationships.

Brand experience score: 4.33

‘HLB Jumpstart – Micro Business’ is a new social finance program aimed at funding individuals who may not have the opportunities and means to secure full-time employment or aspiring entrepreneurs who lack credit history and the opportunity to start their small businesses.

Brand experience score: 4.20

1. Infinite Smiles is a customer-centric program that aims to provide customers with a seamless and delightful banking experience.
2. The program is based on three pillars: listen, learn, and act.
3. HDFC Bank collects customer feedback through a variety of channels, such as surveys, social media, and focus groups.
4. HDFC Bank uses this feedback to identify areas where it can improve its services and processes.

Employee experience: Empowering employees to make a difference.

SCB will continue to conduct business according to its strategies with an aim of achieving wealth management and digital banking excellence based on a customer-centric business model, delivering satisfactory customer experiences, optimizing its systems to enhance its digital service channels and expand its omnichannel platform, while prioritizing quality asset management and effective cost management.
Mr. Kris Chantanotoke
Director and CEO,
SCB

While customer-facing experiences are crucial, the Employee Experience is equally vital in shaping the overall success of a bank’s customer-centric approach. Satisfied and engaged employees contribute significantly to the quality of service and, consequently, the overall customer experience.
Employee Experience involves factors such as workplace culture, training, and empowerment. When employees feel valued and supported, they are more likely to deliver exceptional service, creating a positive ripple effect on customer interactions. Recognizing and enhancing Employee Experience is not just an internal HR matter; it directly influences the bank’s ability to provide outstanding customer service and build a reputation as an employer of choice in the financial industry.

Employee experience score: 4.21

1. Cultivating a future-ready workforce: DBS Tech Academy builds technical expertise through in-house curriculums developed by subject matter experts.
2. Since 2021, over 9,000 employees have taken upskilling courses in data and AI, while 7,000 have attended site reliability engineering training.

Employee experience score: 4.00

1. Road to Data Champion: SCB designed the ‘Development Roadmap’ suitable for each business unit.
2. The roadmap was implemented by adopting the Frame-Prepare-Analyze-Interpret Communicate process, which applies project-based learning and blended-learning, which covers self-paced learning, workshop, implementation, and presentation.

A roadmap for banks to achieve exceptional customer experience

1. Comprehensive Customer Understanding:
   1. Conduct detailed market research and surveys to gain profound insights into customer needs, preferences, and expectations.
   2. Utilize advanced data analytics techniques to comprehend customer behavior and tailor services accordingly.
2. Customer Persona Development:
   1. Create meticulous customer personas based on demographic, psychographic, and behavioral factors.
   2. Use these personas to customize services, communication strategies, and marketing efforts for distinct customer segments.
3. Employee Empowerment:
   1. Provide extensive training to employees, emphasizing product knowledge, soft skills, and problem-solving abilities.
   2. Foster a customer-centric mindset among employees and offer continuous training programs to adapt to evolving customer demands.
4. Strategic Digital Transformation:
   1. Invest in cutting-edge, user-friendly, and secure digital platforms, including mobile apps, online banking portals, and AI-powered chatbots.
   2. Ensure seamless integration across all digital channels, fostering consistent customer experience.
5. Personalization Excellence:
   1. Leverage customer data to deliver personalized interactions, offering tailored recommendations, exclusive offers, and bespoke services.
   2. Craft personalized communication strategies based on individual customer profiles and behaviors.
6. Robust Customer Support:
   1. Offer 24/7 customer support through multiple channels, including phone, email, chat, and social media platforms.
   2. Employ knowledgeable and empathetic support agents, emphasizing customer satisfaction and issue resolution.
7. Feedback Collection and Analysis:
   1. Encourage customers to provide feedback through surveys and feedback forms.
   2. Analyze feedback data regularly, extracting actionable insights to drive continuous improvements in CX.
8. Seamless Omni-Channel Experience:
   1. Deliver a seamless experience across all channels, allowing customers to transition effortlessly between online and offline interactions.
   2. Maintain consistency in service quality across various touchpoints, ensuring a cohesive customer journey.
9. Continuous Adaptation and Innovation:
   1. Stay abreast of industry trends and emerging technologies, fostering a culture of innovation within the organization.
   2. Continuously innovate services and adopt new technologies to meet evolving customer expectations and market demands.
10. Cultivation of a Customer-Centric Culture:
    1. Cultivate and nurture a customer-centric organizational culture, emphasizing customer satisfaction as a core value.
    2. Encourage employees at all levels to prioritize exceptional customer service, recognizing and rewarding outstanding efforts.