Bain & Co Launches “NPS PRISM” in HK To Help Banking Industry Meet Customer Centricity Demand
Bain & Company has announced that they have officially launched their “NPS Prism” product into the Hong Kong market, aimed at helping companies drive meaningful customer experience changes in their businesses.
NPS Prism for HK Banking was launched in response to demand from major players in the market to become more customer-centric in light of demand for deeper insights into customer experiences, as well as the rise in virtual banking, which is transforming CX in the banking sector, the firm said in a press release.
The role of virtual banking in CX is rising further in importance as the banking industry experiences changing customer perceptions and behaviors during the Covid-19 crisis, with a shift from physical branches and payment methods to digital options. After its launch year, NPS Prism for HK Banking customer data will be updated quarterly, allowing clients to monitor the real-time impact of COVID-19 on customers’ banking experience.
Priscilla Dell'Orto, Partner, Hong Kong, Bain & Company, said: “The overwhelming response and feedback we’ve heard from companies across the board has been very positive, especially in the banking sector. So we felt that now was the right time to launch in Hong Kong, to help our customers there identify the areas where improvements are crucial and to help them provide superior customer experiences. The market in Hong Kong and our customers have been going through a period of immense change and so have had to evolve their ways of working as a result. NPS Prism will be able to help them gain the deep insights that they need in order to meet these changing expectations and to build customer loyalty.”
NPS Prism helps clients drive actionable customer insights on a product and episode level, including operational and channel-related drivers, as well as customer verbatims to understand the voice of the customer. Through a customer study and interactive data dashboards tailored to the unique needs of the HK Banking industry, NPS Prism allows clients to understand which customer episodes matter most, how they compare to the competition, and what their priority improvements are in customer experience.
NPS Prism for HK Banking also includes deep dives into how virtual banks will impact the customer experience in the HK banking market and looks at the key reasons to go virtual. This includes factors such as better user experience, lower fees, higher interest rates for saving/lower rates for loans, and innovation. Of the customers Bain recently surveyed, approximately one third reported that they were either ‘likely’ or ‘highly likely’ to go virtual when the service was available to them, indicating the high desire for online banking products in the market.
Currently, the NPS Prism for Consumer Banking tool is also live in the United States, UK, Canada, Thailand, Mexico, and Brazil, with plans for further expansion throughout APAC and other geographies in 2021. NPS Prism is available for other industries throughout APAC, as well as other geographies globally, reports Bain & Co..