Timetric has announced the winners for its Customer Experience in Financial Services Asia (#CXFSAsia) Awards 2015. The awards are the premier regional awards that commend outstanding financial institutions for their innovative and superior customer experience and service standards, reports Douglas Blakey
United Overseas Bank Malaysia (UOB) has collected the award for the Best Customer Experience Business Model at Timetric’s Customer Experience in Financial Services Asia (#CXFSAsia) Awards 2015 while DBS enjoyed a phenomenal evening collecting five awards.
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UOB’s "Raising CX Through People" initiative introduced its people-centric business model, a competitive differentiator for the bank.
Ruben Kempeneer, Regional Director of Timetric said that the judges recognised that "UPB’s CX was incorporated in the bank’s Mission Statement, Business and Corporate Strategy, and Service Charter, and created a Service Excellence Council kick-started with a customer centricity self-assessment with the council members, and a customer survey to create customer benchmarks to customer loyalty and elasticity of pricing strategy.
"Aside from creating its Service Excellence Council in January 2014 composed of senior management, the bank also effected an employee strategy to increase motivation and drive a service culture throughout the organisation, along with customer-focused initiatives for service quality and customer loyalty and retention."
DBS success in 5 categories
DBS enjoyed a high profile win in the category for CXFSAsia Leadership Award (Institution).
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By GlobalDataKempeneer said that the judges noted DBS’ drive to put the customer at the heart of all of its initiatives, from its R.E.D. principles for ensuring ultimate customer experience – being Respectful, Easy to deal with, and Dependable, to its Human-Centered Design methodology guiding all of its systems and process enhancements.
He said: "Through its dedication to continuous delivery and service enhancement, DBS has also made customer-centred enhancements to its business units as well as channels, putting a priority on digitisation and innovation to ensure seamless user experience across all of its customer channels."
DBS win in the Best Service Innovation category was in recognition of its "Charge Dispute Customer Journey Event" programme.
Previously chargebacks could take several months to resolve. To simplify the process and improve the customer experience, DBS embarked on a meticulous programme to identify process, customer pain points, market research, customer journey mapping, patterns and priorities to automate the process for disputes and chargebacks. This brought about significant reductions in customer hours per month, handling time for disputes and turnaround time for dispute resolution.
DBS Bank also scooped the award for Best Customer Experience (Mobile) for its EC Loan Mobile App, launched this January; the feature drastically reduces in-loan approval turnaround for SME clients from 4-5 days to 1 hour.
DBS had two further successes: Best Customer Experience (Cards) and in the individual category CXFSAsia Leadership Award, the award was presented to David Lynch, Managing Director and Head of Technology & Operations – Hong Kong and Mainland China, DBS.
Social Media success for Maybank
Maybank was a deserved winner of the category for Best Use of Social Media. Maybank maintains its social media presence across five social media channels: Facebook, Twitter, YouTube, Google+, and LinkedIn.
Maybank’s YouTube channel is the single largest for any financial institution in Malaysia, and one of the largest in Asia with over 7.76m views on the channel to date. To mark its 54th anniversary in 2014, Maybank launched specific video content which has since been viewed more than 1.5m times.
Other highlights included PT Bank ANZ Indonesia receiving the award for Best Customer Experience (Banking).
Kempeneer said: "the bank has designed activities that put the focus on CX and customer centricity. These included service improvement initiatives in both front and back-end, regular service improvement forums, and an annual "International Customer Service Week" involving all top management and staff to create a service and customer-centric culture.
"These initiatives were effective in raising CX levels in the entire organisation."
Growing importance of CX across the region: KPMG
The growing importance for the regions’ banks of optimising customer experience was highlighted by Andrew Tinney, CEO Management Consulting for KPMG in ASEAN.
Tinney, who also heads up the Financial Services Advisory Practice for KPMG in Singapore added: "Creating the ultimate customer experience can be an important differentiator in a crowded marketplace and it is thus fitting that Timetric has created a platform to recognise financial institutions that have successfully incorporated this into their business strategy"
The #CXFSAsia Awards 2015 identify industry leaders and those individuals and organisations that are setting new standards in customer experience and engagement for the retail financial services sector.
Kempeneer said that the #CXFSAsia awards are the only one of its kind that focus on initiatives in customer experience within Asia’s competitive financial services sector.
He concluded: "The submissions received for the inaugural CXFS Asia Awards are a testament to the increasing importance and emphasis Asia’s financial institutions are putting towards improving customer experience, putting CX at the heart of their operations and culture to ensure and raise customer satisfaction."
The full list of award winners, at the ceremony hosted by Timetric on the evening of 25 June at The Grand Copthorne Waterfront Hotel Singapore is as follows:
CUSTOMER EXPERIENCE IN FINANCIAL SERVICES ASIA AWARDS 2015 WINNERS
#CXFSAsia STRATEGY AWARDS
– Best Customer Experience Business Model
WINNER: UNITED OVERSEAS BANK MALAYSIA
Highly Commended: DBS BANK
Highly Commended: MAYBANK
– Best Service Innovation
WINNER: DBS BANK
Highly Commended: MAYBANK
– Best Brand Engagement
WINNER: KRUNGSRIAYUDHYA CARD COMPANY LIMITED
Highly Commended: E.SUN BANK
#CXFSAsia CHANNEL AWARDS
– Best Customer Experience (Branch)
WINNER: BANK SIMPANAN NASIONAL
Highly Commended: Citibank
Highly Commended: E.SUN Bank
– Best Customer Experience (Mobile)
WINNER: DBS BANK
Highly Commended: Bank Danamon Indonesia
Highly Commended: CB Bank
– Best Customer Experience (Website)
WINNER: CITIBANK
Highly Commended: CB Bank
Highly Commended: Maybank
– Best Customer Experience (Contact Centre)
WINNER: OCBC BANK – COLLECTIONS
Highly Commended: PT Bank ANZ Indonesia
– Best Use of Social Media
WINNER: MAYBANK
Highly Commended: Siam Commercial Bank
Best Omni-Channel Customer Experience
– WINNER: WESTPAC
Highly Commended: DBS Bank
– Best Customer Experience (Banking)
WINNER: PT BANK ANZ INDONESIA
Highly Commended: Security Banking Corporation
– Best Customer Experience (Insurance)
WINNER: SUN LIFE OF CANADA (PHILIPPINES) INC
– Best Customer Experience (Wealth Management)
WINNER: TAISHIN BANK
Highly Commended: DBS Bank
– Best Customer Experience (Cards)
WINNER: DBS BANK
Highly Commended: Krungsriayudhya Card Company Limited
#CXFSAsia TECHNOLOGY AWARDS
– Best Technology Implementation (Front End)
WINNER: BANGKOK BANK
Highly Commended: DBS Bank
Best Technology Implementation (Back Office)
WINNER: TAISHIN BANK
Highly Commended: Alliance Bank Malaysia Berhad
Highly Commended: Bank Simpanan Nasional
– Best Use of Personalization
WINNER: TAISHIN BANK
Highly Commended: Krungsriayudhya Card Company Limited
#CXFSAsia LEADERSHIP AWARDS
– #CXFSAsia Leadership Award (Individual)
WINNER: DAVID LYNCH, HEAD OF TECHNOLOGY & OPERATIONS – HONG KONG AND MAINLAND CHINA, DBS BANK
Highly Commended: Alain Boey, Head of Transformation Management Department, Bank Simpanan Nasional
– #CXFSAsia Leadership Award (Institution)
WINNER: DBS BANK
Highly Commended: Maybank
