Mark Schofield: A Guide to Episode Design in Retail Banking

The battle for customer loyalty in banking is won or lost with easy, everyday transactions. And now more than ever, customers are pleading for banks to just make it easy. Mark Schofield, a partner in Bain's Financial Services practice, discusses how banks can improve the mobile experience to lower costs, boost sales and improve customer loyalty.

Read the transcript below.

MARK SCHOFIELD: The voice of the customer is in. It's clear and consistent globally. Customers are pleading for banks to just make it easy. Those that do will harvest the digital dividend. That's lower cost, higher sales and improved customer loyalty. The challenge for banks is that making it easy is extremely hard. The question we're typically asked is where to start. And in a recent survey of 15,000 customers in multiple international markets, the answer became clear. The battle is won or lost with easy, everyday banking experiences.

These are experiences like paying a bill, making a transfer and depositing money. Cumulatively, these experiences have a much larger impact on NPS than sales or service interactions—in fact, in a ratio of 4:1. What's critical for these experiences is to make them mobile. Making them mobile requires a bank to focus on two critical components.

Firstly, building a simple, intuitive experience. And secondly, teaching our customers how. How do we help them adopt the new technology on the mobile phone? Delivering successfully will require new capabilities in the bank. That's agile ways of working, it's actions at pace and it's user-based design. Ultimately, to analyze and act on customer feedback in real time. Those banks that can build these capabilities to deliver simple, easy, everyday banking experiences can harvest the digital dividend fast.

Read the Bain Brief: Just Make It Easy—A Guide to Loyalty in Banking