Customer Experience Index – 2009

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PricewaterhouseCoopers and Senteo present joint study of the Russian retail banking industry, “Customer Experience Index – 2009: Who is Winning the Retail Banking Race in Russia”.

The environment for the retail banking business in Russia in 2009 has certainly changed. Without a doubt, the worldwide economic crisis that began in the fall of 2008 has had a tremendous effect on the national economy, in general, and on the banking industry, in particular. The negative consequences of the crisis have altogether altered the banks’ collective and individual strategies in the short-term, as banks have focused on survival and the health of their balance sheets.

The economic problems stemming from the crisis had a profound effect on the consumers, too. Factors like unemployment, reduction in household income, depletion of savings, loss of value in investments and retirement funds, to mention a few, have hit the consumer with the harsh reality. During these trying economic times, foreign banks or subsidiaries performed quite well, many of them placing in top positions. Apart from western banks, government-owned banks and some of the larger privately-owned banks also enjoyed a significant inflow of depositors.

As part of the study, Senteo and PricewaterhouseCoopers analysed 38 retail banks in Moscow, measuring their performance in five areas contributing to the customer experience:

• Brand — Do people identify with the bank’s brand?
• Communications — Are the bank’s marketing activities effective?
• Environment — Do customers feel comfortable in the bank’s branches?
• Offering — Do the bank’s products and services meet customer needs?
• Culture — Are the bank’s employees focused on the customer?

This year’s survey encountered trends that illustrate how the retail banking market in Russia is evolving.

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The material is provided by “Vesti.Ru”.

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