Poor customer service is a result of weak knowledge of the customer, or an inability to take a customer-centric approach to service. Banks hold extensive information on their retail customers, but struggle to bring together the knowledge they do have. The impression this gives – often, quite wrongly – is that the bank knows little about the customer, and cares even less.

At the same time, banks face the challenge of improving customer loyalty, improving margins, and meeting regulatory requirements. This makes churn among customers ever more expensive for banks.

A failure to cross or up-sell appropriate products is leaving potential revenues untapped. A failure to know the customer can lead to poor service, or worse, conflict with the regulators and large financial penalties.

But tying together the data banks hold on customers – customer experience orchestration – offers swift and effective solution.