customer expectations co op tony sellers

Customer Expectations: Building a deeper understanding to deliver greater satisfaction

Tony Sellers

Head of Payment Services

The Co-operative Bank

2 July 2008

2

What we’ll be covering

• What actually influences customers’ satisfaction?• How do Financial Services fare in all this? • How can you understand customers?• What does this mean for Cards and Payments?

3

What influences customers’ satisfaction

4

What influences customers’ satisfaction

“The essential difference between emotion and reason is that emotion leads to actions...”

David Calne

5

How do Financial Services fare in all this?

Benefits and EmotionOR

£

6

How can we understand our customers

Customers are

complex!

7

Customertheme

Insight

Target audience

Source ofcompetitiveadvantage

Price

Benefits

Our relevant products and

services

Competitorsand

alternatives

Differentiation

What does this mean for Cards and Payments?

8

My view of M&S’ Simply Food proposition

Quality food where you

are

Qualitywith

convenience

Time poor

Premium qualityfood brand

Premium prices

Whenand where you want it

Convenient locations

Takeaways,convenience

stores

The best food where

you are

Insight Benefit

Differentiator Price

9

Ethicalcredit card

Give back in day-to-day life

Striving for a better world

Average rate

Reduced ethical retailer rate

Discounted ethical

purchases

Standard credit cards

Save theplanet

Own apiece of rainforest (google it!)

A niche Credit Card proposition

Insight Benefit

Differentiator Price

10

• Benefits and emotional bonds satisfy customers

• Financial Services are not always using emotional bonds

• Understand your customers by:�Spending time with them�Focusing on insights to a

target audience• Create products that give greater

customer satisfaction by forming an emotional bond

Deeper understanding to deliver greater satisfaction

Tony SellersHead of Payment Services

The Co-operative Bank

0161 832 3456tony.sellers@cfs.coop