SME horizon

Malaysian banks continue to improve CX quality despite economic headwinds

Photo by Monstera

Forrester’s  2023 Malaysia Banking Customer Experience Index (CX Index™) reveals that banks in Malaysia have been steadily improving their CX quality over the past two years.

This year’s top brand, Maybank, saw an improvement in its CX performance as it recorded 21 positive interactions for every negative one, which is more than twice the number of positive interactions recorded from the lowest-ranking brand.

The rankings reaffirm that how experiences make customers feel influences their loyalty — more than the ease or effectiveness of those experiences.

Based on a survey of more than 1,800 customers, the report analyzed six multichannel banks in Malaysia — Maybank, Public Bank, CIMB Bank, Hong Leong Bank, AmBank, and RHB Bank — to assess their CX quality and its impact on driving loyalty.

With a CX Index score of 70.8 points this year, Maybank is the only multichannel bank in Malaysia to attain a CX Index score in the good category. Comparatively, Public Bank, last year’s top banking brand, saw its CX Index score remain flat, causing its decline into second position. CIMB Bank and Hong Leong Bank held onto third and fourth place, respectively, while AmBank and RHB Bank both showed improvement but remained below the industry average.

According to the report, the overall perception of CX quality in banking is dependent on a combination of 33 drivers in seven broad categories. To continue to improve on the quality of their customer experience, Malaysian banks need to focus on making the following improvements to three particular categories:

“Forrester’s CX Index uses survey responses from customers to determine which drivers have the greatest impact on loyalty,” said Dane Anderson, SVP of international research and product at Forrester. “This research helps firms prioritize their efforts more effectively and focus on the drivers that most influence their customers’ loyalty.

“In Malaysia, it’s evident that brands that want to strengthen customer loyalty should invest in the key CX quality driver categories that most impact loyalty and revenue for banks: banking services, customer service, and branch experiences.”

Exit mobile version