Bank Neo Commerce, formerly PT Bank Yudha Bhakti Tbk, accelerated its digital transformation journey when it welcomed Alibaba-backed Akulak, a leading Fintech company in the micro and medium segment, as a new shareholder in 2019. Backed by Akulak’s technology, the Indonesian bank had a renewed focus on digital retail banking and has officially changed its name to PT Bank Neo Commerce Tbk in September 2020.
The Qualtrics research “The evolving state of customer experience in the financial services” revealed that today, more than ever, there has been a greater focus on customer experience, which is considered critical in financial services providers’ success. As the consumers’ behaviors rapidly evolve with the fast-changing digital economy, so are their expectations.
According to the study conducted across APAC, though online banking services are already being widely used in the region, there has been a significant increase in the consumers’ openness for digital-banks only or neo-banks. 72{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} of consumers across the region are interested in using neo-banks in the next 12 months, driven by the expectation of receiving a better customer experience from a neo-bank. In Indonesia, 89{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} of the respondents said they had some form of e-wallet and 64{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} said that they are willing to switch to non-traditional life insurance providers such as digital banks and fintech companies.
Bank Neo Commerce Focusing on XM
To gain a competitive advantage in the increasingly aggressive digital banking sector in Indonesia, one of the leading banking providers in the country Bank Neo Commerce has partnered with Qualtrics to deploy an experience management platform that would provide in-depth, actionable market and consumer insights. Qualtrics CoreXM, a single platform for data collection and analysis across every part of a business, enables Bank Neo to better understand the changing consumer behaviours and expectations.
Tjandra Gunawan, President Director of Bank Neo Commerce, highlighted that the institution is committed to meet the end-to-end digital banking needs of every Indonesian and is laser-focused on improving its products and services to meet their changing needs.
“By rethinking the traditional market research program with Qualtrics, Bank Neo is able to differentiate itself in the competitive digital banking sector through access to real-time insights that help us take confident and precise action to continually improve our customer, brand, and product experience. Using the findings from the market research, we’d love to know our users better in every aspect and to give them the neo banking experience with Bank Neo to serve them Banking, Above & Beyond,” Gunawan explained.
Benefits of Adopting a Modern Research Platform
Harnessing the capabilities of Qualtrics CoreXM, Bank Neo is able to:
- Conduct ongoing market and consumer research studies to rapidly understand how preferences are evolving, with real-time access to insights
- Continually improve and personalise the experiences it delivers to customers using Qualtrics XM Directory – a single database for all customer and employee experience data
- Combine Bank Neo’s operational data, such as CRM and marketing automation tools, with the collected feedback stored in XM Directory to build rich customer profiles
Mao Gen Foo, Head of Southeast Asia, Qualtrics, shared that Bank Neo is one of the first organisations to adopt this innovative approach in Indonesia. The bank has seen immediate returns on its investment on Qualtrics’ modern, agile research platform that incorporates a range of studies to help the organisation identify the products, services, and experiences expected by consumers.
“With customer needs and expectations across all industries evolving rapidly, having full autonomy of market and consumer research programs is now essential. Bringing research capabilities in-house allows organisations to cost-effectively and efficiently scale and manage such programs, while access to real-time insights supports faster and smarter decision making,” Foo stressed.
