Andrei Calin is the Head of Customer Experience for Romania’s second-largest bank, BCR. In this episode, we explore his passionate perspective on consumer psychology, and how banks can apply the ideology of habits and biases to improve their customer experience.
Andrei shares that some customers in Romania are experiencing digital oversaturation, and they now prefer face-to-face interactions. This presents a challenge for banks to create innovative strategies for digital expansion while also accommodating customer preferences.
As a counterpoint, consumer psychology can be utilised to analyse customer behaviour and inform future strategies, because by using data to understand what customers think and feel, banks can create meaningful customer journeys that align with those preferences.
Andrei also notes that consumer biases can play a significant role in customer behaviour. For example, customers might prefer physical interactions because they’re more familiar and comfortable with them, and they may be less likely to adopt new digital services. Understanding biases like confirmation bias, the law of small numbers, and loss aversion can help banks design strategies that overcome these barriers.
BCR themselves are taking a customer-centric approach to address these challenges. They’re investing in innovative strategies that combine these digital and physical experiences, creating a seamless and personalized customer journey that’s also positioning them as CX leaders in the banking space of Romania.
This article summarises podcast episode 79 “Banking Biases and Customer Habits” recorded by CX Insider. For more information, listen to the episode, or contact Andrei on his LinkedIn profile.
Written by Marcell Debreceni