Forrester's 2023 Malaysia Banking CX Index: Despite Economic Headwinds, Malaysian Banks Continue To Improve CX Quality

Maybank reclaims the top spot due to its focus on delivering positive customer emotions that engender loyalty

SINGAPORE,Sept. 27,2023 -- Forrester's(Nasdaq: FORR) 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,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:

Improve banking services. This category is the core of what customers expect banks to deliver — offer financial products and services that fit their needs,process transactions quickly,open an account easily,and protect their accounts from fraud. While 62% of the customers are happy with the overall quality of banking services,Malaysian customers think that this is where banks should focus to improve CX.

Deliver exceptional customer service. When Malaysian banking customers call customer support,they expect access to empathetic live agents,answers to all their questions,and quick resolution to their problems. Currently,only 61% of Malaysian banking customers are happy with the customer service they receive.

Invest in branch banking. Branch experiences are still very important to Malaysian banking customers. When visiting branches,customers look for welcoming environments,convenient hours,short wait times,and helpful staff. Malaysians' continued reliance on branch banking,amplified by the national prerogative to ensure sufficient financial access points,calls for more CX improvements at the branches.

"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."

Resources:

Read more about the state of CX in Malaysia's banking sector and downloadForrester'sMalaysia Banking 2023 CX Index report (client access required).

Download thePlanning Guide 2024: Customer Experience report for research-driven insights on where to invest,divest,and experiment when budgeting for 2024.

ExploreForrester Decisions services forCustomer Experience,B2C Marketing Executives,andDigital Business & Strategy.

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