BIZ104 : Customer Experience Management
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Laureate International Universities
Customer Experience Management (BIZ104)
Added on 2020-04-15
BIZ104 : Customer Experience Management
Laureate International Universities
Customer Experience Management (BIZ104)
Added on 2020-04-15
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IntroductionThis paper focuses on the research on the impact that perception has on customer satisfaction when it comes to consumption of goods and services. Research on the impact that perception has on customer satisfaction is identified and customer personas are made from the data collected. Customer journey maps are also generated using the data on customer research on the subject. The paper contains a research on Industrial and Commercial Bank of China. General market research is carried out the banks operations to help understand the operations of the company and the financial services industry in China (Oswald& Kleinemeier, 2017). The information on customer behavior and the impact that perception has on customer satisfaction levels in this industry is determined and explained.About Industrial and Commercial Bank of China and the financial services industry in ChinaIndustrial and Commercial Bank of China (ICBC) is a Chinese Multinational banking company and it is the largest bank in world by Total assets. ICBC is also the most valuable bank in the world by market capitalization since February 2017. The company was formed in the year 1984 by the year 2015,it had assets worth US$3.616trilion (Solis, 2015). ICBC opened its first branch outside China in the year 1999 in Luxembourg. It later became the European headquarters of the bank in the year 2011. The company was made public in the year 2006 and it became the largest IPO at the time valued at US$21.9 billion. As at the year 2015,ICBC had approximately 3.5 million corporate customers and more than 170 million individual customers. The company serves corporate clients from across all sectors and industry
including manufacturing, transportation, power, gas and water as well as construction industry. The biggest customer is the manufacturing industry followed by transportation, storage, and telecommunications industry.China`s banking system underwent significant changes between 1990s and 2000s. The banking system of China has become more like the banking system in the West. Before the 1990s banking in China was run exclusively by the state (Pijl, Lokitz& Solomon, 2016). Over the previous two decades, the narrative has significantly changed since more private banks are emerging and more of the public owned banks have become autonomous. Financial and banking services in China are regulated by the People’s Bank of China. The four biggest banks in China commonly referred to asthe “Big four” are state owned and this shows that the banking industry in China is still largely controlled by the state. The four biggest state owned commercial banks include the China Construction Bank (CCB), Bank of China (BOC),The Agricultural Bank of China(ABC) and the ICBC (Kalbach,2016). The banks were formed through the introduction of commercial Bank Law in 1995 which helped in commercializing operations of state owned bank. BOC specializes in foreign exchange transactions andtrade finance. The CCB specializes in medium and long term specialized projects such as infrastructure an housing projects. ABC specializes in offering financing to the agricultural sector in China as well as offering wholesale and retail banking services to farmers.The policy banks in China banking and finance industry include the Agricultural Development Bank of China (ADBC), China Development Bank(CDB) and the Export-Import Bank of China (Chexim) (Diamond,2016). There are also various city commercial banks that are majorly owned by the local governments. Private investors also have a minority shareholding in these banks. The other significant players in
China`s banking system is the Trust and Investment Corporations, County Banks, Credit and Deposit Insurance companies.Identification and illustration of customer personasCreating customer personas is very important for a company since it helps the organization offer tailor made services that help to improve the levels of customer satisfaction. The use of personas in business has increased in the recent past since organizations are facing growing demand for more personalized and tailor made services. Customers expect organizations to understand their tastes and preferences better and serve to meet their needs as expected. The personas help the organizations in understanding how customers behave and why they behave in such a manner and this enables brands to make changes in their operations which help them to improve customer satisfaction. ICBC serves different segments of the banking sector globally (Kalbach, 2016). In order to develop customer personas in different industries, it is important to segment the market of ICBC based on the industry in which a corporate customer is operating. Customer persona for individual customers is based on the dataon the behavior of individual customers conducted through market research. A persona of a company operating in the manufacturing industry is created based on the available primary and secondary data on that company.Customer persona profile for 361 degrees 361 degrees is a major designer and manufacturer of shoes and sports products in China. The company was first established in the year 2002 and the brand name,361 degrees was launched in 2004. The brand name represents 360 degrees of a circle plusan extra one degree which represents the professional functionality on which innovation and creativity is added (Barnes & Kelleher, 2015).
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