We define the risk of changing client expectations or preferences as the expenditures made and the resources employed to usher in a new product or a service to which clients will not respond (zero demand). It is also a risk that we will not change or modify the products, services or manner of service as expected by clients, whereby the sales target will not be met.
We are aware that client expectations and preferences change and that those changes are more and more dynamic. Clients expect that their experience in using banking products and services will resemble what they encounter in other spheres of life e.g. when using the social media. To anticipate client expectations:
- we tailor the communication form and the service model to their expectations,
- we measure client satisfaction, and
- we listen to and analyse the voice of our clients.
More information about the ways in which we communicate with clients is available in Chapter “Customer experience” under “Dialogue”.
Further, in 2017, we resolved to launch at selected Bank units (mainly those in charge of products and services development) a new way of working, borrowed from the IT sector – Agile. Ability to respond faster to changing client- and market needs is among that change primary goals. Further, we incentivise our employees to use the PACE methodology when designing new solutions for clients. It assumes ongoing consulting and testing through client interaction.
More information about novel ways of working at the Bank can be found in Chapter “Way of working”, item “Innovation culture and competent employees”, on page 138.
Our continuous works on the content and quality of our customer proposition need to be bolstered up by our strong brand. As it is central to us, we are the second most recognisable banking brand in Poland. This is confirmed by the “Brand Tracking” spontaneous awareness survey, conducted by Millward Brown (CAPI technique, data for January 2018).
The risk of changing expectations or preferences of clients can exert a material adverse impact on the following:
- social aspects,
- employee-related aspects.