How to Make Customer Experience the Cornerstone of a Merger

Virgin Money has agreed to a £1.7bn takeover by CYBG. Now is a good time to look at the steps companies can take to ensure customer experience is a strategic cornerstone when they join forces. which owns Yorkshire Bank and Clydesdale Bank. The merger will create the 6thUK bank with approximately 6 million retail and business customers. The new entity will be renamed Virgin Money and the Clydesdale and Yorkshire brands will disappear from the high street. Barclays is reported by the FT as ‘tentatively considering’ a deal to buy Standard Chartered. Everyone is talking about the Sainsbury/Asda merger which, if completed, would create the UK’s largest food retailer. Last week we heard talks between Tesco and Carrefour to form a strategic alliance.

M&a Activity Begins to Ramp Up as Brands Seek

M&A activity begins to ramp up as brands seek new alliances to be bigger and better, improve their customer proposition, drive growth, protect their market share and reduce their cost base. Now is a good time to Hungary B2B List look at the steps companies can take to ensure customer experience is a strategic cornerstone when they join forces. Calm the nerves of customers and employees For all the excitement senior executives feel at the idea of ​​“closing the deal,” a merger is a worrying time for customers and employees alike. Customers wonder if the products and services they have always loved will continue to be available. Employees tend to withdraw into themselves when they worry about job security.

Employees Tend to Withdraw Into Themselves

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The race for positions of executives and line managers and the reorganizations that inevitably ensue create introspection.  It is not easy to retain customers and the risk of defection is high when two companies combine. Research by JD Power found that customers’ likelihood of switching banks increases up to 3 timesfollowing a merger. The challenge is to unify the experience of two groups with often different demands, expectations, values ​​and behaviors. Different emotional connections even. Instead, to cohesively group unstructured data. NoSQL databases swap tables for document files, which are sort of folders of files that help categorize related data. Imagine the data of a single blog post, which contains tags, photos, edits, comments, and links, bundled into a doc file. NoSQL databases such as MongoDB provide fast and scalable solutions for unstructured data.

 

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