Banking as If Customers Mattered
The 3 W's of customer centricity
A half-hearted approach to customer centricity won't cut it. If the customers don't matter, neither will banks.
Why? Appreciation between customers and organizations is reciprocal like any other relationship. This is particularly true when it comes to banking, because not only are the customers willing to give the banks their time and attention, they trust them with their finances. And what are they getting in return? Recent PwC research suggests a huge gap between the experience and expectations across all industries. In banking, the gap sums up to a worrisome 20%.
There is no denying that customers, accustomed to the simplicity delivered by tech giants, have high expectations but are banks truly doing everything they can to make and keep their customers happy? The fact is, many banks have very limited customer support and still take too much time when it comes to either onboarding their clients or providing the products and services they want. Occurrences like these might leave customers under the impression their bank doesn't really care about their experience. Or their existence.
In essence, as customers, we all appreciate availability and simplicity and the lack of it makes us just as unhappy as the next millennial who must solve his issues in the local branch.
What can banks do to fill the gaping void? They can have the courage to bury the zombie projects and focus on putting customers at the very centre of the business strategy. Aligning business strategy and technology investments can enable banks to empower their customers with the products and services they truly need. Deep customer understanding comes from tapping the volumes of existing data. Insights, combined with a proactive approach can result in engaging customer-focused solutions that excel at every level of customer centricity: experience, loyalty, communication, assortment, promotions, price, and feedback. The analysis of customers perception through seven pillars, as defined by American Marketing Association, offers insights on the best ways to boost the loyalty.
Increased loyalty requires meeting and exceeding customers’ expectations at every step of their journey. The natural answer to the question of Who should keep the customer centricity going is quite simple: newly formed dedicated teams, where the technology team is in charge of unifying customer experience across the entire digital channel, the research team is responsible for transforming data into actionable customer insights while the strategic team then uses those insights to make informed decisions. When forming teams, the management must consider the importance of getting the entire organization on board with the new direction and think about who has the knowledge and the drive to advocate the upcoming changes.
No matter how necessary, changes are hard and implementing them is especially tricky in traditional industries, such as banking. At Comtrade Digital Services, we rely on extensive domain knowledge and more than two decades of experience in cultivating change and helping banks shape their digital strategies. Empowered by the latest technology, building new business models around customers has never been easier.