When it comes to their finances, consumers want to make the right choices that best suit their short and long-term goals – and expect banks and other financial institutions to understand those unique needs. Putting the customer at the center of strategy and decision-making is key, and in this series we will examine how financial services organizations can integrate, utilize, analyze, and protect the ‘Right Data’ to build a customer-centric strategy.
If financial institutions focus on traditional product-based strategies, they risk falling behind the curve to emerging competition. By shifting the focus to prioritize customer needs, financial institutions can remain competitive in a world where technology is better harnessed to create personalized products, services, and recommendations.
If executed properly, customer centricity will allow companies to outperform their peers in customer service and take market share from their competitors. They can quickly adapt to customers’ needs, while understanding how their best customers fit their business. Plus, a customer-centric approach keeps customers happy since they receive contextual products and services to match their needs. This results in relationship longevity, and even results in word-of-mouth referrals to their friends about the great relationship.
Individual articles in this series will focus on:
We will also be publishing further blogs focusing on the role of Privacy UX in customer centricity in support of this series.
