28 Jan 2014

Financial Services BIG THREE for 2014: Customer Centric Banking

Throughout 2013, a ‘customer-centric’ business structure emerged as the thing that will help companies overcome their competition. There is no industry where this is more relevant, than the Banking sector.

The Government backed UK account switching service is designed to make it easier for customers to switch bank accounts. This means customer service is more important in 2014 than ever before, so banks need to re-think their structure and processes so that they can make the most of customer information and ultimately provide a better service.

In order to gain back the trust and loyalty of their customers, retail banks need to create a customer experience that is positive, efficient and exceeds expectation. Customers are looking for an integrated experience across multiple channels, such as mobile devises, PCs and social media applications. Using this information, banks can provide a more personal level of service, sending real-time/location based rewards and information.

To achieve this, banks need to utilise the vast amount of rich customer data and create highly targeted customer segmentations. This will give a deep understanding of customer behaviours and preferences to target for new business wins.

Integration is a vital ingredient for this kind of multi-channel experience, so having a team capable of delivering this work will put some banks ahead in 2014’s race to become a truly customer-centric organisation.

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