These days, financial institutions must look past the cash
and focus their customers. According to Standard Bank’s Sandeep Deobhakta, here
are four key steps banks should take to achieve customer centricity.
1. Listen - The
first step in the journey toward customer centricity is for business leaders to
listen to what their customers are saying. This allows organizations to get an
understanding of their customers' needs and these insights can be used to
ensure that all communications are tailored to individual customers.
2. Steer Away From
Product Centricity – Instead of focusing on the profitability of products. use insights gathered from Voice
of Customer (VOC) endeavors to move away from being product-centric and put customers
at the core of business. According Deobhakta, business leaders need to think in
terms of what customers require to be successful in different facets of their
lives. Banks that understand this principle are in a better position to ensure
that their products fit well within the customer journey.
3. Address the Data Conundrum
- Financial institutions are collecting large amounts of customer data both
from transactions and interactions with staff. However, many organizations are
still facing challenges in turning this data into actionable insights. A major hurtle
lies in information silos that need to be bridged in order to give
decision-makers a single view of the customer. One way to do this is to have a
robust data platform that brings together data from different repositories, and
is instrumental in helping banks identify customer needs and engage with them
on a personalized basis, said Deobhakta.
4. Be Culture Sensitive
- Organizations need to understand the varying nuances that make them tick.
Understanding culture is an important part of Standard Bank's strategy and this
reflects in the core banking platform that the bank has deployed across the
African continent. The organization understands that while customers'
foundational needs are similar, their actions are likely to be dictated by
demographic influences, and the bank has adapted its system to reflect country
specific regulations and social nuances.
Financial services organizations need to understand that
being seen as a customer-centric organization is not solely a positive marketing
strategy. This is a sound investment which affects products and services
offerings, sales process and distribution, infrastructure, as well as ongoing
customer treatment which will lead to more satisfied customers. Then they will
be likely to remain loyal to the brand.
Amanda Ciccatelli,
Social Media Strategist at IIR USA, has a background in digital and print
journalism, covering a variety of topics in business strategy, marketing, and
technology. She previously worked at Technology Marketing Corporation as a Web
Editor where she covered breaking news and feature stories in the tech
industry. She can be reached at aciccatelli@iirusa.com. Follow her
at @AmanadCicc.
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