Bank on the Customer


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Source: IBM
Date: March 2013
Type: White Paper
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Overview: Customer Focused Enterprise in Banking

GBS White Paper: Forego creating products, "Bank on the Customer"

Though the global economy is still shaking off the effects of the past and current financial crises, banks in both the emerging and developed economies have an opportunity to manage enormous capital growth and wealth creation. To regain customer confidence and earn their slice of the increasingly competitive market, banks must transform themselves by jettisoning old, product oriented operating models to become a client centric operation.

Banks have been promoting "Relationship banking" for several years, yet their operating models have revolved around products and not customers. True relationship banking requires a new operating model that eliminates the silos between products and provides a 360 degree view of the customers across all channels. "Single view of the customer" would help a bank to better segment its customers, offer need based or event-based products, increase product bundling and offer better relationship based pricing on their products/services. Despite all the obvious benefits associated with a customer focused strategy, most banks world wide are yet to completely embrace and make this central to their operating models.

Read "Bank on the Customer" to understand how and why banks should shed their product oriented operating models and become fully client centric by developing deeper customer insights through advanced analytics and generate accurate, consistent and well structured customer data that is accessible and integrated throughout all channels and parts of the organization.

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