Customer-Centricity - Strategy for Survival
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(2)Overview: Customer relationships have taken center stage in the financial services industry today. In order to sail through the tough competition and sustain revenues, it is important for financial institutions to focus on retaining their profitable customers. Aiming to achieve customer-centricity, banks around the world have implemented various strategies -– some are enterprise-wide strategies while others are departmental -- but they still fall short of achieving substantial success. In essence, it is essential for banks to drive customer-centricity, following a holistic approach. This should be an enterprise-wide initiative and should be aligned with the overall growth objectives of the organization. There are four key components of customer-centricity: Consolidation of data, Analyzing available data to get customer insight, Designing relationship-based pricing and product strategies and Rewarding. In order to safeguard investments and mitigate the risks involved in achieving total customer-centricity, banks can implement their plans across all these areas in a phased manner, starting with the most critical aspects of business. This white paper discusses how modern-day banks can identify, service and retain their valuable customers, by creating an enterprise-wide infrastructure to implement effective customer-centric strategies.
