EVOLUTION OF BANKING

DRIVING CUSTOMER CENTRICITY
Good conduct is really about genuinely putting the customer at
the centre of the organisation and how it operates serving them,
thinking about yesterday, today and tomorrow, and being able to
evidence this end-to-end process at individual customer level. This
creates a number of challenges for businesses as the regulatory
expectations continue to be redefined and focus continues on
how a specific customer’s circumstances have been taken into
account when reaching a specific outcome, what communications/
marketing materials they have received relating to this matter,
whom they have spoken to and what was discussed. Appropriate
handling and recording of this specific information at customer
level requires continuing investment in robust processes and
systems that provide levels of granularity, in cost effective ways
that protect against future fines and reputational damage.
Financial organisations will increasingly need to truly immerse
their organisations in ‘always thinking about the customer’ across
multiple channels and to take into account the potential for
different channels to interact in the promotion of financial products
and services.
Customer Experience Models have become de rigeur in
understanding where a company and its many different businesses
are in their journey to delight their customers and serve them well.
Meeting regulatory requirements can be a pain point – especially
when things go wrong – but also provide opportunities to excel and
grow sustainable businesses by truly focusing on the customer.
The opportunity for every financial institution is to truly become
a customer-centric organisation. By focusing on the customer
and their needs/wants and problems, financial institutions will
define our future solutions through truly understanding what
the customer needs, and moving away from the perception of a
‘product push’ sales focus, to service providers who know their
customer better than anyone else and serve them well.
PASSIONATE
ENGAGED
UNDERSTOOD
HEARD
IGNORED
There are five levels of customer experience, ranging
from companies that largely ignore customers to
those that create passionate customers.
16 | The Evolution of Banking and Financial Services