Financial institutions are increasingly focusing on customer centricity, which means improving customer experiences and moving from transactional to relational engagement. Using data and analytics, personalized products and solutions can be developed with omnichannel visibility and create recurring customer interactions.
FREMONT, CA: In all business operations and decision-making, customer centricity goes far beyond public relations. This goes beyond just providing good customer service, but it encompasses product delivery, innovation strategies, marketing communications, and financial wellness programs.
To get a 360-degree view of the customer, data is collected, analyzed, and deployed regularly when the customer is at the core of a business. By collecting this data, banks and credit unions can better understand the buying behavior, interests, and engagement of their customers. Employees can democratize their experiences by developing segmentation strategies to increase loyalty and lifetime value.
Financial institutions are increasingly focusing on customer centricity, which means improving customer experiences and moving from transactional to relational engagement. In order to become more future-ready, financial institutions can directly impact the customer experience in the following ways:
Transform Traditional Branches
Traditionally, banks and credit unions built market share through branches. Financial institutions were forced to rethink banking services as digital banking adoption increased, especially during the pandemic. In addition to the need to reduce operational expenses, fintech providers have delivered a superior digital experience for everyday transactions, increasing the need to reimaging branch functionality.
Create Purpose-Driven Fintech Collaborations
Banks and credit unions are collaborating with fintech firms and third-party providers to meet the demands of more digitally savvy customers. By leveraging each other's strengths and addressing each other's weaknesses, these partnerships (and acquisitions) eliminate business model gaps.
Assist with Customer’s Financial Wellness Journey
More consumers are seeking ways to improve their overall financial wellness as the economy becomes less predictable and cost-of-living pressures increase. By leveraging the banking industry's expertise, reach, trust, data, and technology capabilities, banks and credit unions can assist consumers in making informed financial decisions and assist them in finding financial wellness assistance.
Establish an ‘Owner’ of Customer Engagement
Despite its importance, a good customer experience is only a transactional interaction between the customer and the financial institution. Customer engagement, on the other hand, involves ongoing, two-way communication and meeting customers' evolving needs and expectations. Interaction and commitment can contribute to a stronger and more sustainable relationship between the brand and the customer. A central point of authority is necessary to achieve this level of relationship.
To create higher levels of engagement and a better customer experience, the Chief Marketing Officer (CMO) persona is pivotal. Using data and analytics, personalized products and solutions can be developed with omnichannel visibility and create recurring customer interactions.
