Given the unprecedented digital metamorphosis the banking industry underwent in the last decade, the pivotal point remains the same, that is, delighted customers is synonymous to a profitable business. It is of absolute significance now, more than ever, that a loyal customer base is achieved through quality services which generate ‘Happy Customers’ in order to keep an edge over others.
WHY…the shift is important?
In banking sector, where the front line workers engage in one-on-one conversation with the customers, ‘Customer Satisfaction’ is the word which becomes imperative. In every domain where competition is at an all-time high and customers can switch to ‘N’ different options, all at a click of a button, formulation of Customer-Centric-Strategies is apparently the only elixir which can help to stay ahead.
To prove a relevant existence in the rapidly changing and highly competitive market, and to satiate customer expectations like never before, let us understand ‘why’ the banking sector needs to gear up:
- Technological Upgradation: The advent of Artificial Intelligence and Machine Learning tools contributes immensely in providing efficient analytical data which can improve the entire decision-making process which can thus benefit the customer, directly.
- Customer Expectations: Customers not only expect a seamless online experience but also want that the glitches are heard, and remedies are offered on-time. Digital Banking Sector has already raised the bar but now what matters is how customer feedback are implemented and brought about in the system to give them an impeccable experience every single time.
- General Data Protection Regulation (GDPR): Such regulations have emphasized the importance of customer data protection and transparency which implicates that how vital it is to follow a customer centric approach.
But…How?
A customer-centric banking model is all about getting a ‘360 Degree view’ of what customers actually want and not just have a transactional or superficial relationship with them. It is also about assuring them that the bank genuinely values them as a customer and works on their valuable insights to strengthen long-term relationships, by empowering them.
To foster a ‘Customer-Centric culture’ one must prioritize customer satisfaction and implement it at all levels to yield out best results in terms of profit and growth.
- Leveraging Big-Data:
Just having massive quantities of data is futile if not processed and analyzed in the right direction to obtain relevant information about customers. ‘CUSTOMER SEGMENTATION’ lays down the foundation of how customers needs and preferences can be segregated according to their demographic locations. A more granular study about various parameters like: INCOME, TRANSACTIONAL HISTORY, PERSONAL and TECHNOLOGICAL PREFERENCES and other such factors that help in understanding the preferences and interests of the customers and their bank can personalize the services offered, accordingly.
Thus, thorough analytics can help to make much more strategized approach which will align to customer needs.
- Predictive Analytics:
When technology is utilized to build strategy, it brings operational efficiencies. The knowledge –based system can help remove glitches and probably have a resolution for every complexity on a prior basis.
If the roadmap is prepared on the basis of well researched facts and strategies are close to what customer actually anticipates, it works wonders for both, the organization and the customers.
- Incorporating Customer Feedback:
The crux of retaining the customers is designing a banking experience which aims at walking hands-in-hands with the customers. It is vital to implement Customer-focused-model which resonates with customers’ actual needs and offers them what they are really looking for.
A simple ‘Loyalty-based-Incentive’ scheme can help the customers stay attracted and connected. The rewarding system must also be personalized using data-driven analytics to offer what will lure the customers and motivate them to draw benefits from it.
Conclusion:
The customer-centric culture is predominantly about adopting strategies to prioritize the needs, preferences and experiences of the customers. A customer- centric organization plays a noteworthy role in enhancing their relationships with the customers as well as the employees. When the goal is directed to have happy customers, the employees find it more meaningful to indulge in their work (report suggests).
A remarkable surge in the financial gains is inevitable, when organization uses AI tools in contemporary banking setup and establishes informed strategies that emanate:
Customer satisfaction< customer loyalty< customer retention.
Religent systems offers innovative tools and services that can help streamline the tasks in banking industry and offer solutions that let the customers relish every interaction and break the monotony of their past experiences and introduce them to a new horizon in the banking world.
