Customer Centricity is the key to success for banks

It will take several years for banks to implement the necessary changes to become customer-centric. They need to assess their operations, identify what needs to change, and then implement the changes and the systems to support them. After the 2008 crisis, customers have eschewed “too big to fail” institutions in favor of local banks. Customers realize they have multiple banking options, often selecting different institutions for different services. A customer with a credit card from a multinational may keep savings and checking accounts locally. Attracted by competitive interest rates, the same customer may apply for a loan or mortgage with a regional bank – or even an online institution.To increase their share of wallet with customers, banks must address three fundamental areas: organization, processes and technology. However, once they crack the code on how to deliver a better experience to customers, they will position themselves to seize phenomenal opportunities to engage with customers. Ultimately, that translates to higher revenues. To know more on why banks should embrace a customer-centric model go to:

http://www.banktech.com/business-intelligence/banks-must-embrace-a-customer-centric-mo/240166955 .