The business of financial services is transforming before our eyes. Traditional banking and insurance products have become commoditized. As each day passes, consumers demand increasingly personalized products and services. Social and mobile channels continue to overthrow traditional communication methods. To survive and grow in this complex environment, financial institutions must do three things:
- Attract
and retain the best customers
- Grow
wallet share
- Deliver
top-notch customer experience across all channels and touch points
The finance industry is traditionally either
product centric or account centric. However, to succeed in the future,
financial institutions must become customer centric. Becoming
customer-centric requires changes to your people, process, technology, and
culture. You must offer the right product or service to the right customer, at
the right time, via the right channel. To achive this, you must ensure
alignment between business and technology leaders. It will require targeted
investments to grow the business, particularly the need to modernize legacy
systems.
To become customer-centric, business executives are
investing in Big Data and in legacy modernization initiatives. These
investments are helping Marketing, Sales and Support organizations to:
- Improve
conversion rates on new marketing campaigns on cross-sell and up-sell
activities
- Measure
customer sentiment on particular marketing and sales promotions or on the
financial institution as a whole
- Improve
sales productivity ratios by targeting the right customers with the right
product at the right time
- Identify
key indicators that determine and predict profitable and unprofitable
customers
- Deliver an
omni-channel experience across all lines of business, devices, and
locations
At Informatic, we want to help you succeed. We want you to maximize the
value in these investments. For this reason, we’ve written a new eBook titled:
“Potential Unlocked – Improving
revenue and customer experience in financial services”. In the eBook, you
will learn:
- The role customer information
plays in taking customer experience to the next level
- Best practices for shifting
account-centric operations to customer-centric operations
- Common barriers and pitfalls
to avoid
- Key considerations and best
practices for success
- Strategies and experiences
from best-in-class companies