In the previous part of this article, we discussed on “What will be the customer experience of tomorrow, what are the factors driving it and what can the bank of today do to address this and become the ‘bank of tomorrow?”
In this part of our article, we will discuss on the importance of putting the customer at the center and providing both tangible and intangible values to give the utmost personalised experience.
Customer centric, driven by purpose
Today, the unique selling proposition of any bank is the wide variety of products and services. It is as if variety is the key! Products are at the center of any bank’s business. To sell these wide varieties of products, banks highlight the benefits they offer, mostly centered around the rates. Or the bank of today is product centric and benefits driven.
But they seem to forget that these products are for a customer. Customers buy a product for a purpose.
We take a mortgage because we want our own home. You buy a debit card because you need the flexibility of spending money on the go. Here the products are the mortgage or the debit card, but the true purposes are owning a home or flexibility in spending. In fact, each financial transaction is driven by a purpose.
Banks have invested heavily in each product and the analytics associated with it. For example, plenty of banks of today can derive the lifetime value of a customer, measure each customer’s spending patterns and make targeted offers, but carpet bomb the same customer with multiple offers because either they are not able to derive insights from this data or do so in hope of believing that at least one offer will click. As PwC mentions in their report, ‘few can analyse a customer’s deposit account, see that his salary deposit has increased, and send a note congratulating the customer on his or her promotion together with an offer of a premium card and a higher credit limit.’