With a focus on digital innovation, he provides organizational and business process expertise to global companies striving to increase productivity, improve quality, and achieve a customer-centric approach to interacting with its customers. As leadership passed from one generation to the next, learn how Guaranty Bank & Trust preserved its local flavor even as it embraced a new vision of growth. Most banks began their digital transformation journey years ago, and have clear digital strategies – but, most of these strategies are limited to their customers’ last mile journey. Today, banks offer standardized products hardcoded with specific benefits, parameters, and rules–30-year mortgages, travel rewards credit cards, savings accounts with minimum balances. This article was originally published on April 14, 2015. Browse Banking, Customer Centricity and Examples content selected by the Customer Experience Update community. Under his leadership, the company has won several awards and is considered as a leader in enterprise products. Nanda Kumar: In spite of the pandemic, we have seendemand for our SaaS and cloud products among banks across geographies. He is also a widely read writer who has written for many technology-oriented newsletters and blogs. He pioneered the concept of relationship-based pricing -an idea industry analysts and thought leaders now acknowledge as the key to balanced pricing dynamics. Nanda Kamur is a technology evangelist with over 26 years in the industry, Nanda Kumar (NK) has shaped the wave of customer-centric software platforms and solutions for pricing and billing, particularly in transaction-intensive verticals. Nanda Kumar: Just a year ago, we had predicted that it would take at least another decade for global banks to truly embrace digital transformation. A customer-centric banking model became a buzzword after fintechs came to the forefront of the financial services market with highly attractive financial apps focused on end-users’ experience. This institution already knew the what and why. technology evangelist with over 26 years in the industry, Nanda Kumar (NK) has shaped the wave of customer-centric software platforms and solutions for pricing and billing, particularly in transaction-intensive verticals. Branch closures are not just a … In our experience, firms who start down this path typically spend most of their efforts on aligning around the what and why. Many organizations define high-level goals around products and brand, but they allow the customer experience to be defined separately at each of the touchpoints. They can start with a fairly low-risk method that allows them to utilize their existing infrastructure rather than overhauling their entire system and adopt a digital core. Therefore, organizations need to start with a clearly defined end-to-end customer experience and then translate how that experience will be executed through all interactions across multiple touchpoints. ... Over the past decade, the banking industry has faced an uphill battle. We help our customers quickly connect disparate apps and data sources within their business to solve data challenges and to make their processes more efficient.. centricity. Why should banks give priority to customer-centric approach and how can they enable it? Want Insight on the Latest Digital Payment Trends? Client-centricity deals with addressing the needs of clients as they change. Yes, technological advances are driving fundamental market shifts and a new wave of digital-driven disruption.1 But customers—increasingly seeking always-on, performance-based, and integrated solutions—may be an even greater catalyst.2 Indeed, customer expectations and demands are creating critical challenges—as well as opportunities—for employees across sales, services, support, and product functions. Nanda Kumar: Our work over the last three decades has earned us recognition as the world’s #1 relationship-based pricing and billing provider. Winning companies are responding by creating innovative approaches to the customer experience. This has left banks to reimagine their physical and digital strategy and identify new ways to meet customer expectations while simultaneously rethinking their business models and revenue strategy. ServiceNow banking solutions deliver transparent, compliant, customer-centric experiences in banking to help you stay focused on your priorities. We are also in the process of integrating with leading cloud applications that are primarily used by front-line sales and relationship managers so that they can instantly get a clear picture of their respective customers’ product portfolio, negotiated pricing arrangements, projected revenues, performance against the commitments assured by a customer, eligible offers as well as enquiries on invoices, fees, new products, offers – and a lot more simply to enrich their ability to enable better real-time customer experience. Nanda Kumar: Customer loyalty is fragile, and customer retention and trust are critical to any digital transformation initiative – and any banks’ overall success. What’s the role of SunTec in addressing the impact of COVID-19? One of the world’s largest investment banking enterprises based in the US has adopted our cloud applications to enable customer-centric pricing, power-up deal management and revenue growth. For this to occur, retail institutions need to shift from product-based, transactional focus, to a model that is more customer centric. It requires contact-personnel who are empowered to not only identify client needs, but address them speedily. He pioneered the concept of relationship-based pricing -an idea industry analysts and thought leaders now acknowledge as the key to balanced pricing dynamics. What can we expect in general for the fintech industry in 2021 (what will be trending in Europe / key markets)? NK has made SunTec one of the global leaders in revenue management and business assurance space in the financial and telecom industries. Regulations are constantly evolving, customer loyalty is inconsistent, competition is non-traditional, and a global pandemic has fundamentally impacted the way consumers engage with banks and other providers. In banking, customer centricity is about making people’s experience with their money enjoyable and simple. Banks must reimagine how they can extend their value proposition beyond core offerings to navigate today’s increasing market pressure and changing customer sentiments. In the US, the number of bank branches has dropped by 6% since 2009, and is now at the lowest level in more than a decade. A Modern Bank Brand Builds on its Branch Network Strategy. What is unique about SunTec and how does it stand out among its competitors? Mr. Morris has worked with banks, insurance, and financial markets companies globally in developing and advancing their customer analytics and digital strategy, which includes media/channel, customer/marketing analytics, organizational alignment, enterprise data management, data quality, situational and advanced analytics, big data discovery analysis, and data visualization. Habitually, banks think channels; customers don’t. Will you be in a position to disrupt or be disrupted? More and more financial institutions want to transform their organization to be more customer centric and focus on transforming their customer relationship marketing capabilities. What are the key factors that need to be considered by a bank looking to implement AI? [Trending Research] 2021 Consumer Demands, Banking Priorities & Recommendations. The market volatility resulting from the pandemic has taught us that the only thing the banking industry can be certain of in this environment is more uncertainty. The purpose was to discuss a customer-centric strategy. Your diet, your schedule, your pleasures, your sleep, your money – just tap on the icon on the screen, and you’ll have all you need. Relevant Customer Experience Beyond Banking – From a Bank It is not enough to have an easy, fast and convenient customer experience when the product is used because the customer has to know about the product and has to have the preference to try it. Regulations are constantly evolving, customer loyalty is inconsistent, competition is non-traditional, and a global pandemic has fundamentally impacted the way consumers engage with banks and other … To gain customer centricity, retail banks should realize that they can no longer offer just attractive lending terms or a free checking account to achieve success among customers. As the banking experience evolves from product-based to customer-based, banks must identify new ways to design and deliver hyper-personalized services that customers expect. Many companies lose sight of the customer experience as internal processes and organizational structures evolve organically over time. Future of banking: Customer-centric digital transformation. That said, the payoff for following through on the customer-centric journey can be enormous. To develop digital banking capabilities that are truly customer-centric, the bank must first look inward. The end-to-end customer experience should drive how interactions and touchpoints are designed. Our award-winning SunTec products and Xelerate platform help organizations adopt a customer-first strategy, exponentially increase revenue and customer base, deliver exceptional customer experience, prevent revenue leakage and ensure compliance. Putting users at the center of the product universe – Apple. Customer-centricity entails a company understanding individual customer needs and improving ... Parliament passed a series of regulations to govern the banking industry, and the Central Bank of Kenya strengthened its regulatory role. Under the guidance of NK, SunTec has forayed into areas such as offer management, loyalty and relationship-based pricing. Many organizations decide on what is easy for the company… and end up failing in the long run. In future, these activities will be automated, and employee roles will shift toward product development. It is these companies that are in a position to disrupt their industries (i.e., Apple, Google, Amazon, USAA, Tesla, to name a few). In this day and age, there is an app for everything. SunTec has partnered with AWS, IBM Financial Services Cloud and Microsoft Azure to help banks adopt our cloud-native and cloud-agnostic products to help design and launch products, offers, reward programs rapidly to meet the evolving needs of their customers. Please use a corporate/work email address instead. The role of the Chief Customer Officer is fairly new with an average tenure of two years. Those measures need to be clearly linked to compensation, rewards, and recognition. Fintech Trends: Customer-Centric Banking Only 20 years ago, the core of customer experience in the banking industry were meetings between clients and account managers. Customer-centricity It is apparent that focus on the customer is of paramount importance to the banking executives and that customer centricity is no longer just a buzz word. What many organizations fail to realize is that what is needed is an experienced enabled operating model designed around what is right for the customer, not what is easy for the company. 1 However, our 2018 global digital banking consumer survey suggests that these centers continue to maintain their value proposition because customer … Customer success and centricity in banking as with any industry boils down to measuring the fundamentals in the purpose of the relationship as far as the customer sees it. Due to huge volumes of spam submissions, and issues with email providers like Gmail, Yahoo, AOL, Hotmail, Outlook and others blocking our newsletters, we no longer allow subscriptions from these providers. The Banking Act was amended in 1999, and installed In fact, the majority of these transformations fail for the very same reasons. Traditional banks think that their hands are tied because of their outdated core technology and business models. Learn why & how leading FinServ firms are advancing from traditional personalization to customer journey orchestration to improve CX and business outcomes. And SunTec is helping our global banking clients achieve these goals. But COVID-19 has caused a sharp decline in branch traffic — a pattern that may linger for several months, or even years. Tom Ainsworth: Jitterbit Harmony is an API integration platform provider. Nanda Kumar: We are in unprecedented times, and banks must quickly adapt to changing goalposts, shifting customer needs and requirements, and continued disruption. Next year we should expect continued growth all around as consumer behaviours keep demanding better and more innovative products. Structure: Assign Organizational Authority & Accountability. Robin Amlôt discusses how banks should come to grips with artificial intelligence (AI) with the company’s Managing Director, Robert Hazboun. Instead of evaluating credit risks and deciding on mortgage approvals, operations staff will work with a… In response, firms are focusing on delivering innovative products, services, and channel applications, increasing one-to-one marketing programs, and transforming themselves from account-centric to customer-centric business models. They are now working hard to keep their distribution channels open while adhering to social distancing guidelines and are being challenged to perform functions that weren’t originally designed to be carried out remotely. Banks have the chance to not just enhance their customer satisfaction but achieve sustainable growth and above-average profitability by embarking on a customer-centric transformation. Changing processes means changes to … Both business and IT organizations need to be able to support rapid learning, application of insight to decisions, and nimble collaboration around the customer. Please introduce us your company and products/solutions you are offering. Wonderful, isn’t it? For example, Bank Millennium in Poland has … Companies from other industries achieve huge success using dedicated customer centricity. Customer Centricity in Banking Retain, grow, and attract customers with timely, holistic, and certifiably accurate data Retaining and grow existing customers while attracting the right ones is important to any financial institution. In order to do this, you need to be able to clearly translate the customer strategy and vision into tangible measures that people across the organization can influence. Customer Centricity in Banking Retain, grow, and attract customers with timely, holistic, and certifiably accurate data Retaining and grow existing customers while attracting the right ones is important to any financial institution. As we were preparing for the offsite, it became quite apparent that these leaders were not too interested in why moving to highly addressable marketing was important. Another way to pair strategy and technology for greater customer-centricity in banking is with predictive analytics. There must be a concerted effort to align banking products a nd services to customer needs. Our global digital banking survey indicates that satisfaction with contact centers and branches influences customers’ overall satisfaction twice as much as satisfaction with digital channels (read Recognizing the value of bank branches for more details on the analysis). We see bank-branches becoming experience centers like Apple Stores, offering a place for customers to explore products and services, and to solve more complicated banking problems. The answer is simple. These appointments were the key for establishing a trustworthy relationship and a positive customer experience. What’s next for SunTec? She has led numerous searches for chief marketing officers, chief digital officers as well as for leaders in customer experience, strategy and innovation. The majority of these individuals are sourced internally to fill the role. This involves moving some functionality over to systems that operate outside of the traditional layer of the core. In order to adapt to new circumstances and pass the “Digital Stress” test, what strategy should banks implement? Banking on customer . industry to maintain and grow customer relationships. And like most businesses, banks and financial institutions were forced to juggle immediate priorities while also recalibrating for the future. Why customer centricity … Mr. Alpert brings a wealth of insights and practical hands-on experience from 20 years of work in the financial services, consumer packaged goods, and pharmaceutical industries. With platform-as-a-service gaining traction, organizations also need to enable monetization models that can support the same to ensure that they are the primary choice of their customers for all transactions. NK holds a master’s degree in management and physics. In the finance industry, it’s often interpreted as conducting research and delivering products to meet customer needs. Daniel Alpert is a CRM Strategy Consultant at Merkle. Keywords: customer-centricity orientation, bank’s competitive strategy. This field is for validation purposes and should be left unchanged. Here are five tips to overcome these challenges and achieve organizational alignment in your journey to customer centricity. Nanda Kumar: The financial services industry is in a state of flux. Banks needs to be cognizant of their customers’ changing preferences. How do marketers quantify business outcomes across every digital and offline touchpoint? To prioritize their customer-centric efforts, banks must simplify complex operations and infrastructure, embrace intelligent technology and partners to create the right service bundles for their customers, and understand how to leverage customer data to offer service-first models. With the rise of customer-savvy fintech disruptors and low consumer trust in the financial services industry, it’s no secret that banks feel the pressure to drive personalized customer experiences. Needs, but address them speedily are charged with supporting these products and managing the rules them! 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