What is customer-centricity in FSI?
Customer-centricity is the concept of putting the customer at the forefront of everything you do as a business. It requires organisations to take steps to understand the customer better and to create a culture that empowers employees to make the best decisions for both the customer and the company.
This strategy focuses on creating the best experience for the customer by meeting their needs and expectations, as well as adding real value to their lives. In order to do this, they must be at the center of the company’s philosophy, processes, innovation, and decisions.
For the financial services industry, this means customer outcomes drive the organisation. It also means communicating with customers where they spend their time such as online and on social media.
Finally, it means using data to drive innovation to continually update your offerings to provide the best possible services and customer experiences.
But why should FSI organisations care? Becoming customer-centric is critical for any financial services business that wants to remain relevant and competitive in today’s market.
Not only this, but it’s important to understand that the customer is at the center of your profit, not your product or services. After all, today’s consumers have the power, and they can decide whether to spend with your brand or not.
They can also decide whether to recommend you to others or whether to leave negative reviews and comments about you online.
Here’s five ways your FSI organisation can be more customer-centric:
1. Encourage customer-first thinking
The only way to be truly customer-centric is to engrain this deep within your company culture. Therefore, encouraging every member of staff, at every level, to embrace and nurture customer-first thinking is absolutely key.
Through your teams developing a deeper understanding of your customers and by actively putting them first in every scenario, the business as a whole can better solve problems and pain points and win more loyal customers.
2. Be responsive
Did you know that nearly half of all customers (46%) expect companies to respond to their queries or comments in less than 4 hours? Despite this, the average response time of any business is 12 hours and 10 minutes.
This could cost you customers, no matter how loyal you thought they were.
Today’s on-demand consumers expect almost instant results, therefore, quick responses, whether through email, social media, web, or phone, are crucial. It’s no longer enough to just get in touch with customers as and when it suits your agenda. Nowadays, responsiveness and continual communication are expected, and if your business can’t keep up with demand, this could damage your reputation.
3. Inspire customers with engaging content
Customers also like to be engaged with great content, particularly if you’re targeting them with useful information - and even better if your business is using personalisation to really add value to their lives.
Creating customer-focused content that delivers a better experience can be done using a multitude of different platforms and can be the perfect way to grab their attention and inspire them to act.
Content can also be used to engage with consumers on social media, grow a community of fans, encourage positive online reviews, and ultimately boost the reputation and profitability of your business. As such, it’s worth investing in a customer-focused content strategy for your FSI organisation.
4. Make the most of data-driven insights and marketing
It’s no secret that data is the key to better understanding your customers and delivering a more impactful customer-centric experience. This is why 40% of FSI organisations say better targeting and personalisation are amongst their top three priorities this year.
Despite this, many are still relying solely on manual data collection. If you want to get the most from your data and be able to work from genuine insights, then you need to invest in the right tools and analytics, and AI is leading the way in this department.
5. Get the right technology in place
Finally, in order to understand your customers, to build a 360° view of who they are, and to communicate with them effectively, you need to make sure you have the right platforms and systems in place. This means investing in the right tools and technology. For many FSI organisations, this means investing in:
- Customer data platforms
- Marketing teams and tools, such as social media management software
- Customer relationship management systems (CRMs)
- Analytics tools
- Artificial intelligence and automation
And these are just a few key areas, for starters. Depending on the nature of your financial business, there may be other platforms and tools that are also beneficial to improving business functions and boosting the customer experience.
If you’d like to know more about how you can build a 360° view of your customers in your business, you can check out our comprehensive guide here.
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