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How customer-centric banking operations can build enduring customer relationships

 
May 27, 2016

To be successful in the age of the empowered customer, retail banks must find new ways to build enduring customer relationships. They must cultivate a comprehensive 360 understanding of their customerstheir ever-evolving needs and preferred channels of engagement. And, they must strive to achieve customer-centric banking operational excellence in order to deliver exceptional, personalized experiences that improve the lives of their customers.

So, how do you achieve customer-centric banking operational excellence?

The first step is to agree on a clear, actionable definition of the term. Without a clear definition, it is difficult to align employees and partners around your business goals and desired outcomes. Here are two definitions that focus on delivering customer value.

A philosophy of the workplace where problem-solving, teamwork, and leadership results in the ongoing improvement in an organization. The process involves focusing on the customersneeds, keeping the employees positive and empowered, and continually improving the current activities in the workplace. Business Dictionary

Each and every employee can see the flow of value to the customer, and fix that flow before it breaks down.SM The Institute for Operational Excellence

Both definitions contain elements that are critical to customer-centric operational excellence: problem-solving, teamwork, leadership, processes that focus on customer needs and continual improvement, and the ability for each and every employee to identify and eliminate processes that may negatively impact the customer experience.

The next step is to invest in technology, tools and information that help you deliver continuous value across your customers physical and digital journeys. To achieve customer-centric operational excellence, you will need:

  • 360 customer intelligence and contextual insights based on advanced analytics of customer dataall types from all sourcesacross their connected customer journeys
  • A true understanding of customers ever-evolving needs and desires so you can focus your operations energy and investments on delivering what customers truly value and expect
  • A silo-free environment where customer intelligence is shared in real-time across the organization and partner ecosystem for the delivery of consistent, frictionless and superior customer experiences
  • A business operational framework that provides operational insights across all processes to identify and eliminate process bottlenecks that affect the customer experience
  • Insights on channel, partner and agent operations
  • Insights into trends of customer impacting processes over time and their impact on high value customers
  • The ability to configure custom alerts that get triggered when critical processes or activities are breached

Customers want simple, seamless everyday solutions that are as individual as they are. Yet, despite all of the data available on customers and the number of analytics solutions on the market today, only one-fifth of respondents to a NGDATA survey felt their financial institutions understood them and their needs. The survey highlights a huge gap between customer expectations and what banks deliver. The gap will be filled by someone. Why not you?

Find out more about customer-centric banking and how you can leverage customer and operational analytics to build enduring customer relationships.

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Kathleen Holm is Marketing Director of the TCS Digital Software & Solutions (DS&S) Group. She has more than 25 years of experience marketing technology software and services to enterprises worldwide. She leverages her extensive background in enterprise software technology to help organizations develop effective marketing strategies, create targeted messaging and positioning, and implement effective go-to-market plans to improve corporate performance. Prior to joining TCS, Kathleen was a Senior Principal of technical product marketing for Oracle Fusion Middleware where she was responsible for defining the marketing strategy based on industry maturity and customer trends. She also held positions at IBM including Market Manager for WebSphere Developer Programs, Market Manager for Tivoli Integrated Service Management and Tivoli Brand Specialist. Prior to joining IBM, Kathleen worked with four high-tech startups.