Personal service is totally achievable
The increase in customer complaints drives home the fact that financial services firms are failing to put customers first.
Driving a more personalised service that can, when necessary, offer the right financial products or advice at precisely the right time isn’t completely out of reach. With the wealth of insights available from data, including credit and account history, institutions can easily reclaim their status as trusted advisors that understand each of their customers’ needs.
Today, firms need to be able to tailor current accounts and overdraft services so they’re more in line with a particular customer’s interests, demographics, location and account history. This will enable them to boost consumer confidence, grow margins and maintain market share whilst reassuring the market that they are acting in the best interests of customers.
Competition within the financial services industry is set to become even tougher. Yet worryingly only 26 per cent of retail banks and 24 per cent of consumers have the ability to adjust offers and services ‘in the moment’ based on customer behaviour today. This must change. New technology, if exploited properly means banks are better placed to gain critical insight into customer needs and protect the day-to-day reputation of their business