Insights Thought Leadership

For Financial Institutions, the Importance of Customer-Centricity in a Digital World

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Omnichannel

Customer-centricity has shifted from a nebulous and subjective consumer term to a well-studied topic. At ARGO we have studied customer experience and satisfaction for decades and found that if organizations don’t truly understand their clients, there is little chance they can successfully satisfy their needs. Research indicates that customers have a long list of expectations regarding how they want to be treated, and in today’s market, they demand a high level of satisfaction from their service providers. Banks and credit unions can achieve customer-centricity through more proactive engagement, driving digital customer satisfiers up and eliminating customer dissatisfiers. This is particularly important for financial institutions as, in many cases, dissatisfiers actually are more harmful to overall customer satisfaction than the upside benefit of satisfiers.Industry studies show that 70 percent of buying decisions are based on how the client is treated, yet in retail banking, we see an 80 percent abandonment rate in digital fulfillment – indicating a significant lack of customer-centricity within the industry. This presents opportunity for financial institutions as positive customer experiences are directly linked to enhanced customer loyalty, which in turn ultimately increases the value of a customer’s assets and future profitability.

True customer-centricity is more than simply assuming that customers are satisfied, however. It requires quantifiable confirmation of customer satisfaction through metrics and data analysis. Banks and credit unions can better ensure that their customers and members are satisfied with their experiences by leveraging customer behavior detection mechanisms within their digital marketing components.

Positive customer experience is recognized as a key component to increase revenue growth, but few can articulate how best to implement it. Complicating the situation further, customer-centric models are often thought of as subjective and not precisely defined and measured. At ARGO, we are helping banks and credit unions overcome this through the precision of the ARGO Connects platform, which allows customer-centricity to be defined, quantified and executed profitably.

To learn more about ARGO Connects and how your institution can drive profitability through better customer experiences, download our interview brief, "How ARGO Made Connects 'Customer-Centric.'"

Download  How ARGO Made Connects  "Customer-Centric"