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Discovering Customer-Centric Approaches in the Financial Sector

According to Deloitte, being customer-centric can make businesses up to 60% more profitable. But what is ‘customer centricity’? It is commonly known as a business strategy whereby the customer is at the heart and resides in the first place of the organization for the purpose of a positive experience and building long-term relationships.

Customer centricity is the ability of the organization's workforce to grasp the customers’ situations, perceptions, and expectations. The customer should be at the center of all decisions related to delivering products, services, and experiences to create customer satisfaction, loyalty, and advocacy. This strategy is focused on providing a positive customer experience before and after the sale in order to drive repeat business, enhance customer loyalty, and improve business growth. However, being a customer-centric organization involves more than just providing exceptional customer service.

Customer centricity is important because encouraging a customer-centric environment can grow customer satisfaction and loyalty. This results in stronger relationships with customers, higher retention rates, and an increase in customer referrals. Offering a positive and excellent customer experience allows the firms to stand out from competitors, leading to repeat business.

One of the biggest challenges is digital transformation. It shifts competitive positions acquired with great effort, erases the existing business models, and also offers opportunities to be the leader in digital competition.