Do not underestimate value of putting customers first

It is refreshing to hear that high-street banks are seriously addressing how they can effectively use their online presence to match their product offerings to customers’ goals (Bank websites need stronger connection, MW last week). However, it is vital that banks now take a multichannel, 360 degree approach to prospective and existing customers and not underestimate the value that a truly customer-centric approach can yield.

While the digital revolution has opened up myriad new routes to the consumer, banks must think about traditional customer service values and the potential that can be gained by treating each customer as an individual.

Marketing must be relevant to any consumer receiving it – with intelligent analytics ensuring the right offer is targeted to the right customer at the right time. In essence, do less marketing but smarter marketing, and achieve greater customer retention and increased customer value.
Organisations must not overlook the fact that this need applies equally to all customer interactions whether it be face-to-face, via a call centre or online.

With the face of high-street banking in the UK set to change significantly over the coming year, there is a huge opportunity for more nimble, smaller and start-up organisations to take on the established players. As such it is imperative that the big hitters focus on what they have to offer and how to match that to each customer’s needs.

Luke McKeever CEO, Portrait Software

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