Understand your customers to help improve their Financial Well-Being
True customer-centricity is a radically new way of envisioning banking and your relationship with your customer, requiring a holistic understanding of their needs and a more personalized digital service.
Companies like to talk about customer-centricity. It’s a buzzword that all too often lacks substance.
So what does putting the customer first actually mean? What does prioritizing customer needs look like?
Caring for your customer’s financial well-being is more important than ever with the uncertainty and insecurity caused by COVID-19. But creating an empathy-driven customer experience is a challenge, particularly for banks accustomed to measuring their success in company-centric metrics like revenue growth and cost savings.
But showing your customers that you value them reaps major rewards. Among customers who feel valued by their bank, 71% plan to stay with that bank, while 87% will advocate for it, and 82% plan to spend more money.
A report by Forrester titled "Understand Your Customers To Help Improve Their Financial Well-Being" explores how different customers have different attitudes towards financial well-being, highlighting the need for a more personalized and targeted approach to customer service.
Download for free the Forrester whitepaper to discover:
- The need to develop a more modern and relevant customer segmentation model to better understand customer needs.
- Forrester’s four main customer profiles and why their varying feelings about their financial situation require different digital experiences.
- How to tailor your service according to your customer’s particular financial circumstances.