There are fundamental blocks of customer centricity that all banks must build. It is vital to have strong engagement channels for customer service excellence and a tailored financial product offering. As we head into 2024, banks should have already made substantial progress on these fronts as part of their digital transformation initiatives.
Likewise, banks need to have a firm plan in place to overcome the challenges related to their branch network. The days of the traditional in-person experience are numbered and doing nothing is not an option.
However, building upon these foundations, there is more room for individual strategies to succeed. This could be pivoting to include more ESG products or overcoming the finer points of CX experiences. More future forward banks may choose to take a chance on Gen AI in a serious way to get ahead of the curve or merge with tech companies that have more innovative offerings.
Whatever banks decide in the coming year, it must fulfill the emotional requirements of the customers. This is what’s at the heart of true customer centricity. It’s about providing the full breadth of experience – from service and products to technological ease – that builds trust and loyalty.
The banks that succeed in developing customer-centric experiences will be those that succeed in general.