In a world where customer perceptions are being shaped by disruptive technologies from various sectors and businesses (think Amazon, Facebook, Uber or Airbnb), financial services organisations are facing vast new demands from customers. Customers are now accustomed to tailored products, services, and exceptional delivery, and expect the same from their financial services providers at every touchpoint.
Traditional financial service providers are also competing with new entrants into their own market. These tech driven game changers are upturning business models, service delivery and customer experience. Without the weight of legacy systems and processes, new fintechs have the potential to leave traditional organisations behind.
In addition, regulators are looking to financial institutions to not only comply with the law but to do so in a way which is consistent with broader and evolving community expectations.
There is an urgency for financial services organisations to transform, with the customer reprioritised to be at the core of every decision, process, product, service and outcome.
Here, we offer insights into the steps financial services organisations can take to develop a truly customer centric culture.
Asset & Wealth Management