This section examines the core capabilities that a customer-centric retail bank will need to have to deliver a superior customer experience that improves satisfaction and builds trust and mutual value.

It starts by using the definition of customer management capabilities at the start of this Module:

  • “managing the relationship between an organisation, its people and its customers”;
  • “ability to gain, grow and keep valuable customers”;
  • “deep understanding of customer needs, behaviours and value”;
  • “engage specific customers or segments”;
  • “in a way that optimises their satisfaction and develops a relationship of trust and loyalty”.

Reality Check

Although it was conducted a few years ago, the findings of this report are hard to ignore and in the ensuing years, they will not have improved a great deal.

In 2014, the Chief Marketing Officer Council in the United States surveyed 500 global marketers and reported that:

  • 73 percent said that customer-centricity was critical to the success of the business and to their own roles;
  • 14 percent said that customer-centricity was a hallmark of their company and only 11 percent of respondents believed their customers would agree with that statement;
  • How customer experiences are being delivered and developed may not be as positive, with only 10 percent of senior marketers highly satisfied with their organisations’ ability to listen and respond to customer needs;
  • 18 percent believed that their back-office technology platforms could deliver on marketing promises;
  • 10 percent of brands were highly confident in their ability to use data to create insight and value;
  • 20 percent of respondents had a comprehensive view of all the touch points that make up the customer experience;
  • 28 percent were personalising customer experiences across both online and offline interactions.

The volume, variety, and speed of change overwhelms many organisations. Many don’t have the technology, systems, and processes to handle their data.

As a result, they cannot segment and profile their customers effectively. Others lack the processes and operation capabilities to target customers with personalised communications and experiences.