In this module we will look at practical ways that banks can operate in a customer-centric way through specialist teams, techniques, and technology. We will also focus on addressing the challenges that banks face when trying to become customer-centric.

First: the importance of being able to create valuable insight from customer data. In an increasingly digital world, this cannot be underestimated. We discuss the basic requirements of the bank’s team and of their analytical and data platform.

Associated with creating valuable insight, banks must collect and track interactions across all channels. This allows them to analyse individual customer journeys to improve their sales and service processes and improve the return on their marketing spend.

Understanding who your most valuable customers are, keeping them, and growing them depends on being able to understand their current and future value, and how you realise their long-term value. For example, identifying future value potential through their propensity for a mortgage loan from the bank (by switching it from a competitor with a better deal) and determining how they will interact with the customer to convert that opportunity into a sale.

Customer Relationship Management (CRM) is now at the centre of any omnichannel or multichannel banking experience. But it so often cannot realise the expected benefits. We examine common problems, why these happen, and how to ensure that the bank’s CRM delivers or is remediated.

Customer data is often cited as being the ‘new oil’. It’s not, it’s more valuable. Like crude oil, it’s of no use in its raw state. We examine how banks can refine this raw material into an asset that helps better understand customers and their value to the bank. As a result it is enabled to design and implement profitable propositions that customers want to buy and use – and enjoy an optimum experience.