The bank* is an international financial services provider that wanted to improve its customer centricity. After a phase of cost reduction and numerous reorganisations, management set itself the goal of improving customer centricity. As a specialist in customer centricity, CustomersX was asked to set a transformation process in motion. The analysis based on the Customer Centricity Canvas concluded that decisions within the company were not aligned to increasing customer value.
CustomersX established a customer-value model, ran several co-creation workshops to optimise the digitalisation initiatives, and initiated a change process in customer-data acquisition and use for the individual country organisations.
Customer Value-based Decision Making
Customer-centric Transformation
Co-Creation
Customer Management
Starting from our Customer Centricity Canvas, the existing value potential among customers was examined at the start of the project. A customer-value model was then developed on the basis of internal data and a purpose-built customer survey. The cause-and-effect relationships were examined precisely. It emerged that metrics such as satisfaction or NPS® explain loyalty less well in the financial sector, and that the Customer Effort Score is clearly superior in terms of explanatory power.
The customer-value model that was developed was transferred into the CRM system, and the individual touchpoints for customer-data acquisition were optimised. The central challenges were aligning the approach internationally and taking into account the different influence of the individual value drivers on customer value.
To further strengthen the financial services provider's customer centricity, several co-creation workshops were held with management and selected customers. The goal was to improve the company's current digitalisation efforts — with reference to customer benefit and, in particular, willingness to pay.
As a result, it could be shown that, while numerous initiatives represented clear technological progress, they had no positive impact on customer centricity. This insight led to a re-prioritisation of the individual activities. Integrating existing customers more strongly into resolving other customers' support requests was a further outcome of the co-creation workshops.
Finally, the project initiated a transformation process in all departments responsible for customer-data acquisition and use. The goal was to create a solid data foundation that can be used as a further improvement of customer centricity for the financial services provider. This project approach was based on our unique DTC approach.
In summary
The bank was subsequently able to base its decisions on the development of customer value. A viable foundation was also created so that every employee can understand the benefit of improving customer centricity, and the necessary support for further change is in place.
*We take confidentiality towards our clients seriously. The name has been changed; the results are real.
