{"id":9990,"date":"2022-08-29T08:24:01","date_gmt":"2022-08-29T08:24:01","guid":{"rendered":"https:\/\/customersx.ch\/uncategorized-en\/2022\/customer-orientation-financial-service-provider\/"},"modified":"2025-03-05T22:53:52","modified_gmt":"2025-03-05T21:53:52","slug":"customer-centricity-financial-service-provider","status":"publish","type":"post","link":"https:\/\/customersx.ch\/en\/projects\/2022\/customer-centricity-financial-service-provider\/","title":{"rendered":"Customer orientation Financial service provider"},"content":{"rendered":"\t\t
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The bank* is an international financial services provider that wanted to improve its customer focus. After a phase of cost reduction and numerous reorganizations, the management set itself the goal of improving customer orientation. As a specialist in customer orientation, CustomersX was asked to initiate a transformation process. The analysis based on the Customer Centricity Canvas<\/a> concluded that decisions in the company were not aligned with increasing customer value. CustomersX established a customer value model, conducted several co-creation workshops to optimize digitalization initiatives, and is initiating a change process in the area of customer data acquisition and use for the individual country companies. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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At a glance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\"Customer-Value-based-Decision-Making-CustomersX\"<\/figure>

40%<\/h3>

Customer Value-based Decision Making<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\"Customer-centric<\/figure>

30%<\/h3>

Customer-centric transformation<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\"Co<\/figure>

20%<\/h3>

Co-creation<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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\"Customer<\/figure>

10%<\/h3>

Customer Management<\/p><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The whole story<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Based on our Customer Centricity Canvas, the existing value potentials at the customers were examined at the beginning of the project. Subsequently, a customer value model was developed on the basis of internal data and a customer survey set up specifically for this purpose. In the process, the impact relationships were closely examined. It was shown that key figures such as e.g. Satisfaction or NPS\u00ae explain loyalty less well in the financial industry and the Customer Effort Score has a clear superiority in terms of explanatory probability.<\/p>\n

The developed customer value model was transferred to the CRM system and the individual touchpoints were optimized for customer data acquisition. Key challenges were the international alignment of the approach and the consideration of the different influence of the individual value drivers on customer value. <\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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To further strengthen the financial services provider’s customer focus, several co-creation workshops were held with management and selected customers. The goal was to improve the company’s current efforts with regard to digitization: this with reference to customer value and, more specifically, to willingness to pay.<\/p>\n

As a result, it was shown that numerous initiatives represented significant technological progress but did not have a positive impact on customer orientation. This realization led to a re-prioritization of individual activities. Greater integration of existing customers in resolving support requests from other customers was another outcome of the co-creation workshops.<\/p>\n

Finally, the project initiated a transformation process in all departments responsible for customer data acquisition and use. The goal was to create a solid database that can be used as a further improvement in customer orientation for the financial services provider. This project approach was based on our unique DTC approach<\/a>. <\/p>\n

The bank was subsequently in a position to set the decisions in the company with regard to the development of customer value. In addition, a viable foundation was established that every employee can understand the benefits of improving customer focus and that the necessary support for further change is in place.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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* We take confidentiality with our customers seriously. The name has been changed, the results are real.<\/em><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Contact us<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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