Banks today are scrambling to meet challenges raised by the current crisis with a number of customer centric initiatives from waived fees, deferred mortgage instalments, increase focus on digital enablement, etc. It is becoming obvious that business as they used to function earlier, will no longer be the norm going forward. Banks would need to think beyond the immediate situation and plan for the medium to long term and prepare for the new normal.
Apart from thinking beyond current models to retain customers, increase loyalty and drive efficiency, banks should also look at leveraging their digitalization and automation capabilities. Using this as a means to driving personalized solutions and bringing focus on key areas like transparency, choice, and personalization would lead to increased customer engagement.
Key Takeaways:
- Know more about why customer trust and retention are essential in this new normal.
- Understand what challenges banks face in delivering customer centric initiatives and how they are leveraging technology to empower customers.
- How are some of the world’s leading banks using customer empathy as means to focusing to retain their customer base, increase loyalty and drive growth.
- What are some of the business models and frameworks you can adopt to become truly customer-centric leveraging digitalization, and automation.
