So, just how customer-centric is your institution? Take a minute to answer a few questions regarding your strategy and how your institution plans on or already is delivering on the promise of customer-centric banking.

1. A customer comes in and after reviewing your pricing asks you to match a competitor’s price. What is your institution’s response?
2. Customers want to be rewarded for their loyalty. How does your bank reward customers for bringing more products and balances to your institution?
3. How do you incentivize customers to strengthen / deepen their relationship with you? (pick one that applies the most)
4. How granular and frequent is your pricing today?
5. What factors do you consider when setting pricing?
6. How do you track retail customer responses to offers?
7. Based on your current processes how rapidly could you realistically change pricing if the market were moving quickly?
Mortgage:
Deposits:
Consumer loans:
8. Would your sales people ever refer a customer to another division if they thought their product was a better fit?
9. Where are you in your journey to create a 360-degree view of an entire customer’s relationship?
10. Finally, on a scale of 1 to 5 how would you rate yourself on your customer-centric banking journey today? (1: Just Getting, 5: Market-leading)
11. Do you currently or in the next 12 mo anticipate investing in a Customer-centric Product & Pricing initiative?

Thank you for taking the assessment. Please provide your email to receive your personalized report.

You are well on your way to becoming customer-centric! Your institution is leading the pack when it comes to implementing processes that truly put your customer’s first. You know that it goes beyond more drive-thru lanes and digital kiosks but a truly personalized customer experience starts with giving your customers tailored products and offers that meet both their needs in real-time – and your institution’s goals. Keep up the good work!

 

Recommendation: Take a look at your pricing optimization processes. You may have it down pat but interview your front-line sales team and get feedback on how customers are reacting to those prices and offers and also how your employees handle those reactions. Remember, deals are won and lost in-the-moment so arm your employees with the power to succeed. Make sure you have a process to capture that information not just for audit purposes, but so that it is understood throughout your organization as that will help you deliver a next-level experience. True customer-centricity is a journey, not a destination.

Your institution is building a great framework for a truly customer-centric experience. Your pricing process recognizes full client value and your product bundles are more tailored to client needs compared to many of your competitors. Customer needs and demands about how they want to interact with your institution will continue to evolve so remember that your customer experience is a journey, not a destination. Continue to build out your digital transformation plans – but don’t forget to look at transforming the things that actually win the customer in the first place – your products and offers!

 

Recommendation: 

A large part of digital transformation plans are missing the piece that ties your employees into the process. Make sure you are capturing customer sentiment and reactions to your offers and rates. Work outside of line of business silos and centrally manage that information to ensure that your entire organization can track what is working – and simply what is not.

Most of your peers are doing more than your institution to win and keep their customers - and yours. Right now it seems your pricing is determined by siloed portfolio goals which means your sales conversations are confined within each line of business, not across your entire institution. You also could be leaving money on the table by just offering flat rates and not segmenting your customers. Given the severe pressure you are under to hit you’re your targets it’s time to get to know your customers better, leverage the right data better, and deliver offers that your customers really want, when they want it.  You know that customer-centricity isn’t just a trend word – that’s why you are looking for new strategies to provide an experience that puts the customer first. Keep on that path!

 

Recommendation: Look at how you are investing in your customers. Often, institutions bucket customer-centricity into more kiosks, a better mobile app but fail to place time and money in the true reasons you have customers – your products and offers. Be sure that you are looking at your pricing strategy holistically. Customer-centric pricing institutions have the ability to make offers determined by the customer’s specific needs in real-time and that kind of intel requires connectivity and understand as to what is offered to customers and also how they respond throughout your institution. Look for ways to centralize that data and make it work for you.

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