Customer Centricity: Moving From Lip Service to Digital Sales
Today’s consumers are tech-savvy, connected 24/7, social and impatient.
“Customer centricity” as a concept is nothing new. For more than two decades, banks and credit unions have lauded the benefits of putting people first. Indeed no institution would claim anything other than placing customers at the heart of their business model. However, all this talk about customer centricity is little more than lip service.
A study showed that:
- 75% of banks confessed they have not concentrated efforts on improving their customer experience, but instead have remained focused on sales-specific activities
- 48% of banks think the term “customer centricity” is overused
- One in five banks performs less than one percent of sales via digital channels, and 87% of banks perform less than 10% of sales via digital
- Only 12% of banks state that digital channels are the greatest source of customer acquisition, while 41% of banks still place the branch as the top source
But the current picture is predicted to change dramatically in the next three years. The number of banks performing more than 10% of sales via digital channels is forecast to jump from 13% today to 75% in three years.
In fact, more than a third of respondents think that only one-quarter of sales will continue to come through traditional channels by 2018.