A journey towards customer centricity: Tailor made financial services

With the advent of modern technology reshaping customer channels, coupled with the rise of a new, tech-savvy generation, banks in Asia are rapidly making the switch - from product-centric business models to customer-centric ones. Given customers are becoming increasingly sensitive to price changes in financial services, and the comparison and switching between banks made even easier today, the onus is on banks to re-evaluate their processes from the customer's point of view and gain a wholesome understanding of their various target segments. 

The development of online and mobile media has also created a vast new public tribune with tremendous commercial potential for banks. These new channels provide unparalled insights into consumers' private lives, their consumption habits as well as user-experience preferences.

While much has been discussed and debated on banks' customer centricity efforts, do banks truly understand which customer segments to prioritise, and which groups deliver the most returns? How competently are banks making  use of customer data in their evaluation processes? With customer wants and needs becoming increasingly diverse, the crux is to develop the right messages and services to the right customer, using the right channel and at the right time.

With increasing popularity of web and mobile applications, banks around the world are trying to leverage on the advancement of these technologies, as they attempt to more accurately target their customers, forecast their future purchases, and tailor relevant financial services accordingly. Banks' market share acquisition efforts today very much depends on delivering the best customer experience whenever and wherever the customer engage with the financial services provider. 

The Asian Banker would like to hear your views on this topic, whether you agree or disagree with the motion. Vote and contribute your thoughts to be part of this debate. The debate will conclude with a teleconsultation session on the 12th of December, 2013.