Customer-centricity used to be something that the marketing department was responsible for. But in the Age of the Customer, it needs to be at the heart of the business, which then ripples right through every department — from operations to marketing, sales, management, legal, and compliance.
In a data-led world, businesses are now able to track more than ever before. But we find that they are falling in the trap of tracking too much. Members of the Board have forgotten that reports rarely advances their strategic position in the market, makes a customer happy, or generates profit.
In the past, customers often trusted banks on the basis of their scale, professionalism, and history. Today, customers are more likely to measure the trustworthiness of a bank based on their customer service and support. Customer-centricity is likely to be the key to winning over customers again.