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Customer advocacy is the foundation for growth in Financial Services

Apr 23, 2018
Customer advocacy is the foundation for growth in Financial Services

As the Financial Services industry experiences an ever-accelerating level of change through consumer behavioural shifts and regulatory challenges, the race to be the customer’s chosen provider continues. Building your customers loyalty and making them advocates for your brand is the bedrock for success. Customers have managed their finances on-line for some time, but are increasingly using new technologies to purchase.

The advent of “open banking” through the implementation of the second Payments Services Directive (PSD2) and the growing number of Financial Services players, will increase the range and choice of services available to your customers.

So, what can you do now to ensure that as choice expands, your customers first port of call is your organisation? And further still, that they are happy to proactively recommend your services to a friend.

Achieving this level of advocacy requires continuously high levels of service, from the promotion of your products through to the ongoing servicing of them. Employing some simple, but key, principles across your business will go a long way to delivering what the customer wants.

Recognise the customer – use the array of data you hold and demonstrate you know and understand the customer’s situation.

Deliver products that meet their needs – strive to do this, tailoring your offer if necessary. If you don’t, your competitors will.

Value the customer – let them know that their business is important to you

Make accessing your services easy – ensure the customer can use whatever channel they want, when it suits them.

Their best interests to be your focus – ensure all your communication is relevant, reflects your level of expertise and delivers the best outcome for them.

By focusing on these areas and driving your Net Promotor Score, your customers will have a level of affinity and trust in your organisation, that your competitors won’t be able to match. “At a time when so many things are changing in the Financial Services world, there can be a tendency to forget the importance of the here and now. Customers who receive a consistently strong level of service, tend to be much more loyal Customers who receive a consistently strong level of service, tend to be much more loyal to that organisation. And deepening your relationship with your customers will build their level of trust in your company, which is such an important factor when they choose financial products in the future”, said Jo Waddington, Client Services Director of OTB.

 


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