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Top Banking Priorities for 2015

Jan 7, 2015 2:31:34 PM

Put Account Holders First

With so much competition in the financial services industry it can be hard to know what your top priority should be for 2015. Do you focus on compliance? Back-end technology? Customer service? All of the above?

Over the past few weeks thought leaders across the industry have united around a single suggestion for what should be the top banking priority in 2015: Develop a customer-centric banking model.

Here are the two critical components of customer-centric banking:

  1. Develop better customer analytics tools

  2. Develop better digital banking solutions

What Thought Leaders Are Saying

Thought leaders have repeatedly endorsed the idea of customer-centric banking in 2015. For instance, when Jim Marous asked 60 global financial services leaders what their top predictions were for 2015, they highlighted the two components of customer-centric banking listed above. Marous says, “Two of the most omnipresent trends evident in this year’s predictions were the heightened use of customer insight for the delivery of services and an enhanced customer experience, and the continued development of digital channels and associated digital services.”

PwC puts it this way: “In 2015, we foresee the acceleration of a trend that’s been under way since the end of the financial crisis: the increased commoditization of retail banking products. ... This consumer-focused approach can improve revenue by attracting new customers and increasing the bank’s wallet share of existing customers. What’s more, greater marketing precision can direct banks’ spending more efficiently and help control costs.”

Deloitte came to this same conclusion in their 2015 Banking Outlook report. They say, “As the economy improves, banks cannot hope to just ride the wave, but instead will need to become more savvy — in their choice of target segments, product offerings, and pricing. Getting even better at data and analytics will clearly help here, as will the use of technology to redefine customer experience, both in the retail and commercial segments.”

Dave Edmondson, senior managing director at Accenture, echoes this refrain as well: "2015 will see banks move beyond their traditional role as product providers to play a deeper role in the everyday lives of their customers. With digital technologies, banks will help customers reach decisions about what to buy, and where and when to buy it—whether it's a home, car or even a restaurant meal.”

Collectively, these findings, along with a survey from Ovum Research of 500 CIOs, show that financial institutions are making a “shift from compliance-based spending to projects that will drive growth.”

Become Customer Centric In 2015

It’s the same theme over and over. Financial institutions that develop a customer-centric model will grow their top line and beat out the competition.

Again, at the heart of this model are two key components:

  1. Develop better customer analytics tools

  2. Develop better digital banking solutions

The MX platform enables financial institutions to deliver on these two critical priorities for 2015. Enhance your customer analytics with Insight and Target, and enhance your digital banking with the Helios framework. With the MX platform you’ll be ready to become a customer-centric institution and meet the needs of your account holders.

See the MX platform.

Topics: Industry Trends

Jon Ogden

Written by Jon Ogden

Jon Ogden is the Director of Content Marketing at MX.

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