Product, channel and customer management
By most measures, the diversity of financial institutions' customer bases has never been greater. Across most countries, disparities in wealth and financial sophistication have risen with the growth in aggregate wealth; population distribution across age groups has risen; households increasingly do not fit the 'traditional' family profile. These and other demographic forces have resulted in customer bases with a broader range of needs and wants than financial institutions have served in the past.
Although customer heterogeneity has given rise to many specialist financial service providers, established and large financial institutions have often not been able to segment and serve the market with differentiated products. In some sectors, the range of offerings has actually decreased as mergers have resulted in fewer players. Even those institutions that have been successful at managing multiple brands, channels and products, today recognize that many customer segments can be served more extensively and profitably than in the past.
The complexity of delivering services across multiple channels to different customer segments challenges organizations to understand which components of their businesses create value. PA has the tools and expertise to help financial institutions address this challenge and to capitalize on the opportunities in today's markets.
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