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How banks can retain their customers

Christian Fegler

Computer Sweden

21 August 2014

 

To read the Swedish article in full, click here.

 

Christian Fegler, PA financial services expert, has had a byline article published in Computer Sweden, which highlights how banks need to develop new digital offerings in line with customer expectations.

In his article, Christian comments on how the results of the Swedish Quality Index report on the banking industry speak for themselves – just three out of 10 customers have a high confidence in banks. Furthermore, because banks have reduced the number of their branches, this poses the question of how they will develop relationships with their customers when branches are no longer a natural forum. The latest figures from the Swedish Quality Index (SKI) report also shows that customer satisfaction in the industry has dropped radically.

 
The article goes on to emphasise how banks have been idle when it comes to launching apps for various payment solutions, when they could help to simplify the day-to-day life of customers. They have also been lax in converting their analysis of different customer buying patterns to develop more targeted offerings.

Christian says: “Banks need to get better at listening and learning from their customers to develop their services and it’s essential they are transparent so their customers don’t lose confidence. Several niche banks understand how to use the power of social media to drive innovation with their most loyal customers. Nordnet, for example, is using its customers to develop digital services through a continuous dialogue. They are asking their customers to share their investment advice and give them the opportunity to follow, and also copy, other customers' savings through so-calledsocial investing’.”

Traditional sales and marketing will soon be a thing of the past in a world where buying decisions as is the case with social media is determined at home. It's not just about a shift of power regarding influence, but also the ability to predict and control the buying habits.

Christian concludes by stating that through leveraging technology and knowledge, banks can create better relationships with their customers. His three top tips are to: 

-Meet customers where they are
-Involve customers through interest groups on social media to drive innovation
-Take advantage of social intelligence to analyse current buying patterns and drive

Whitout a digital strategy the banks are at risk of losing market share in favour of more innovative competitors.

Christian Fegler is financial services expert at PA Consulting Group
       


To read more about the need for digitisation of business click here  or contact us.

   
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