Livework newsletter
Subscribe to our newsletter and don't miss a thing ;)

The digital customer relationship in financial service

Customer trust and loyalty towards financial service providers is extremely low and is dropping further. Massive investment in systems, products and processes hasn’t transformed the relationship with customers into something more solid and long term. Customers who experience a better – often digital – relationship, in other sectors are forcing financial service providers to improve relations, or risk losing them to others.

Mini Story

Digital and interactive relationships impact on customer loyalty

Internet and mobile devices have changed the usage of online banking services and have completely changed customers’ daily lives granting mobility and instant, easy access to banking services. They’ve also changed customer relationships which have become more interactive, digital and less personal. While close contact, long term relationship and more personalized advice is critical. Customers become less loyal. Customer engagement, loyalty and satisfaction are under serious pressure.

Mini Story

Analysing big data doesn’t necessarily mean understanding the customer

New tools make it easy to analyse large amounts of unstructured customer data but cannot be more important than understanding the customer relationship. Banks know their customers and their behaviour but don’t know their needs. Business Intelligence may encourage product innovation but understanding customer data doesn’t equal knowing customers. Banks should communicate more direct and proactive to understand customers’ current situation and anticipate potential needs.

I have read and agree to the Privacy Policy.