A long term goal for any business will be to ensure that operations are running as smoothly as possible. Without a clear focus on developing both existing and new client relationships, however, this goal would likely be missed.
Especially in the banking sector, where competition is rife, and clients are becoming increasingly aware of how their own finances work following the development of open banking, the need for client centricity is now imperative.
From training employees to reviewing internal processes and implementing new ideas, client centricity needs to be at the forefront of every employee’s mind in order to improve operations and both attract and retain clients.
To better understand how to prioritise client centricity in the banking sector, there needs to be knowledge of what it is, and how it can be implemented.
What is client centricity?
Client centricity is defined as a business approach that focuses on the needs of the client or customer – at every stage of an operation.
Within any professional industry, the implementation of client centricity will guarantee that employees at all levels are doing everything in their power to ensure that customers are getting the best product or service for their money or investment.
According to Zendesk, 75% of people would return to a company with excellent service and 56% would recommend it to family and friends, further highlighting that a business model that puts clients first is worth the investment.
Prioritising client centricity in the banking sector
We’ve previously discussed the importance of client centricity in the banking sector when it comes to ensuring that employees are up to speed with the latest market developments within the industry.
Client relationships are the lifeblood of so many banking corporations, meaning that it should run throughout the business lifecycle. With technology and innovation becoming more and more prevalent, and with open banking continuing to dominate how clients manage their finances, it can be challenging to stay ahead of the curve and focus on communication and interpersonal skills.
Qualtrics state that 71% of all customers who part ways with a bank do so because of an in-person problem. This reinforces the idea that practical communication and interpersonal skills throughout an entire workforce is still as vital as it’s ever been in banking.
While the other half of operations will be focused on innovation, competitor analysis and producing the highest quality products, without a clear strategy to build the best possible service to reduce the disparity between bank and consumer, then a business is destined to fail.
MDA Training’s approach to client centricity
Here at MDA Training, we are fully aware of how important client centricity is in the banking sector. That is why we have designed a bespoke, simulation-based programme that will allow employees to step into the shoes of a typical customer and experience products and services from their perspective.
Delivered using a range of innovative techniques, our programme provides an engaging experience which serves to develop commercial skills, improve learning retention and express the importance of client centricity throughout an entire hierarchy. A typical programme explores:
- How a bank generates a return
- Retail banking
- Global markets
- FX and currencies
- Corporate finance
- Institutional clients
… and much more.
To provide more context, we have created a brand new business simulation builder, which allows you to develop a programme directly related to your business goals and KPIs. To find out more and begin creating your bespoke plan, please visit our Simulation Builder here.
As competition rises and consumer expectations continue to grow, the need for client centricity has never been more prominent. A business that clearly outlines its goals and incorporates how their customers can maximise their services will inherently perform better than a company that neglects these values.