The goal is to make customers feel that their banking needs are being well looked after—to become, in a nutshell, more “customer centric.” Yet to make those two words more than just a catchy phrase, banks that choose customer-centricity as a strategy must figure out how to transform their vision into actions that deliver on promises. A journey-based model will integrate resources with different capabilities and knowledge and will cut across the currently established siloes. For example, instead of tracking just average handle times and customer satisfaction at a call center, banks could drill down to see how much time millennials or residents of a particular state spend on the phone with reps. As banks increasingly focus on personalized interactions, a journey-based operating model will be required. Customer-centricity also means having a decent product or service to start with. Banks could also proactively reach out to customers whom predictive modeling indicates are likely to call with questions or issues. Our flagship business publication has been defining and informing the senior-management agenda since 1964. The need for the tools to enable it has never been greater and the suddenness and severity of the pandemic has forced the pace of change. Invest in … Something went wrong. We strive to provide individuals with disabilities equal access to our website. It’s a high-level goal that can be easily attained if banks address the way in which they structure both their operations and their business models. To meet those needs, banks need to make customer experience the starting point for process design. Or maybe a bank decides to offer loans that allow customers to specify their repayment plan and due dates. In the next ten years, this trinity will evolve dramatically. A variety of operational roles are charged with supporting these products and managing the rules governing them. If they spend longer than average, banks can determine why and, if needed, change how they communicate with these customers or adjust products or services to better serve them. Customer journey-based smart operations. But they’ll be joined by new contributing influences, including bigger pools of customers using digital channels, a workforce who may be reluctant to return to full time office working, a period of low growth that may increase pressure for cost cutting and a need to prepare against similar future events through the investment in the correct infrastructure and processes. Customer-centricity. It’s time that banks position contact centers as experience centers … Customer-centricity is the discipline of attempting to see things from the customer’s viewpoint rather than your own, including the essential understanding that those who are … In their quest to become more customer-centric, banks are advancing their technology, and the top investment for retail banking is the integration of platforms, regardless of bank size. hereLearn more about cookies, Opens in new The key to achieving this is a comprehensive and effective programme of banking innovation, focused heavily on optimising and digitising banking operations.Â. To attract this kind of talent, banks will need to expand their geographic footprints and identify talent pools with the required skills and attributes. Enabling Customer-centricity Through Banking Operations Innovation by Nucoro June 01, 2020 Banking Banks are fully cognisant of the fact that in order to remain relevant and competitive, they need to be on a flight path to a completely customer-centric operation. With the right platform capabilities, teams will also be able to develop new products and services, launch new journeys, refine the customer experience without the need for massive time and budget consuming technology overhauls. Only the best curated content, straight to your inbox. Customer experience has to be both the starting point and the focus for process design and operational innovation. They will need to rethink how the people who make the bank run are going to function. Automation and artificial intelligence, already an important part of consumer banking, will penetrate operations far more deeply in the coming years, delivering benefits not only for a bank’s cost structure, but for its customers. Operations might not be the most likely place for customer centricity – it’s not usually a profit centre, for a start. 1 However, our 2018 global digital banking consumer survey suggests that these centers continue to maintain their value proposition because customer service plays a key role in customer satisfaction. Branch closures are not just a trend in the US. To do this, banks will need to re-think how they staff, measure, and track performance, and ultimately deliver to customers. Please click "Accept" to help us improve its usefulness with additional cookies. Automating these and other processes will reduce human bias in decision-making and lower errors to almost zero. To do so, they need to understand what customers want, and how and when they want it. The customer can then be alerted about the mistake and informed that it has already been corrected; this kind of preemptive outreach can dramatically boost customer satisfaction. Banks can roll out seamless, end-to-end digital journeys by automating workflows and removing the need for manual intervention, for example during onboarding or loan origination. If you look at product-centricity as focusing too much on the product instead of the customer, then you fail of course. Exhibit Today, many bank processes are anchored to how banks have always done business—and often serve the needs of the bank more than the customer. Never miss an insight. Client-centric, also known as customer-centric, is an approach to doing business that focuses on creating a positive experience for the customer by … The ability to deliver this depends on the extent to which ‘customer-centricity’ is embedded within every single person in your business. We believe that a customer-centric retail bank should refine the following core competencies: Understand, anticipate and timely react to customers’ needs. Customer engagement is talked about a lot in banking. Regulators across the board have stressed the need for banks to be more customer-centric. As we’ve already noted, back offices will slim down. our use of cookies, and On the back end, systems would perform almost instant data evaluation about the dispute, surveying the customer’s history with the bank and leveraging historical dispute patterns to resolve the issue. There are two essential strategies to support this. For this to occur, retail institutions need to shift from product-based, transactional focus, to a model that is more customer centric. The major challenge in operational innovation is tackling historic operational models, Banks can roll out seamless digital journeys by automating workflows and removing the need for manual intervention, Partnering with fintechs accelerates the journey of banking innovation. © Nucoro Limited is registered in England & Wales with company number 12080118 and its registered office address is at Spaces, Citypoint, 1 Ropemaker Street, London, EC2Y 9HT. Customers can contact their bank any time through internet, mobile, or email channels and receive quick, real-time decisions. tab. It can also boost revenues by enabling banks to provide better products and services to customers. You can’t ignore an entire group, says panelist Jill Hudson, VP of loan operations at Vision Bank. Provide efficient, resilient financial services operations for enhanced customer and employee experiences. AI and advanced analytics could also improve dispute resolution. The future will look very different for banks and their customers in 2030. Customer expectations demand that every business function be customer-centric—including operations. ServiceNow banking solutions deliver transparent, compliant, customer-centric experiences in banking to help you stay focused on your priorities ... middle, and back offices. Secondly, operations consumes large chunks of banks’ annual budgets and the efficiency gains achieved through the use of digital technology reduces costs while freeing up financial resources that can be reinvested in digital innovation. The use of predictive analytics can dramatically improve the management of operations in several ways. Customer needs are changing at a rapid clip and banks are racing to keep up with the pace of change. Most transformations fail. Imagine, for instance, a bank launching a new credit card in which the card member gets to define the rewards points they can obtain–perhaps 30 percent of rewards going to an airline, 30 percent as cash back, and 40 percent at a specific retailer. They will also have tech, data, and user-experience backgrounds, and will include digital designers, customer service and experience experts, engineers, and data scientists. This evolution in customer demand means that banks are competing based on customer experience and the leaders in this field are already pulling ahead of the pack, with ease of service being cited as the top reason for both choosing a bank and sticking with them. No one buys a product that doesn’t respond to needs. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Use minimal essential This has led to drastic change in corporate customers’ expectations from the bank. The key to achieving this is a comprehensive and effective programme of banking innovation, focused heavily on optimising and digitising banking operations. Typically, US consumers have to wait at least a month to get approval for a mortgage—digitizing this process and automating approvals and processing would shrink wait time from days to minutes. Core operations deliver the customer experience. Learn about And it rarely has direct input into the design of products. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Instead of processing transactions or compiling data, they will use technology to advise clients on the best financial options and products, do creative problem solving, and develop new products and services to enhance the customer experience. For instance, if a bank notices that its older customers have a tendency to call within the first week of opening an account or getting a new credit card, an AI customer service rep could reach out to check in. Digitizing the loan-closing and fulfillment experience, for instance, will speed the process and give customers the flexibility and freedom to view and sign documents online or with their mobile app. The findings will help banks and other financial institutions to develop their strategies and operations in regard to customer-oriented thinking, which will further help them to create long-term, profitable customer relationships and improve future viability. COOs today need to have visibility into the ever-changing needs of the customer and the ability to measure the right metrics that drive success in meeting those needs. Today’s operations employees are unlikely to recognize their future counterparts. They will need a new hiring approach to assess and hire talent for operations with different skills from those required today. To prioritize their customer-centric efforts, banks must simplify complex operations and infrastructure, embrace intelligent technology and partners to create the right service bundles for their customers, and understand how to leverage customer data to offer service-first models. Banks need to improve on their quality and service standards and focus on a customer-centric approach to enhance the service relationship with customers. A digital investment platform with an open architecture enables banks to connect to their ecosystem via APIs and forge fintech partnerships. Put customers at the center Future competitive advantage and growth will rest on supply chains that can deliver innovative and hyper-personalized products, services and experiences. As more customer transactions move to digital channels, front-line branch employees will operate as skilled personal advisors, helping customers get answers to complex questions that can’t be addressed digitally, giving advice about bank products and features, and generally serving as a one-stop-shop for customers in need across journeys. Cultural change of this kind starts with clear communication from bank leadership about making the customer the priority and with the actions that leaders take in carrying out this new mandate. Engaged customers are the ones most likely to respond to offers, provide useful feedback, participate in positive conversations on social media and act as a resource for other customers, answering questions, making recommendations and providing referrals. But soon, operations will use their knowledge of bank processes and systems to first develop customized products and then leverage technology to manage and deliver them. This is a new paradigm in which customers will receive personalized advice, relying on a simpler organization. Digitizing the loan-closing and fulfillment experience, for instance, will speed the process and give customers the flexibility and freedom to view and sign documents online or with their mobile app. Call centers will all but disappear due to AI bots and automation, and branches will be scaled down in number and transformed in function. Typically, US consumers have to wait at least a month to get approval for a mortgage—digit… This will lead to a more positive customer experience and at the same time deliver operational efficiencies that mean customer-facing teams will have to focus less on processing transactions and doing administrative tasks. Banks that successfully transform operations to focus on customers rather than products will survive…and thrive. With the rise of customer-savvy fintech disruptors and low consumer trust in the financial services industry, it’s no secret that banks feel the pressure to drive personalized customer experiences. Same for call centers. Learn more about cookies, Opens in new Digital upends old models. Unleash their potential. We'll email you when new articles are published on this topic. Your submission has been received! cookies, better products and services to customers, McKinsey_Website_Accessibility@mckinsey.com. This will give operations employees time to help customers with complex, large, or sensitive issues that can’t be addressed through automation. It is apparent that focus on the customer is of paramount importance to the banking executives and that customer centricity is no longer just a buzz word. Build a roadmap to accelerate digitization: Banks need to act now to develop an aggressive tactical roadmap that outlines the plan for digitization and automation. Finally, applying analytics to large amounts of customer data can transform issue resolution, bringing it to a deeply granular level and making it proactive not reactive. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe, Supports leading financial institutions on strategy, sales and distribution, risk management, and operations effectiveness. In future, these activities will be automated, and employee roles will shift toward product development. Thousands of people handle the closing and fulfillment of loans, the processing of payments, and the resolution of customer disputes. Comprehensive data sets will also enable managers to set more KPIs. If customers can’t get what they want, when and where they want it, does anything else really matter? The major challenge in operational innovation is tackling historic operational models that are typically tied to products and have been designed with an internal focus, to meet the needs of the banks themselves. Finally, banks will need training approaches to develop not only technical skills, but also empathy and the ability to impress customers in every single interaction. Customer-centricity requires banks to re-evaluate what they know about their customers and to better understand who their customers are, what interests them, what they value, and what drives them. And these employees will have the decision-making authority and skills quickly resolve customer issues. In response, banks are shifting from a largely product-centric viewpoint, to a more customer-centric model. They figure out when exceptions can be made for customer approvals and help the bank comply with money laundering rules, to name but a few. In the US, the number of bank branches has dropped by 6% since 2009, and is now at the lowest level in more than a decade. It’s not surprising errors happen. McKinsey estimates that 75 to 80 percent of transactional operations (e.g., general accounting operations, payments processing) and up to 40 percent of more strategic activities (e.g., financial controlling and reporting, financial planning and analysis, treasury) can be automated. To thrive in a world where once-siloed roles like loan closing and fulfillment, compliance, and risk management become an integral part of product development, product management, and customer experience, banks will need to make major organizational changes. Something went wrong while submitting the form. For starters, far fewer people will be needed. Scale advantages are emerging for the largest US banks; their regional peers need to build highly efficient delivery models in order to compete. Innovation in operations offers several advantages. As financial institutions strive to keep up with the ongoing march of FinTech, a ‘trust gap’ still remains within finance – and incumbents may be able to use it to their advantage. Today, many operations employees perform dozens or even hundreds of similar tasks every day–reviewing customer disputes on credit or debit cards, processing or approving loans, making sure payments are processed properly, and so on. What should banks be doing to explore this further? In the last year alone, more than 600 bank branches were closed in the UK. With a journey-based model, banks will ensure operations resources own the customer inquiry or problem until it is solved. Banks can build detailed profiles from a multitude of data sets–including online interactions, geographic information from cell-phone usage, and aggregated payments behavior–and then apply analytics to predict the needs and desires of their customers—down to the level of a single individual in some cases. The banking leader of the future will be ambitious right now and be setting out a plan to speed up digitisation by focusing on the operations innovations that will boost customer experience and drive the next phase of growth.Â. Banks are fully cognisant of the fact that in order to remain relevant and competitive, they need to be on a flight path to a completely customer-centric operation. Today, these scenarios would be a nightmare for banks to orchestrate—each card or loan would almost require its own operations team. Instead of a bank addressing an error or customer problem only when it reaches a certain scale or frequency, software can find errors that happen to even just one customer, such as a fee that’s been miscalculated or a double payment to a credit card. Brings deep expertise in branch sales productivity, collections, and next-generation operating models for banks. This calls for three major efforts: Develop a plan to migrate to a journey-based organization: Today, functions such as call centers, payments processing, and risk underwriting are organized by product or segment. Helps transform banks and non-banks across a broad range of topics to sustainably drive revenue growth and to enhance efficiency. Customer-centricity isn’t as simple as asking customers what they want and making good on it, though that’s certainly part of it. This has shown just how much can actually be achieved in a very short space of time when these requirements shift from priorities to necessities. Instead of a major cost center, operations of the future will be a driver of innovation and customer experience. Flip the odds. Banks are fully cognisant of the fact that in order to remain relevant and competitive, they need to be on a flight path to a completely customer-centric operation. Thank you! Design and implement a new talent model: Operations employees in 2030 will need to know how to code, develop products, and understand data, but they will also need the personal warmth and insight to manage exceptions and deal with complex customer problems. Oops! However, statistics show that banks are slow to accelerate this move from a focus on selling products to selling customer-centric relationships. The accelerated pace of digital transformation in banking has raised several questions about the future of contact centers. Roles that previously toiled in obscurity and without interaction with customers will now be intensely focused on customer needs, doing critical outreach. Customer expectations and behaviours have changed dramatically over the past ecade. Organisations are expected to meet customers’ needs and expectations at every interaction, in return for customer loyalty. Automation and artificial intelligence, already an important part of consumer banking, will penetrate operations far more deeply in the coming years, delivering benefits not only for a bank’s cost structure, but for its customers. If you would like information about this content we will be happy to work with you. A customer-centric supply chain is the key to unlocking differentiated service offerings that drive revenue growth. We use cookies essential for this site to function well. Press enter to select and open the results on a new page. Furthermore, customer-centricty doesn’t end … Companies have been trying to adopt customer centricity for nearly 20 years now. Tweet. Subscribed to {PRACTICE_NAME} email alerts. Innovating Banking Operations with Customer-Centric Mindset By: Banking CIO Outlook | Monday, July 29, 2019 . The concept of customer centricity and its benefits have been discussed for more than 50 years. Operations staff will have a very different set of tasks and thus will need different skills. Today, banks offer standardized products hardcoded with specific benefits, parameters, and rules–30-year mortgages, travel rewards credit cards, savings accounts with minimum balances. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Innovation requires a complete change in approach, reinventing banking operations from the ground up to support customer-centricity. Financial institutions need to do big picture, board-level thinking about how to prepare for the revolutionary impact digital technology will have on banking operations. In a previous article, The Boston Consulting Group argued that, for retail banks, a focus on customer-centricity—defined as a way of operating “based on trust and fairness that uses knowledge of customers to meet their needs and achieve sustainable, valuable, long-term relationships”—is becoming an increasingly important differentiator in the marketplace. Reinvent your business. In ten years, back-office operations will look starkly different. Upgrading the customer experience is essential to remaining competitive in the modern banking market. Banks have always functioned with an organizational trinity: front offices (branches), middle offices (call centers), and back offices (operations). Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Numerous examples of new digital capabilities rolled out within just weeks and the wholesale move to working from home illustrates just what is possible when there is no viable alternative. That way, through integrated customer data, it gets optimum effectiveness through enhanced analytics; and in that manner in front of it lies customer-centricity. They will also have deep knowledge of a bank’s systems and possess the empathy and communication skills needed to manage exceptions and offer “white glove” service to customers with complex problems. Banks have a unique opportunity to lay the groundwork now to provide personalized, distinctive, and advice-focused value to customers. collaboration with select social media and trusted analytics partners Banks that lack a clear long-term automation plan—one that will result in a fully digital operation a decade from now—will struggle to meet customer expectations. Instead of waiting on hold or being pinballed between different representatives, customers could get instant, efficient automated customer service powered by advanced AI. Customers interact with their bank in many ways: In fact, they average 53 interactions a month (many are not transactions—where money moves). The COVID-19 crisis has thrown the need for focus on banking innovation into sharp relief. If you would like information about this content we will be happy to work with you. Instead of using simple arithmetic based on a limited number of variables to predict demand, demand predictions for specific products and services can be made based on granular profiles of customer segments and customer behavior using dozens or hundreds of variables. This often means finding a balance between traditional services and digital innovation. Select topics and stay current with our latest insights. With automation freeing up staff time, they will have the scope for a greater attention for higher value tasks.  With the right tools, they can advise customers on the best financial products, boost loyalty through tailored engagements and provide a more bespoke and engaging service. The bank made important progress, but the improvements were scattered and didn’t reflect a cohesive strategy. In fact, 68% of banking CEOs believe that without agility, they would be facing bankruptcy. Banks need to reverse this dynamic and make customer experience the starting point for process design. Banks have realised that they don’t have all of the skills and capabilities to remain competitive in today’s digital-first environment, so they’ve been expanding their banking innovation capabilities through their fintech partners. Firstly, it provides the potential to grow revenues by providing new, better and differentiated products and services for customers. 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