How customer centricity is overcoming challenges in the banking sector

Thirty years ago the banking market was dominated by the big 4 – Barclays, Lloyds, NatWest and Midland.

They all delivered a fairly standard set of products and services, and customer service was centred around a wide branch infrastructure, and strong face-to-face relationships between the bank manager and its local customers.

Fast forward 30 years…

The global financial crisis dealt the sector a massive blow. Trust hit an all-time low, which coincided with the rise of internet and mobile banking and saw customers start demanding the type of service levels championed by Apple, Virgin and Amazon.

Add to this the burden of an ever-more demanding regulatory landscape, and the rise of challenger banks and FinTech startups. Unburdened by legacy systems, these new entrants are using new technology to break down barriers and rapidly gain market share. The banking landscape could not be more different.

Levelling the playing field

In today’s highly competitive banking environment, standing out from the crowd, getting closer to and strengthening relationships with prospects and customers, and proactively supporting clients are all high on the agenda.

But customer centricity takes time; a luxury that busy bankers don’t have. Technology is helping across many fronts:

Winning new clients and growing market share:

  • Taking the stress and time out of building reliable prospects lists
  • Assisting in the building of strong social networks, to opens doors with decision makers
  • Building a more tailored approach through a deeper understanding of what’s happening in the customer ecosystem
  • Generating up-to-date insights that resonate with prospects and elevate conversations

Retaining clients and building customer advocacy:

  • Real-time intelligence, news and social media alerts and information for a better informed and more proactive contact approach
  • Easily accessible 360° view of the customer ecosystem – customers, suppliers and wider market

Managing risk

:

  • Tracking client trading performance, key ratios and trends, from reliable financial data sources
  • Delivery of local and national news alerts that capture risk news stories and regulatory updates
  • Tracking end customers and suppliers to uncover wider external events

Building reputation and expertise:

  • Collecting and curating news stories and delivering a platform to share insights across social media to build market eminence
  • The ability to listen at scale, and deep-dive industry information for the development of thought-provoking content

How Artesian is playing its role in the new world of technology driven customer-centric banking:

The choice of the customer-curious bank, we are working with the likes of Barclays, RBS, HSBC and MetroBank to tackle the key challenges of winning new business, retaining clients, managing risk and building reputation.

Listen to what our customers say from the banking sector on G2Crowd.

Review Artesian on G2Crowd

Artesian enables our banking clients to administer and deliver a proactive, personalised service across a diverse portfolio of customers. Contextual, relevant insight into companies, markets, industries, individuals and topics, from millions of sources, are filtered and transformed, into commercially valuable insights in order to:

  • Stay informed – effortlessly add customers and topics of interest to your watchlist and receive up to the minute, market and company news prioritised by relevancy
  • Discover opportunities and risks – colour-coded triggers highlight expansion, new spending initiatives, key personnel moves and financial performance
  • Engage proactively and personally – share insights with clients to stay front of mind and develop a long-term, trusted relationship. When it’s time for a customer call check out the latest news about them on the Artesian Ready mobile app.
  • Increase customer satisfaction and retention – foster a customer-curious culture using dashboards which monitor adoption and best-practice customer interactions

Our customers concur that genuine interest in clients, a deeper understanding of their needs and insight-enriched engagement is helping to build trust, improve service, provide greater choice and ultimately deliver better results.

To discover how we can help you transform your customer centricity, watch our webinar ‘Deeper Engagement: Better Results‘.

We also have a product overview dedicated to the Financial Services sector. Download the guide and see why all tier one banks are using Artesian to improve customer retention and managing risk.