Banks are terrified! The solution: Technology and a Customer Centric Strategy

As many of us who’ve worked with the banking sector know, they can be a risk adverse and change resistant group. But in a recent article in the Australian, ANZ’s Chief Executive Mike Smith cautions, it is an industry about to face a ‘tsunami of disruptive technology’, a change he describes as “terrifying”. Some of the source of that terror is driven by the pace of change happening in Silicon Valley where small and medium start-ups are breaking into the market with competing services previously confined to the banking industry.

We believe that to survive and thrive, banks will not only need to start playing in the digital sphere and embrace innovative technologies but also start looking and behaving like customer centric organisations like Amazon (considered by several as the most customer centric company in the world), delivering meaningful and delightful services. And as a customer insight specialist we know that it all starts with first understanding your customer needs and aspirations.

Over the years we’ve helped numerous organisations do just that and where we often find the real magic happens is when the organisation and customers goals align. Technology came into our lives to help us answer customer desires in an easy, reliable and user friendly way. Its use must facilitate the interaction between company and customer, generating a tight and last longing relationship.

Proto Partners helps companies create feasible (Your company has systems to develop it), viable (Your company can afford it) and desirable (Your customers want it) solutions that can be later prototyped and implemented.  In even simpler words, do customers WANT it, can we MAKE it, and is there a market for it?

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Posted on July 18, 2013 and filed under Banks, Customer Experience, Service Design, Technology.