Customer value leaders prioritize and invest in customer-centric capabilities
From the results of our survey of C-suite executives, it is clear that leading firms establish more customer-centric priorities and capabilities than lagging firms. These are the actions and investments that banks must make if they are to succeed, no matter which business model they choose to pursue. However, a consistent set of issues and challenges continue to plague organizations and prevent bold and thoughtful customer value acceleration.
Customer value leaders prioritize and invest in customer-centric capabilities to create space for deeper, trust-based engagement.
To become a customer value leader, banks should adopt a comprehensive plan, approach and organizational mindset that solves three critical dimensions in one connected agenda.
Crystallize growth ambitions and plan to execute
- Think — customer is the P&L; a customer-centric mindset must anchor growth ambitions
- Change the game — don’t just compete for share; create new value for customers
- Unlock value — change how people, processes, platforms, data and controls work across organizational silos to accelerate growth
High-performance leadership culture
- Promote vertical/horizontal alignment — align leadership across lines of business and enterprise functions around a common growth ambition with shared KPIs and incentives
- Embrace change agents — empower change agents from within and align the right leaders to the required roles vs. fitting roles to the leaders who exist
- Foster a performance mindset — don’t compete for talent; set the bar with a high-performance culture that makes the organization a “badge of honor” for talent
Executing beyond digital
- Create connected value — quickly and consistently incorporate partners into connected journey experiences on an industrial scale
- Win with closed-loop data — dominate the generative AI race with closed-loop data ecosystems that reinforce unique competitive advantages
- Focus on delivery velocity — solve the “how a bill becomes a law” problem by adapting internal processes, capabilities, delivery model and governance to support continuous delivery velocity
For all the challenges they face, banks can take action to boost performance and engage more deeply with consumers. Tomorrow’s winners will meet consumers where they are today and keep moving forward to accompany consumers throughout their financial lives. And because personal finances and lifestyles are so profoundly interwoven, consumer needs will only get more complex as change accelerates and the impact of technology is amplified.