Financial institutions ignoring customer needs

While financial institutions should focus on improving their products and
services they should also pay more attention to the needs of their customers, a
report by PricewaterhouseCoopers has said.

The report carried out in association with the Economist Intelligence Unit
and called ‘Winning the battle for growth: Building the customer-centric
financial institution’ surveyed more than 250 senior executives in financial
institutions across the globe, on the subject of customer-centric growth.

Jeremy Scott, chairman of the global financial services group at PwC, said
banks, insurers and building societies needed ‘first and foremost to gear their
cultures towards serving the customer’.

‘This means putting customers needs, not short-term profits, first,’ Scott

The survey found that currently just 11% of survey respondents have a
customer service head in charge of the customer experience, compared to
retailers who have grown their profits by putting the customer at the heart of
their operations.

Asked to identify the obstacles standing in the way of becoming more
customer-centric, 48% of survey respondents pointed to problems with technology,
with two-thirds saying that improving IT systems is the top strategic priority
for the next 12 months.

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