Post-Covid, the Financial sector underwent a big disruption due to the changes in the social and economic dynamics and more so because of the blooming of many Fintech companies, it resulted in making Banking customers re-examine their relationship with money, their relationships with banking institutions, and overall their financial outlook.
The Pandemic massively accelerated changes globally, that includes changes in technological, social, and economic setups, and thus shifted the expectations, needs, and habits of customers across all industries.
In the current scenario, the banking sector not just need to be the pillar of economic growth but also need to be part of the social fabric and become a wealth enabler for each of their potential customer. So they need to step up and align their purpose to the PURPOSE of customers and be an instrument of wealth creation and wealth management for their customers and work towards collaborative partnership.
It is the time to reimagine, rethink, re-invent, and re-boot to recreate a value-based experience that goes beyond the expectations of people.
This requires organizing the whole business around the creation of exceptional experiences, which is what we call the Business of Relevance. It entails not just the rewiring of the customer-facing functions of the organization: marketing, commerce, sales, and service, but also the back-end functions as well as the leadership approach.
The Business of Relevance is an approach that allows organizations to become not only customer-centric but also customer-focused.
This requires three things
- Understanding their hidden needs and aspirations
- Designing/ Creating multiple Products and Services that cover the entire customer spectrum.
- Being their consultant to help them choose the right fit Products
The whole exercise will help the banking sector to reignite its growth and also the customer’s wealth.
We identified two opportunity areas for re-inventing and re-booting the banking experience. When combined they represent Reimagined Banking
Solutions.
- Re-invent the banking Policies, Processes, and Products to bring Financial Inclusion
- Reboot the Banking Purpose with Compassion
