Profit margins are hurting amid regulation, industry consolidation, stagnant economic growth, and risk aversion. How are firms strategically earning consumer trust?
Historically, most financial products and services were very profitable on a standalone basis. Growing regulation, industry consolidation, low economic growth, and risk aversion are putting pressure on profit margins. To maintain acceptable margins, organizations must gain a larger share of their institutional clients’ wallets and will do so by employing client-centric business models.
Leading institutions are updating their product offerings, business models, and client relationship strategies to gain “trusted advisor” status and gain a larger share of wallet with their targeted clients. Voice of the customer (VOC) analyses are increasingly used as a tool to determine the business changes needed to better attain “top provider” status.
Beyond products and services, VOC tends to focus the quality of the customer experience. In our view, many institutions have experienced significant difficulty designing and implementing effective VOC programs. To be successful, delivering a consistent customer experience for top clients requires a holistic, multi-dimensional approach.