If They're Happy, Do You Know It? The CIO's Agenda in Improving Customer Centricity at Financial Institutions

March 2012
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If They're Happy, Do You Know It? The CIO's Agenda in Improving Customer Centricity at Financial Institutions

At a glance

Insurance consumers want bundled products, customization, 24/7 access, and consistent interaction. Is your IT function up to the techno-task? Read on for key insights.

Financial services customers today are looking for financial institutions to deliver a new level of service that includes:

  • Bundled products, service, and advice
  • Institutions that build relationships instead of just pushing products
  • Greater customization and preference recognition
  • 24/7 cross-channel capabilities
  • Consistent interaction

As organizations transform from product- to customer-centric models, they need to balance customer satisfaction with profitability.

Financial institutions need to build an IT operating model and deliver technology solutions that enable customer centricity. Practices leading institutions have used to address these challenges include:

  • Aligning IT and the business while funding horizontal, customer-centric capabilities rather than focusing on siloed business unit investments
  • Expediting management decision cycles to respond to customer needs in a more timely manner
  • Developing a single view of the customer based on a centralized information repository and flexible technical architecture
  • Linking IT "people" strategies to the institution’s overall business strategies