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.
Global FS Advisory Leader & U.S. Banking & Capital Markets Leader
Tel: +1 (646) 471 2422
Financial Services People & Organization Practice Lead
Tel: +1 (646) 471 2377
US Asset & Wealth Management Sector Leader
Tel: +1 (646) 471 8763
US Advisory Partner, Banking and Capital Markets
Tel: +1 (646) 471 2580
Tel: +1 (415) 498 7941
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