Starting and growing a business across any market sector requires a monumental effort. However, the key to keeping a company refreshed and thriving is the ability to remain relevant in the market and meet the needs of its customers. Therefore, when examining business or product strategy to drive growth, it’s crucial to go back to basics and re-evaluate the game plan from the perspective of “relevancy.” By doing so, businesses can ensure that they continue to provide value to their customers and stay ahead of the competition. In short, staying relevant is not a choice but necessary for long-term success in any industry.
What does it mean to be relevant to customers in banking?
Being relevant to customers means that your products, services, and brand meet their current and future needs and expectations. It means that you are providing solutions that address their pain points and challenges and that your offerings are aligned with their values and preferences.
In banking, relevancy also includes the ability to help customers as their needs and preferences change in an ever-evolving financial landscape. This includes offering personalised financial solutions that align with their financial goals and values, providing convenient and accessible services, and maintaining high trust and security.
To be relevant to customers in banking, banks need to understand their customers’ financial behaviours, preferences, and expectations. Then, they must offer various banking services, including digital banking options, that cater to customers’ unique needs, whether individuals or businesses.
Even more critically, banks need to maintain high security and trust, which are essential for building and maintaining solid customer relationships. This includes protecting customers’ personal and financial information, offering fraud protection services, and providing quick and efficient resolution of any issues or concerns.
How does relevancy change in a digital environment?
To be relevant to customers in a digital banking environment, banks must calibrate their digital strategy and focus on delivering a seamless and convenient customer experience across all digital channels. Some core themes emerge when it comes to driving customer-centricity across remote and digital channels, all of which need to be sharpened over time. Here are six areas where investment is vital for market and customer relevancy:
Easy to use mobile banking app: Mobile banking apps should be intuitive and easy to use, providing customers with various banking services at their fingertips, including account management, managing bill payments, settlement amounts, and money transfers.
Personalised financial advice: Digital banking platforms can leverage customer data to provide personalised financial advice that aligns with their financial goals and needs. This can help customers make informed decisions about their finances
Advanced security measures: Digital banking platforms must ensure that customer data is secure and protected from cyber threats. This includes multi-factor authentication, encryption, and real-time fraud monitoring.
Digital Payments and Embedded Payments: Digital payments, such as mobile wallets and peer-to-peer payments, are becoming increasingly popular among customers. Banks must offer these services to remain relevant in a digital banking environment.
Embrace the BOT: AI and ML can help banks better understand their customers and deliver personalised banking services. For example, chatbots can provide customer service and support, while predictive analytics can anticipate customer needs.
Services Beyond Banking: Customers expect to be able to easily integrate their banking services with third-party apps such as budgeting and financial management tools. Banks need to ensure hat their digital banking platform allows for easy integration with these apps.
Being relevant to customers also means providing a seamless customer experience across all touchpoints, from marketing and sales to post-purchase support. This includes providing exceptional customer service and building strong relationships with your customers. For more information on how to create an impactful relevancy strategy, check out Easy Guide 2 : The 8 step programme for staying relevant to your market and customers