Financial Service Firms Focus on Technology, Ignore Customers: Study
Customer-centric may be a hot buzzword in customer relationship management circles, but most financial service companies are still wrapped up in expanding their product lines, according to a new study.
According to research from Jupiter Media Metrix, four times as many chief executive officers indicated that they were focusing on increasing their mobile and online offerings as making their Web sites more accessible. The report warns that financial services businesses will lose marketing share if they don’t customize and simplify their customer-facing offerings.
The report, “Integrated Finance: Creating a Symphony Out of the Discord,” found that 57% of financial service executives believe that expanding online capabilities is a top priority, compared to one quarter who said that increasing trust and security is a main concern. According to Jupiter, this indicates a disconnect between the products online financial institutions are creating and the services their customers are seeking.
More than half of all consumers surveyed look first for customer service, while 59% want federally insured accounts, according to the report. Relatively few (7%) indicated the availability of promotions was a factor for choosing one institution over another. Jupiter’s analysts indicated this would produce more confusion among customers than the benefits would warrant.
In its analysis, Jupiter recommended that financial service marketers invest in personalization and customization capabilities, allowing them to make tailored offerings based on requested services and gathered usage data. Companies should position their offerings based on customer needs, as opposed to the latest technology. Finally, customers should be able to interact with all facets of their relationship
