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Customer-led transformation in retail banking
Customer-led transformation in retail banking
KPMG offers “5Cs’’ to retail banks that are seeking to create superior customer experiences
KPMG identifies five essential areas we believe will help retail banks maximize their customer-led transformation efforts.
In our view, banks can achieve their goals through a relentless focus on these 5Cs:
- An unyielding attention on Customers and their experiences
- Cost optimization that is targeted and strategic
- The creation of an organization-wide Culture that embraces change
- Consistent concentration on Compliance
- The pursuit of new Capabilities around digital transformation
Executives are challenged with balancing competing initiatives, but at the core of almost every priority on this list is the consumer. Whether it’s an attempt to attract new customers, retain and deepen customer relationships, or build customer trust, all of these initiatives are customer-centric.
While strategizing, banks must contemplate the prioritization of all of the 5Cs, thus establishing balance across all areas and creating necessary synergies.
