A recent Deloitte mortgage status report emphasised that the increase in competition for customers has led to a closer focus, for many financial organisations, on creating a more customer-centric financial experience - but what exactly does that mean?
ANZ general manager, credit assessment and retail operations, Steve Morgan, says customer service continues to play a huge role in the industry and says a tailored approach is ideal.
“A generational shift is under way and driving changes to the business models of many industries, including banking…We must transform so customers continue to see fresh value in their relationship with us.”
Morgan says that, in some areas, the acceptance and acceleration of online usage is growing.
“For example, for credit card applications, [ANZ gets] about 40% of our applications online and have seen online transactions for core banking increasing year on year at double digit growth.”
He says it’s critical that businesses set up operations to support and enable this change, so that additional time can be freed up in the frontline for more complex customer needs.
“Where banking needs are of a higher value and more complex, our human nature is to want to talk to someone face to face. This is where the need to maintain strong relationships is important.”
There is clearly a need to continue to invest in a mixture of customer service offerings, Morgan says, in order to make sure face to face contact is supported by technology.
“The trick is getting the balance right and enabling customers choice of channel. It is critical that we tap into what customers really want, meet the customers’ expectations and find a simple way of doing it.”