Bahaa Abdul Hussein is a Fintech expert and shares his experiences with his audience through his blogs.

Simply put, customer centricity is putting the customer at the center of your business. It’s making sure that every decision you make—from product development to marketing to customer service—is based on what’s best for your customers. And it’s not just about making them happy; it’s about creating long-term relationships that will turn them into advocates for your brand.

How has customer centricity shaped financial services reform?

Since the financial crisis of 2008, there have been calls for reform in the financial services industry. One of the driving forces behind this reform has been the shift towards customer centricity. In the past, financial institutions tended to focus on their own profits and growth, often at the expense of their customers.

However, in recent years there has been a shift towards placing the customer at the center of everything that a financial institution does. This shift has been driven by a number of factors, including increased competition, changing customer expectations, and new technology. As a result of this shift, financial institutions are now starting to offer more customized products and services, as well as improved transparency and communication.

What are the benefits of customer centricity?

A customer-centric business is one that has a deep understanding of its customers and puts their needs at the center of everything it does. While this may seem like common sense, many businesses still operate with a product-centric mindset, focused on creating and selling products without taking the time to understand their customers’ wants and needs.

The result is often high levels of customer churn, as customers become frustrated with products that don’t meet their needs. In contrast, customer-centric businesses are able to create long-term relationships with their customers by providing them with products and services that they actually want and need.

As a result, these businesses often enjoy higher levels of customer loyalty and advocacy. In addition, customer centricity can also lead to increased profitability, as happy customers are more likely to make repeat purchases and recommend products to their friends and family. Consequently, there are numerous benefits associated with operating a customer-centric business.

How can financial institutions become more customer-centric?

In order to remain competitive, financial institutions need to find ways to become more customer-centric.

  • One way to do this is to make use of customer data to create a more personalized experience. For example, banks can use data such as transaction history and spending patterns to offer tailored products and services that meet the needs of individual customers.
  • Another way to become more customer-centric is to simplify the process of opening and using accounts. This can be done by providing clear and concise information online, as well as offering customer support that is easily accessible and responsive to inquiries.

By making these changes, financial institutions will be better able to meet the needs of their customers and remain competitive in the market. Thank you for your interest in Bahaa Abdul Hussein blogs. For more stories, please stay tuned to www.bahaaabdulhussein.com