All articles by Richard Fraser

Gaining from customer information

The relationship between banks and their customers has been dealt a large blow by the credit crisis, bonus disputes and bailouts. It is imperative that banks deepen their understanding of their customers in order to rebuild some of the lost trust, improve retention and drive profitable revenue growth, writes Richard Fraser. It was little surprise that research from Ernst & Young research found that 45% of European and 56% of UK customers reported that the financial crisis had a negative or very negative effect on their trust of the banking industry. Financial institutions often have difficulty answering two simple but critically important questions: Do I know my customer well enough to understand the entirety of their relationship with my organisation, and how do I effectively service my customer while providing them with product and service offerings specific to their requirements, delivered through their channel of choice?