8. Participation - emergence of the active consumer: Next generation customers will expect an opportunity to participate in product and service development cycles to ensure their needs are met. Financial institutions need to find ways of managing these expectations.
9. Sustainability - environmental awareness: Customers increasingly make purchase decisions based on an organization's environmental record ranked on websites such as Climate Counts. This is placing greater focus on ecological and business value chains.
10. Integration - capitalizing on connections: Using information technology to integrate seemingly unrelated information about customers is an invisible enabler for the delivery of the ultimate proactive experience.
Transforming the customer experience
Financial institutions are on notice -- they must look after the interests of their customers like never before. Those that fail to make customer experience a strategic goal and a reality will leach business to institutions that are more effective in their customer engagements.
To succeed the focus must be outside-in with IT integral to understanding, measuring, and constantly improving and anticipating the customer experience. It's all about predicting what the customer wants and having the flexibility to respond in a unique, relevant and satisfying way.
The winners will be those financial institutions willing to embrace the opportunities with an IT strategy that is customer facing and provides a unified customer experience at all touchpoints.
[*] Forrester, The CIO's Blueprint for Strategy in the Age of the Customer, Sept 2014.
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