By Rosa Chang, Rahul Gupta, Bernard Kenny, and Manohar
This week’s analysis focuses on the issue of customer centricity in banking.
Creating and unlocking value in an organization starts with knowing precisely where things stand, and where the opportunities for improvement lie. To help, SAP’s Performance Benchmarking group publishes a short analysis each Monday, highlighting hot industry topics and high-impact strategies.
KEY QUESTION: “What are your biggest strategic priorities in 2013?”
% of Participants Ranking “High (4)” or “Very High” (5) as priority
Source: SAP Performance Benchmarking (https://valuemanagement.sap.com)
KEY TAKEAWAY: Customer Centricity in Banking
Banks today are working hard to reduce operational costs and improve organizational efficiency while also improving their customer focus. For many, however, there still is a lot of room for improvement in customer centricity.
For instance, 100% of companies participating in the initial phase of an SAP benchmarking survey said having a unified 360-degree view of their customers is essential to provide a consistent experience across products and channels.
Nonetheless, only 27% reported having such a capability fully in place. Similarly, only 20% said they can consistently use customer information (customer profitability, behavior, risk, etc.) to create personalized pricing models – and yet all participants cited it as extremely important.
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Note to readers: SAP’s Performance Benchmarking program is a strategic service sponsored by its Value Engineering organization. Originally launched in 2004 together with ASUG as a forum to exchange metrics and best practices, the program today has grown into a global effort and one of the largest such programs in the industry—with more than 12,000 participants from more than 4,000 companies and studies available in 12 languages. Participants receive—free of charge—customized and confidential benchmarking comparisons against industry peers as well as aggregate analyses. To participate in the SAP benchmarking program, visit https://valuemanagement.sap.com.