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...principles from the physical world are central to understanding how financial institutions succeed. This article describes these two physical principles and explains how they apply to financial services companies.
Financial services businesses, like many others, can be divided into two focus areas, the external and the internal. The external component is customer value, the aggregate sum of total value that the business offers its customers. The internal component is operational efficiency.
Gravity Pull: Keeping the Customer on Your Planet
The ultimate objective of all customer-facing businesses is to delight the customer. The process of delighting the customer ought to begin with the very first point of contact. The customer experience must be maximized by providing the precise information the customer seeks in their native language, offering customized products and services, linking seamlessly with partners where necessary, and offering world class customer service.
The goal is to exert a strong gravity pull on customers to prevent them from leaving your planet. The pull of the customer experience must be strong enough to keep the customer engaged with your enterprise. When a business loses this gravity pull on its customers, it loses wallet-share and eventually the entire customer relationship.
The first step toward building a compelling customer experience and value offering is to know your customer. This may be easier for a retail consumer business such as a...
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