Tag: Customer Centricity

Customer Engagement

An Example of True Customer Centricity – When Banking is No Longer Just About Banking

Fifth Third Bank and NextJob came together to address a challenge faced by most retail banks – Mortgage defaults. According to the press release from the company, Steven Alonso, executive vice president and head of Fifth Third Bancorp says – “Up to half of mortgage delinquencies are due to job loss. With NextJob, we immediately recognized an opportunity to go the extra mile to assist our customers. This is specific, one-on-one training that helps people identify their transferable skills and re-gain the financial stability of a new job.” Mortgage defaults can eat up a banks profits very quickly, hence most banks look inwards […]

Customer Engagement

Customer engagement vs customer centricity

As an employee responsible for customer advocacy at a software vendor, I often receive requests from colleagues in the development teams requesting me to help them connect to our customers and seek feedback on our existing products or solutions and validate new product ideas. Having been in this scenario so many times, I realise that there is a big difference between customer engagement and customer centricity. In one, you work with the customer, together to achieve common objectives (which is so rare). This activity can only succeed if both the customer and the supplier have deep skin in the game. […]

Customer Engagement

Customer centricity & Chief Customer Officers

In the recent times, we have started to see a lot of organizations pay a lot more attention to their customers and have inducted Chief Customer Officers into their C-Suite. The rationale being that organizations need to be much more customer centric and need to understand their customers better and having someone responsible for this will go a long way in creating the necessary f0cus within the organization to achieve great customer service. However, in my opinion, having a Chief Customer Officer in place does more harm than good! Listening to customer’s and acting on it becomes someone else’s responsibility […]