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Will your customer appreciate that innovation?

A brand new year is upon us! What can we look forward to in the banking domain? My sense is that banks will reaffirm their commitment to innovation in a bid to generate greater value and differentiation. We are likely to see a continuation of the technology theme in improving banking distribution, processes, efficiency and risk management.   

While all of that is good stuff, how can banks ensure that their efforts yield the best results?  Satisfaction of customer needs seems like an obvious answer. However, with most innovations set out to do just that, why are they all not equally successful? 

While there is no catchall mantra for success, a favourable outcome is more likely when customers actively feel the benefits of a certain innovation. Hence, every innovation must pass the acid test of customer acceptance to earn the reward of customer appreciation. 

It’s just a matter of getting the basics right. Put customers’ interests above all, recognise their uniqueness, reach out to them and empower them to think and act on their own - what more can customer experience entail? If you have another idea, let’s discuss it in my forthcoming blog series on garnering customer appreciation for banking innovation.

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