Banks need to prove their value to customers, Paul Kadin, executive vice president, North America Consumer Banking Customer Strategy at Citibank, told attendees at the Financial Services Marketing Symposium in New York yesterday.
“We ask our customers to conform to us, to come to our channels, to work within our policies, to pay pricing that covers our cost,” he said. “In earlier times, the tradeoff was some security, some trust, some feeling of safety for the money. That equation has eroded over the last few years dramatically.”
Citi is using technology to provide value to customers in a few ways, he said.
1. Combining reward points, mobile coupons and mobile payments.
2. Providing content and free wifi to “be in customers’ lives.”
3. “Social listening,” in other words, monitoring customer comments on social media sites
Citibank’s strategy of listening more closely to its customers and offering novel ways to interact with them provides new opportunities for the firm to differentiate itself and add value. As banks and other financial institutions strive for ways to be closer to their customers, they might want to consider similar outreach.
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