The relationship between banks and their customers has evolved over the past decade, thanks to technology-driven innovations. This has led to customer relationships becoming not only more digitally disintermediated and less branch-centric, but also increasingly fickle. The pandemic further made customers even more price-conscious and amenable to shift loyalties to benefit from better pricing.
In such a scenario how can banks win new customers and retain existing ones? It becomes crucial to consciously factor pricing when formulating strategies and plans to deliver “customer centricity” and “superior customer experience journeys.”
In this Point of View article, you will discover:
- Why right pricing is the hero for banks
- Four distinct areas to focus on to ensure contextual price
- The role of technology to boost pricing ability and agility