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Most FI products are looked at as commodities and most compete as if they are just that by pushing rates and related fees.

This philosophy shows a lack of customer focus differentiation and minimizes the value of any intangibles and relationships.

Customer-sensitive creativity takes a real mix of marketing efforts and research which some fail to do or simply don't want to be bothered.

There needs to be flexible,menu oriented value propositions which integrate options for each customer to customize a solution to fit individual needs and steer the decision away from a rate or fee comparison. These personalized propositions can be offered thru any channel and readily synchronize with digital preferences.

There are many methodologies available to assist an FI in creating the proper offer dynamics. If you have experiences with segmented focus groups, customers can and are usually willing to contribute, test and verify the best of breed packaging.

Some techniques are not suited to design development and can be misleading e.g. short tele-research calls.

Start with the customers preferences and conclude with their endorsements.


Pat Palmer | Friday, October 19, 2018 | Trackbacks (0) | Permalink

 


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