Financial Services
The Financial Services Industry in Australia and New Zealand comprises more than thirty percent of total private sector activity, and underpins the economic growth of the broader community. Thankfully the shocks which have been created by the Global Financial Crisis are abating and in our local markets we have a vibrant core comprising a number of large and well established players as well as some new and innovative entrants. Today there is significant opportunity to step out from the pack, and differentiate in terms of customer experience and value.
Whether you provide core retail banking services, wealth management or insurance offerings, or niche services like Investment banking, there are a significant opportunities to create additional shareholder value by providing the right services, delivered in the right way to the right customers. We call this our ‘Customer Centric” approach to Financial Services and this underpins everything Fujitsu does in Financial Services.
Fujitsu provides a comprehensive suite of services and solutions, build around Customer Centricity, from superior customer insight through segmentation, to channel management, sales force effectiveness solutions, and into the core business systems and processes. We also provide supporting applications and infrastructure services including secure desktop solutions, data centre processing, and a range of products and services to enable you to create and deliver more agile services and products to your customers. We also believe that environmental sustainability is an essential pre-requisite for success, and our solutions are of the highest environmental calibre.
Customer Centricity, the New Reality
If truth be told, many players in Financial Services have tended to build their business around designing and delivering a
range of products and then “pushing” them into the market, to compete mainly on price. This ‘Broadcast” approach to financial
services is now being replaced by a radically different mindset – building a business from the end customer perspective. This
is a significant change in approach, and it requires quite different thinking. Our research demonstrates that Customer Centric
businesses out perform again their peers by as much as 15% - on an ongoing basis.
Fujitsu/JP Morgan Australian Mortgage Industry report
Don’t Let Customer Churn Eat Up Your Budget
Our research has shown that poor service is the number one issue driving customer churn in your industry. Yet around 30 per cent of the money financial services providers spend on trying to keep customers happy is wasted. Why? Because it’s so difficult to identify which issues are causing your customers to leave. Should you spend money on improving branch queues? Or does your call centre need looking at? Or what about fees issues?
Fujitsu can help identify and address these issues – which can have a huge impact on your bottom line.
Our research indicates that, on average customer churn rates are in the region of two per cent a month – that’s 25 per cent a year. We found:
- For a major home loan provider with a mortgage book of over $10 billion, two per cent customer churn per month equated to a profit loss of over $70 million each year.
- For a major insurer with over 800,000 home insurance customers, two per cent churn per month was the equivalent of over $250 million lost revenue each year.
- For a major retail bank, every one per cent decrease in customer churn added over $10 million to the bottom line.
So how do you start turning these loses into gains? Download our free ‘Toxic Servicing’ report.
Our cutting edge white paper is based on a survey of over 26,000 personal banking customers and is packed with insights, including:
- Why customer retention is better than acquisition.
- Identifying customers’ biggest frustrations.
- Finding out what your customers really want.
- The best ways to address the keys issues in your business. .
