Financial Services
Players in the Financial Services sector are facing an unprecedented set of challenges and opportunity. Easier access to product and service information has empowered the customer, making them more demanding. New entrants, both domestic and overseas have increased competitive intensity in key segments. Products are increasingly commoditised, and intermediaries have ever greater power.
These industry changes require an unconventional response - to build and manage the business from the customer's point of view. Fujitsu has significant experience in helping organisations to address customer centricity. We have helped players to develop a superior understanding of their customer’s needs, behaviours and profitability. We have led programmes to transform channels around the customer. We have advised on truly customer centric business processes, and helped clients build business systems for flexibility, agility and efficiency.
We have a vibrant innovative Financial Services practice as illustrated by the acclaimed Fujitsu/JP Morgan Australian Mortgage Industry report, published in conjunction with JP Morgan. This is just part of our 3,500 professionals in Australia and New Zealand which cover the sector from strategy development through to value delivery, touching both the business and technology facets which need to be transformed to deliver superior value creation from true customer centricity.
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. .
