As global markets start to shake off the recent recession, organizations of all
types are looking to innovative products, new markets and inorganic growth
opportunities to drive revenue.
But for financial services organizations and their peers in other service-based sectors
(such as utilities and e-retailers), the greatest opportunity for sustainable revenue
growth does not come from just new products or geographical expansion, but rather
from their ability to deliver a high quality and differentiating customer experience.
Those that get it right will not only capture a greater share of new customers, they will
also be better placed to keep their customers and extend their existing relationships.
For some service-based organizations, the going may be tough. Many financial
institutions – large European and US-based multinational banks in particular – will
need to scrub off the reputational stain left by the global credit crisis and move past
the recent regulatory interventions and mis-selling debacles that have dented their
reputations. Utilities organizations may have less of a hill to climb, but persistent price
hikes and diminishing customer service levels will certainly make progress slow.