Isn’t it crazy that customers think their financial firm is fungible, but not their search engine or their phone brand? So, what is the magic pill that brands like Google, Amazon and Apple feed customers that makes customers love them so much? Especially when the same customers act so jaded and indifferent otherwise.


Financial firms need to find the magic pill that would make customers love them


The answer is not far to seek. The single most powerful reason why customers are in love with these brands is because they continuously anticipate and exceed customer needs. Even without the customer asking. At a time when our most precious asset is our time and attention, when we find organizations that anticipate and serve our needs even before we articulate them, it blows our minds away. And makes us fall in love with these organizations.

Anticipating & exceeding customer needs is the key

To anticipate our needs, brands like Google glean out every single piece of information about us, including data points that many of us don’t even realize we are letting Google know. Google works really hard - giving away Gmail, Maps, Search and other services free to consumers - just to get their data. Here is the great news though. What Google can do, banks and credit unions can actually do much better. That is because banks already know a ridiculous amount of information about their customers.


How many folks are there at home? How stable is their financial situation? What kind of stuff do they spend money on? Do they have a baby at home? Is someone in the family going to college? How old are they? How often do they take vacations? What do they do weekends? Do they own their home? Who is their insurance company? Where do they fly to? What kind of car do they have?


And a lot more. For both retail and commercial customers.

Yet, most banks don’t even realize that the single most powerful asset that can influence their revenues - "data" - is just archived and rotting away in a hard drive somewhere.

what & when

To be fair, it is not as though financial firms have been idle. They have built Branches, ATMs, 1-800 numbers, Phone and Text Banking, Online Banking, Mobile Apps, and even Chatbots. When it comes to “How to communicate”, banks have it all figured out. When it comes to knowing “What” and “When” to communicate, no bank, not a single one, has a clue. It is almost like Banks are saying, “Hey, I am here. Let me know your financial need.”, when they should be saying, “Hey Tom, looks like you need cash end of month. Want to get some overdraft protection? Costs just 10 bucks and gives you peace of mind.”



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When banks deploy the Customer Value Maximization Platform, it identifies all the insights about their customers without anyone having to lift a little finger. Not only that. It also predicts how much revenue the financial firm will make when they act on each of these insights. In addition, it also automatically markets to customers on their preferred channel of communication. From being reactive, it suddenly makes Banks seem hugely proactive. It lets Banks anticipate customers’ needs and proactively influence customers to perform actions that deliver value to them and revenue to the Bank. In the process, making the financial firm seem clairvoyant, proactive, and constantly looking out for the customers’ best interest. When banks do this, they make even brands like Google seem as modern as Marty McFly’s Back to the Future DeLorean time machine.

That is the promise of Xerago’s Customer Value Maximization Platform.

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