Considerable Gaps in the Practical Implementation of Customer Orientation by Financial Service Providers

A total of four topics, whose importance was classified by experts for the objective of a customer focussed company, were considered. The respondents stated that the strategic framework valued at 1.8 exhibited greater relevance for the practical implementation of customer orientation in the company. This was followed by the service and advisory process valued at 2.4 as well as the categories customer insights, then management & supervision, valued at 2.5 and 3.4 respectively.

Consequently, the experts were to assess to what extent the various aspects of the previously illustrated topics had already been implemented in their companies successfully.

It appeared, as a result, that the areas classified as less important by the respondents, were generally implemented in the companies. Dr. Peter Klenk, the head of the Competence Centre for Financial Services, said, ‘Currently, there exists a need for companies to properly optimise in the areas (strategic framework as well as service and advisory process) that are essential for the implementation of customer orientation.’

 From the study, however, one can deduce four fields of action in which financial service providers should invest with priority when dealing with customer orientation to secure competitive advantages. These fields lie in

• the creation of organisational structures that strongly incorporate customers, as well as
• the implementation of information systems that aid the analysis of market efficiency.

Furthermore, the potential-oriented use of resources in sales should not be neglected because dialogue with economically attractive private and corporate clients can be increased, in this way. Dr. Peter Klenk concludes his statement by saying, ‘In the currently tense market environment, we recommend taking measures to stay customer-oriented since this leads, verifiably, to a positive development of company success’.