How much does your bank or financial organization focus on you, the customer?
This question is at the heart of customer-centric finance, which seeks to prioritize customer needs, preferences, and behaviours in every business decision, hire, process, and new service.
The drivers for this shift are accelerating at a rate that no financial organization can afford to ignore. It is heavily influenced by the explosive popularity of AI, the accompanying data insights, the pressures of fintech competition and increasingly demanding user expectations.
This article defines customer-centric finance, how to find banks that focus on the consumer, and how reviews and comparisons help drive a consumer-centric approach. By the end of this article, you’ll understand consumer-centric finance and know how to find banks that focus on you to get the best experience.
What Consumer-Centric Finance Really Means
Consumer-centric finance marks a significant move from the more outdated product-first approach, where the quality of financial products is the highest priority, to focusing on you, the consumer, and your needs.
Several examples of this exist:
- Real-time insights: Companies can use instant, always-on data to deliver to the customer’s changing needs.
- App-based money coaching: This feature shifts responsibility to the customer to manage their finances and make the best of all their products.
- Flexible payment options: These options put the customer first by allowing them to pay for products at their own pace.
These examples show that consumer-centric finance is all about financial empowerment, allowing customers to interact with products in a way that suits them, instead of previous approaches, which only granted basic access to products.
Features to Look Out for in Consumer-Centric Banks
Now that you understand consumer-centric finance and why it’s useful, you’ll want to know how to find banks that employ this approach to give customers the best experience. The first feature to look out for is a transparent fee structure.
Look for Transparent Fee Structures
Fees, especially hidden ones, allow banks to charge more without consumers’ knowledge. It’s essential to look for transparent fee structures to ensure you are getting the best deal and that a bank is focusing on consumers, not its profits.
Look in the small print for hidden charges or complex terms you don’t understand. A bank that doesn’t have these features is more likely to be consumer-centric.
Prioritize Customer Service and Support
Money doesn’t buy happiness, but it makes life easier. Top-tier customer support can help you identify consumer-centric banks that understand that dealing with money matters should be frustration-free and streamlined.
Look out for live support, like phone, chat, and in-person support. These support methods help consumers get the help they need to unlock their finances for an easy life. Look on review sites for support response times and quality indicators.
Evaluate Digital Banking Tools
The best banking services offer digital access. Check out mobile app ratings to ensure you get the best, easiest service whenever needed. Also, find apps that integrate with budgeting tools and offer notifications when you exceed overdraft or credit limits. These are signs of a pro-consumer approach.
Read Independent Reviews and Ratings
It’s difficult to find authentic reviews these days, yet it’s crucial to get honest opinions on banking apps and services to ensure your savings are secure and you won’t be charged unnecessarily.
Use third party platforms for real customer feedback instead of looking at reviews on the bank’s website. Older sites like Consumer Reports and CNET are established and therefore will contain more honest reviews.
Check for Community-Focused Programs
Not all banks exist for profit. Some are established by communities seeking to look after each other and help out others in financially challenging situations to achieve the same as the more financially able.
If you Google keywords like these, then you will find community-focused financial programs:
- Credit Union Loans
Member-owned institutions offer fair loans with lower interest rates. - Community Development Financial Institutions (CDFIs)
Nonprofits providing affordable loans in underserved, low-income communities. - Peer-to-Peer (P2P) Lending Circles
Groups share resources, lending money among members without banks involved. - Microfinance Programs
Small loans support entrepreneurs lacking access to traditional credit sources. - Community Loan Funds
Locally pooled funds finance projects benefiting neighborhoods and small businesses.
Consider all these options if you are seeking more consumer-focused banking options.
How Reviews and Comparisons Empower Consumers
The best way to find honest assessments of how banking services work is to look at reviews. However, it’s hard to know which reviews are genuine and which are bought.
One of the most reliable ways to find honest reviews is to look at the best reviews guide which shows you the best reviews aggregated across different review sites for whatever financial product you need, like apps, cards or loans.
These sites remind us that financial services depend on performance, fairness, and usability, which reviews can demonstrate through testimonials, verified user ratings, and independent rankings.
Conclusion
Consumer-centric finance has been a long time coming, and now that it’s here, it’s time for consumers to take advantage.
The banks you need to find are the ones that understand that your long-term loyalty and their lifetime value will only come from their users’ trust and satisfaction. You can find the banks with this approach using honest review sites that reflect true user experiences.
