A quick Google search of the term "customer-centric banking" will yield a wealth of whitepapers, dedicated websites, case-studies, research and plenty of marketing material all designed to leverage an industry in flux.  Much of the rhetoric sounds the same, with similar conclusions.  But all of it is predicated on a need for the banking industry to start focusing on customer service again – but unlike ever before.

Simply, the definition of customer-centric (everyone out there seems to have their own) should be "Delivering the service which customers want."  The key words here are "delivering" and "want" because today's customer expectations are changing – and their patience with banks which fail to keep up is running out. Much of the research on the subject indicates customers' willingness to shift to competitors who provide better interactions, and more ease-of-use, particularly online and on their mobile devices. A few papers on the subject can be found here and here:

The BCG research paper references the many marketing campaigns, across the globe, which seek to position banks as customer-centric "Yet to make those two words more than just a catchy phrase, banks that choose customer-centricity as a strategy must figure out how to transform their vision into actions that deliver on promises."  Their research then paints a picture of an industry under pressure to deliver on that promise or else struggle to survive.

Everyone has a slightly different take on exactly what customers really want – and on how to deliver the goods.  But they all seem to agree on one thing.  Finding the right IT solutions are crucial, and more specifically, core systems have become key to success.  This is not only necessary for the customer-facing aspects of doing business in a modern world.  It will be your core systems which enable better cross-selling, deeper wallet-share, improved customer retention, lower cost-to-serve, greater operational efficiencies and the adaptability to keep up with whatever the future will demand, too.

Kathy Burger, Editorial Director of Bank Systems & Technology recently wrote about the importance of core systems to delivering customer-centricity.  Her sub-heading says it all: "Core bank systems have to do more than just run the business. They're now the foundation of transformation and competitiveness."  And the research agrees.  So take a look at your core before you launch that customer –friendly marketing campaign, and begin to really care about being truly customer-centric.