Research & Analysis
Publication

Business Challenges Booklet

As financial service providers journey toward becoming more customer-centric, they learn to better understand and serve customer needs, which ultimately increases long- and short-term value for customers and all stakeholders. Customer centricity also allows organizations to better serve customers and solve the most common business challenges of acquisition, retention, and expansion.

The CGAP Business Challenges Booklet offers guidance on how to overcome these three main issues, and shows how other organizations moved beyond them as well. It reveals how customer experience methods help teams rapidly gather key insights, successfully enter new markets, and increase existing bases. It uncovers how teams can use insights to build trust and remain relevant as they anticipate and respond to customers’ ever-changing needs. It also discusses how expanding customer relationships requires more than just the right mix of products and services, since these relationships are based on a strong foundation of trust that must be nurtured through constant feedback and engagement.

The Business Challenges Booklet puts into perspective:

Acquisition | Reaching new customers: Entering new markets, understanding who to target, launching new products and services, acquiring customers and extending the base to new segments, incentivizing referrals.

Retention | Deepening customer relationships: Solving customer challenges, increasing uptake and adoption of products and services, increasing awareness, reducing dormancy, empowering customers.

Expansion | Expanding customer relationships: Increasing up-sell and cross-sell, increasing engagement, increasing customer value and loyalty, reducing cost to serve, increasing customer lifetime value.