Making Finance Customer-centric

Customer-centricity has become an essential element for any organization that wants to be successful. Finance is no exception, and a customer-centric approach can help financial organizations improve customer engagement, increase customer satisfaction, and drive business growth.

In a recent survey by the University of Amsterdam, Workday, and Finance on a Mission, financial professionals were asked about the finance department's most crucial client. The study found that 72% of respondents considered the end customer to be the most important.  To be truly customer-centric, a finance department should prioritize both its internal and external customers.

In the past, the CFO's role was primarily focused on financial budgeting, analysis and reporting. But now they must also be involved in customer experience and understanding. CFOs can drive customer empathy by closely monitoring customer feedback in real time using data analytics, they can  gain insights into customer needs and preferences. This definitely requires a shift in mindset from a purely financial perspective to a more customer-centric approach, which evidently is growing. CFOs are also required to collaborate with other departments to align their strategies and ensure that the company is meeting customer needs.

The biggest store in the world, Walmart, is aware of how important real time insights are. It has set out to create the largest private data cloud in the world. The cloud will be able to take 2.5 petabytes of data every hour.

Edwin Ang, senior financial controller APAC at Foodpanda, mentioned that they rely on a real-time dashboard to drive data-informed decisions. The dashboard helps them measure user incentives, manage rider supply and demand, reach new customers, identify fraud, monitor competition, predict orders, adjust pricing, and measure brand profitability.

Customer-centricity is key for financial organizations looking to improve customer engagement, satisfaction, and business growth.The finance departments and CFOs have to play and, indeed have started playing, a vital role in driving customer empathy and innovation. By adopting digital transformation and leveraging technology investments, finance organizations can transform their operations and deliver real results for their customers.

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