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The importance of finding the single voice of the customer in finance

Most organisations understand their customers on varying levels. Marketing knows their customers in one context while customer services, in-store staff, the board, shareholders and digital teams know them in another. The more scaled a company, the more likely they will have increased touchpoints between themselves and their customers. And from this we can know that with scale comes complexity.

The newer players in the market, cloud enabled and often cater to specific customer segments with a focus on fewer products and services. For legacy financial institutions with widely expanded and often global portfolio of products and services catering for a broad range of customer segments. And that it is a much much bigger challenge to tackle. With the vast amounts of customer data they have, it will be harder to respond to their specific needs. Because of this, it is important for bigger businesses to prioritise unifying the various channels and touchpoints they use to reach their customers and their employees to better serve them.

Understanding the customer across the journey, their motivations and behaviours and how the company enables the employee to best serve that experience is the real opportunity. Their belief is to be a truly customer-centric business. And hence they must be an employee-centric one. 58% of companies agreed that they are not investing enough in employee enablement. So with this lack of investment in employee-enablement and an incomplete understanding of the customer across touchpoints, the big businesses can’t drive value to their customer.

Take Lloyds Bank, announced ambitious plans to enter into the housing rental market. By this they are opening up opportunities to diversify its revenue streams. And by this they can enter into new conversations with existing and prospective new customers. Lloyds aligned the teams handling customers with current accounts looking to move house with those teams looking to provide insurance offers. Companies that underinvest in the full understanding and enabling the employee leads to employee and customer dissatisfaction. With this pandemic leading to record digital acceleration the levels of consumer expectation around experience has shifted hugely. Providing the systems and processes that make the day-to-day brand experience, And that for both employees and customers is the key. And it is also important to see it as a positive process. Customer expectations shift regularly according to the technology and their behaviours also adapt as per that. But starting to prioritise aligning departments and the data they receive is now more essential.

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Finance

Euro zone ministers expect inflation to slow in 2022

The acceleration of euro zone inflation, driven energy prices, is mostly temporary. Then the price growth will slow down again. The euro zone finance ministers agreed that, that too the next year as forecasted by the European Central Bank and the European Commission.

Paschal Donohoe, chaired the talks of the ministers in Luxembourg. In a news conference he said that there was also agreement that the inflation spike was not an argument against the transition to renewable sources of energy. This is under the EU’s ambitious plan of reducing CO2 emissions to zero by the year 2050.

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Finance

Under new rules, borrowing for investment sensible

British finance minister Rishi Sunak said that the government borrowing to fund investment was a sensible thing. This is to allow under new fiscal rules that he is likely to announce, unlike borrowing for day-to-day spending. He said that borrowing for capital investment that is going to drive up their growth is probably a sensible thing for them. And that too particularly in an environment of slightly lower interest rate. Sunak stated this in an event on the sidelines of the annual conference of Britain’s ruling Conservative Party. This event was organized by the Taxpayers’ Alliance advocacy group. Sunak stated in that event, that borrowing for more day-to-day spending is probably less something that you would want to have as part of your framework.

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Finance

IMF board to interview Georgieva-sources

The International Monetary Fund’s executive board is going to interview Managing Director Kristalina Georgieva. This is regarding that; its reviews claims that she pressured World Bank staff to alter data to favor China in her previous role. Board members were initially expected to meet with Georgieva. But spent their time working on other regular business matters.

The board members spent hours for questioning lawyers from the WilmerHale firm. This is about their World Bank investigation report which alleged that Georgieva, as the bank‘s CEO applied undue pressure on staff, to alter data in the flagship “Doing Business” report to benefit China. Then, an IMF spokesperson said that the IMF board remains committed to a thorough, objective, and timely review of the matter. Georgieva has strongly denied the accusations.

The upcoming interviews could prove pivotal in either increasing support for Georgieva. This is with many IMF shareholders are keen to wrap up the board’s deliberations on the matter. The fund’s most influential member governments, including the top shareholder the United States, have withheld public judgment. The World Bank tasked WilmerHale with investigating the “Doing Business” data irregularities identified in 2020. The law firm’s report contends Georgieva. The former World Bank President Jim Yong Kim’s office pressured staff to manipulate data so that the China’s global ranking in the “Doing Business 2018” study of investment climates rose to 78th from 85th.

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