Customer-centricity is an approach to doing business that focuses on providing a positive customer experience both at the point of sale and after the sale in order to drive profit and gain competitive advantage.

Delighting customers and retention require constant understanding of value, convenience and service. For organisations trying to achieve competitive advantage via a customer-centric approach, delivering differentiated and unique service is obligatory. As a strategic option, customer centricity involves comprehending minute consumer insights to create services that are tailored to specific customer segments and individuals.

For BFSI, customer-centricity entails to re-evaluate what they know about their customers and to better understand who their customers are, what interests them, what they value, and what drives them.

Today, it is imperative for banks to form, embed and practice a customer-centric culture.