For companies all over the world, Thursday 19th January is “Get to Know Your Customers Day”, a day where companies take the extra time and effort to make contact with their customers to acknowledge their ongoing custom, and offer that extra little piece of customer service.
While this is a relatively straightforward process for most companies whose databases of customers will prove such generic fields such as name, address, phone and email address, for other companies, getting to “know your customer” can be more of a challenging process.
For financial institutions and law firms, having a clear idea about who their customers are is an imperative. Since it is not possible for them to onboard customers without undertaking a process of due diligence, by definition they must have transparency on who their customers are.
This however, also provides these sectors with an advantage over other industries.
With the rich data and customer information that is garnered about customers during the onboarding process, it is likely that banks and law firms have more information on their customers than any other sector.
With this data, they can tailor their product offerings and services to exactly match the needs of their customers. Crucially, with access to financials and credit records, banks will also know exactly how and on what customers spend their money on and so tailor their offers accordingly.
Having this extra information offers advantages in how they approach product offering and marketing. This in turn leads to far higher levels of customer engagement and trust as customers know that communications will be timely and bespoke to their needs.
The possibilities for firms when customers look forward to receiving their emails or hearing from their account managers suddenly become endless.
As Marketing Manager for Encompass, this is a consideration that touches on my work on a daily basis.
For a small, but quickly growing business such as Encompass, it is vital that we have as much knowledge of our customers and potential client base as possible, in order that we can tailor our product offering in a way that makes it impactful for customers.
Since our UK launch in 2015, we have spent much of that time speaking to customers and potential customers across sectors and industries. After critically assessing what we can offer in the market, this led to Encompass refining our product offering to focus on the financial services and legal sectors.
This refinement to our offering has meant that I, and the marketing team here at Encompass, have had to very quickly learn about our new markets and customer base; no small undertaking! Having now done so, we feel in a very strong position to move forward with a product offering that is relevant for our customers in the financial services and legal markets to help them with their KYC compliance.
Without question however, this change in focus will stand the marketing team in good stead moving forward. It is through these conversations with our customers that we have established the need to bring in additional data providers to supplement the core offering, as we have done with the likes of Bureau van Dijk, Companies House, C6i and Experian. Over the next few weeks and months, we will be in a position to announce further additional data providers.
To ensure that we continue to offer the best value for our customers, we have implemented a Customer Success team under the stewardship of Scott Goodsir-Smyth. Scott and his team have been in place for a year now and have done a fantastic job of promoting updates on the Encompass products, getting feedback from customers and understanding their problems and needs. As Scott told me recently;
“Customer Success is about helping our customers to derive enormous value from our Encompass solutions through a great customer experience, and by understanding how it can solve their problems to make their lives easier.”
We believe that regular and open conversation is critical for us as a business to continue to stay pertinent, necessary and timely for our customers. By doing this, we can ensure that Encompass products meet and exceed expectations and is a must-have for all KYC professionals in the financial and legal services sectors.
Today, on “Get to Know Your Customers Day”, we’ll be redoubling our efforts to speak to as many of our customers as we can.
What are your hopes for “Get to Know Your Customers Day”? Is there specific feedback that you will be looking for from your customers that would help you to provide an even better service?
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
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