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Anticipatory Technologies and Customer Centricity

In: Redefining Financial Services

Author

Listed:
  • Joseph A. DiVanna

Abstract

Customers and trading partners will determine which technologies your organization will implement to facilitate the exchange of value, or they will find someone else who will ‘do it their way’. The Internet has acted as a catalyst for the evolution to anticipatory technologies and customer centricity. The opportunity for financial services firms is to develop product offerings that are proactive to customers’ needs and not reactive as they are today. For example, consumers come to the bank for a debt consolidation loan when they are already experiencing credit trouble. Proactive banking provides consumers with tools that will guide them to avoid such actions. Technology can be employed to permit a customer to tailor financial services products to fit his or her lifestyle, and companies can advise him or her on impending actions and offer solution sets to meet life events. A customer’s behaviour can be analysed against other customers in similar circumstances in order to develop an anticipatory view of actions to come. The behaviour aspect of transactions is also true between trading partners, and can provide valuable insight to identify opportunities that will allow trading partners to minimize cost. Technology’s evolutionary transformation has three emerging aspects: redefinition, redesignation and redeployment, all of which influence how technology will migrate to add value in exchanges between trading partners or between consumers and merchants.

Suggested Citation

  • Joseph A. DiVanna, 2002. "Anticipatory Technologies and Customer Centricity," Palgrave Macmillan Books, in: Redefining Financial Services, chapter 0, pages 168-172, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-0721-9_22
    DOI: 10.1057/9781403907219_22
    as

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