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7.4 Elements of the Customer's Win Cycle

7.4.1 Overview

In the win cycle of the bank the previous classic view of company success was presented. In order to survive in the long term, each bank must control its company success and at the same time satisfy customer needs with an attractive price/ performance configuration. The customer needs and the benefit gained by the customer from the bank relationship have always been subject to analysis—under the premise of maximising economic utility for the bank. This premise has not changed in the digital age. However, because the classic bank products and services are increasingly becoming standard services/commodities, the previous success position of banks is being eroded. Furthermore, customers in the digital age have a very different creative and selective power—even if they are not (yet) exploiting this to the full—and their demands on banks are changing with ever greater rapidity. Therefore it is absolutely necessary to go beyond the classic perspective and to analyse what creates long-term added value for the customer. Observing the win cycle of the customer enables this analysis as a prerequisite for developing futureviable price/performance configurations.

At the customer interface customers are provided with financial products that they can compare with their needs. Whether and how customer satisfaction occurs in the process, and how this might lead to customer loyalty, was presented in the previous sections, as were the concepts of reputation and trust. Whereas the reputation of a bank plays a decisive role in the first contact when selecting a bank, trust is more important in the case of a repeated exchange relationship. Trust can be interpreted as the willingness of customers to continue to conduct further business with their bank without testing every single service in detail. This saves the customer time and money, but at the same time it makes them vulnerable, as they become dependent on the behaviour of their bank (Bruhn and Georgi 2010, p. 13).

Below, therefore, we shall address the two new aspects of customer success— the analysis of his possible needs and the success he gains from the exchange relationship with the bank. Aggregated with the previous aspects, this represent the win cycle of the customer (Fig. 7.13).

Fig. 7.13 Win cycle of the customer (Source Own illustration)

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