Kristin R. MoyerOne way to become more buyer-centric in lending (see here and here) is to create a lending product gallery that lets customers rate products.
Letting customers rate products is not a new idea. For example, Amazon.com lets customers rate books, music and other products and provide a review of the product for other customers to use during product selection. It can also provide product recommendations (such as, “Frequently Bought Together,” “Customers Who Bought This Item Also Bought,” “More to Explore” (“You Looked at… You Might also Consider…”) and personalized recommendations). NetFlix recommends movies based on customer ratings of previous movies watched.
Customer ratings have already emerged in banking on consumer-oriented Websites such as Epinions.com and Ciao!. Banks can take this a step further by enabling customers to rate loan products the bank provides via a lending product gallery. The lending product gallery would enable banks to:
- Use customer feedback to drive effective, demand-driven product innovation
- Provide collective value to customers by identifying “Top User Rated” products on its online banking site
- Provide individual value to a particular customer by identifying other products and services, similar to Amazon’s book/music recommendations (e.g., “Frequently Bought Together”).
Category: Uncategorized operations Tags: innovation, lending
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1 Customers as Co-Creators of Innovation - in Banking? September 15, 2009 at 3:38 pm
[...] Let customers rate products (see here) [...]