Development of Customer - Centric Banking: Case from Latvia

摘要

The aim of this article is to study the concept of customer-centric approach and the components that comprise it. To obtain the planned research results the authors have performed a qualitative analysis of: 1) scientific literature on par customer-centric banking and 2) the term ,,customer-centrie"; quantitative analysis of components that comprise customer-centric aspect: 1) ten largest European banks in terms of their assets in 2012 and 2) Latvian commercial banks, the number of clients of which exceeds 10.000. A customer-centric model has been developed on the basis of the qualitative and quantitative data obtained. The quantitative data obtained have demonstrated that banks have started to develop the strategy, which is based on clients. European banks have mainly concentrated on identifying client needs, building trust, ensuring satisfaction, and facilitating mutual relations. whereas Latvian commercial banks have concentrated on identifying client needs, creation of value and mutual relations. Having used qualitative and quantitative methods, the authors have managed to clarify the definition of the term ,,customer-centric" and get it confirmed. However, in order to more effectively evaluate client-based strategies, ihe authors consider it necessary to conduct additional research using different approaches and instruments.