MGMT223 - Customer Centricity Research Report: Tangerine Bank

This report, prepared for MGMT223 at Centennial College, provides a comprehensive analysis of Tangerine Bank's customer-centric strategies. It begins by identifying Tangerine's target customer base, which includes tech-savvy individuals and those seeking alternatives to traditional banking. The report then delves into the customer experience, highlighting Tangerine's high customer satisfaction scores and innovative services like mobile applications and 24/7 transaction services. The customer service vision is explored, emphasizing the bank's commitment to empowering Canadians and making smarter financial decisions. The customer-centric strategy is detailed, including the use of modern technologies, continuous improvement through feedback, and customer-focused leadership. The report also examines how Tangerine shares its customer service vision with employees through training, job design, and performance management. Furthermore, it discusses the importance of the Voice of Customer programs and addresses complaint obstacles and the implementation of automated systems. The report concludes with references to relevant academic sources.

Running head: CUSTOMER CENTRICITY RESEARCH REPORT 1
Tangerine Bank
Customer Centricity Research Report
Student Name
Student Number
Submitted in partial fulfillment of
the requirements for
MGMT223
Customer Centric Strategy
School of Business, Centennial College
Toronto, Ontario
Professor Kerri Shields
28th January, 2019

CUSTOMER CENTRICITY RESEARCH REPORT 2
Target Customer and Customer Experience
(a) Target Customer
Tangerine Bank targets the customers, who look for alternatives from the traditional banking
services. As a matter of specification, the bank achieves accolades and glory by focusing on the
tech savvy customers. Availing the services through mobile applications increases the sales
revenue of the Bank (Ca.reuters.com, 2019). Upon evaluation of the growth areas, it has been
identified that the Bank intends to upgrade the credit card transactions. This indicates the focus
on the customers, who have stable income and lifestyle. Wealth management is one of the other
areas in which the Bank needs to upgrade the standards and quality of services.
The Bank also targets the customers, who can bring prospective referrals. For this, they
receive $150 bonus after signing up into the account. According to the customer satisfaction
surveys, the bank focuses on the ratings for the product offerings. This includes the services of
cheques and savings account, loans and credit cards among others (Ca.reuters.com, 2019). Apart
from this, the Bank targets those customers, who are less acquainted with the financial services.
Typical evidence of this lies in manufacturing more online services like secured payment options
through credit cards.
Mention can be made of the Master Credit Card, which offers money back rewards, which
are automatically deposited in the savings account. As the interest rates are low, therefore, new
clients are attracted. Within this, the selection criteria is contracts, mergers and acquisitions,
which helps in assessing the future position within the competitive ambience of the market
(Ca.reuters.com, 2019).
(b) Customer Experience

CUSTOMER CENTRICITY RESEARCH REPORT 3
According to the results of the customer satisfaction survey, Tangerine tops the list. As a
matter of specification, the bank received highest score in the areas of product, communication,
personal service and self-service. Through the provision of quality services in the form of mobile
applications, the Bank has increased the trafficking of the audience towards the brand image.
According to the revelations of Tangerine.ca, (2019), focusing on customer satisfaction helps the
Bank to enhance the productivity within the financial services. Along with this, low operational
cost is an advantage in terms of achieving loyalty, trust and dependence from the clients.
Countering this, it is the security policies, which assures the clients about the security and
privacy within the investments.
The bank was the first to innovate in terms of Secure Chat, which added flexibility in the
interactions with the associates. Introducing the mobile app services and online discussions
helped the customers to solve the queries regarding the securities in the transactions. Renovation
in the mobile app services is one of the other agents towards attaining satisfaction from the
customers and the clients. Typical examples of this are biometric technologies, which included
EyeVerify and Vocal Passwords (Tangerine.ca, 2019).
24/7 transaction service has provided the customers with the opportunity to gain a hassle
free service anytime, as per their requirements. This has improved the experience, generating an
urge within them for using the services again. GRPS services in the café, pop-up locations and
kiosks is an added advantage in terms of averting the delays in making the transactions and
payments. The customer care executives are always on duty, which assures the customers that
their queries would be valued. The customers are reached through the channels of phone
support, email, Secure Chat, Twitter, official website and others (Tangerine.ca, 2019).

CUSTOMER CENTRICITY RESEARCH REPORT 4
All these initiatives have enabled the bank personnel to adversely influence the
purchasing power and decisions of the customers. Variety within the services help the customers
to concretize their experience towards the financial services.
(2) Customer Service Vision
Tangerine Bank envisions the upgradation of the standards of living for the Canadians
through the means of empowering. As a matter of specification, the bank assists the customers in
making smarter financial decisions, which would improve their quality of life. Through this, the
client experiences are concretized, resulting in generating value for money (Tangerine.ca, 2019).
By practicing Forward Banking, the bank aims to add flexibility into the customer base. Keeping
the promises is one of the important agents for achieving trust, dependence and reliability of the
customers.
Undertaking challenging and enduring tasks creates a positive image in the minds of the
customers. Daring approach in the services acts as an experimentation with its feasibility in
terms of the specific needs of the customers. Introducing quality services on mobile applications
reflects the caring approach towards the convenience of the customers. Involvement of the
shareholders in the decision making process indicates working towards the shared values. 24/7
customer service results in effective delivery of the promises (Tangerine.ca, 2019).
Consciousness and rationality in this direction enhances the stability in the parameter of Public
Relations.
In the process of providing the financial services, the personnel intend to use fair and
transparent means. Adherence to the legislations is an added advantage in terms of averting the

CUSTOMER CENTRICITY RESEARCH REPORT 5
risks and instabilities. Innovation is one of the essential components within the vision statement
of Tangerine bank.
(3) Customer Centric Strategy
Customer centricity is the initiative towards concretizing the experience of the customers
from the awareness stage. This is applicable in the purchasing and post purchasing process. As a
matter of specification, Tangerine Bank realize that the customers are an agent for increasing the
sales revenue and profit margin. The Bank adheres to an integrated structure for strategizing the
services for the customers. According to the propositions of Ulaga, (2018), at the initial stage,
the frontline productions and services are enhanced. Adoption of modern and efficient
technologies helps in empowering the employees. Monitoring their services helps in assessing
their capability towards making practical application of the learnt skills in executing the
workplace activities. This is done through the means of metrics and performance management
systems, which prove beneficial in estimating the future progress in the upcoming financial
years.
Continuous improvement is one of the vital aspects within the business of the Tangerine
Bank. This is done through the means of feedbacks and surveys, which improves the stability in
the relationship with the clients. Along with this, Uhl and Gollenia, (2016) proposes that stable
contacts is maintained with the members of the research and development team. This results in
adding innovation within the financial services. Consideration of social media is assistance in
terms of reaching to large number of audience at the same time. Adopting the aspect of customer
focused leadership enhances the awareness of the personnel in terms of influencing the
purchasing power and decision of the customers. Consideration of checklists and templates prove
beneficial in terms of gaining an insight into the extent to which the customer needs have been

CUSTOMER CENTRICITY RESEARCH REPORT 6
fulfilled. For this, the personnel conduct need analysis for becoming familiar with the type of
service, which matches with the income and lifestyle of the customers (Sparrow, Hird & Cooper,
2015).
Figure 1: Customer centric strategy
(Source: Osakwe, 2019)
Adding innovation within the services is an initiative towards attaching proper shape to
the experience of the customers. Typical example of this is the introducing master cards,
biometric technology and security provisions.
(4) Sharing Customer Service Vision with Employees
(a) Sharing Vision
Sharing the vision with the employees is the primary activity in which the personnel of
Tangerine bank involve. This sharing makes the employees aware of the values, beliefs and
Empowering the front line
Metrics
Continuous improvements through feedbacks
Customer focused leadership
Understanding the customers
Designing the experience

CUSTOMER CENTRICITY RESEARCH REPORT 7
practices, which they are to remember for developing good practices within the workplace.
Sharing the vision with the employees adds focus into the business operations. Apart from this,
Capon and Senn, (2017) thinks that sharing the vision statement is fruitful in terms of adding
value to the investments made by the employees through the exposure of their talents. Sharing
the mission and vision statement with the employees seems beneficial in terms of mapping the
flexibility of the employees in terms of performing the challenging and enduring tasks. The
managers of the bank ensures that the visions statement, which is shared with the employees, is
actionable, measurable, observable and trainable. As a matter of specification, the vision
statement needs to be flexible enough for making last moment changes, if necessary (Lemon &
Verhoef, 2016).
(b) Training and Job Design
Training enhances the preconceived skills, expertise and knowledge of the employees.
Mention can be made of the strategic plans, which the managers create for providing training to
the employees. At the initial stage, need analysis is conducted by the managers, which helps in
assessing their capability. This analysis, further, is assistance in terms of deciding the training,
which the employees need. Mention can be made of the technology training, which helps in
developing the competency of the personnel towards making effective use of the resources.
Simon et al., (2016) thinks that practical tests prove beneficial in terms of enhancing the visual
skills, expertise and knowledge in terms of providing online services to the customers in an
efficient and effective manner.
The job advertisements are conducted on the basis of the needs of the organization.
Along with this, the identified objectives are also considered for designing the advertisements.
This is in terms of creating strong and flexible team members, who would contribute in fulfilling

CUSTOMER CENTRICITY RESEARCH REPORT 8
the objectives. After printing the job advertisements, they are sent to the higher authorities for
verifying its appropriateness. Their approval is necessary in terms of implementing the
developed strategies. The advertisements are uploaded in the websites, which helps in reaching
to large number of customers at the same time (Jaworski, 2018).
(c) Performance Management
Tangerine Bank adopts integrated performance management systems, which helps the
managers to assess the performance of the employees. The parameters for this assessment is
consciousness towards the values for executing the allocated duties and responsibilities. The
concept of rewards and recognition is implemented within the business practices, which
upgrades the standards and qualities of the employee performance. Moreover, rewarding the
performance of the employees is a way of attaching value to the talents invested. Giménez,
(2018) points out that meetings are conducted with the Board of directors for revising the
recruitment and selection policies. Moreover, revisions are also conducted in the rewards and
recognitions, which motivates the employees for keeping up good performance.
(5) Voice of Customer
Voice of the Customer Programs (VoC) are organized by Tangerine Bank for aligning
with the ever changing needs of the customers. These programs are an efficient means for
increasing the sales revenue and profit margins. The means of survey and feedback is adopted for
gaining an insight into specific needs, demands and requirements of the customers. VoC forms a
crucial element within the core business strategies. Direct engagement of the customers in the
financial transactions is assistance in terms of gaining an insight into the mindset of the

CUSTOMER CENTRICITY RESEARCH REPORT 9
customers towards the services (Parniangtong, 2017). Feedbacks form an open platform for the
customers in terms of voicing out their opinions regarding the financial services.
(6) Complaint Obstacles
Indifference is one of the main obstacle, which aggravates the complexities within the
approach of the personnel towards the customers. Along with this, inattention creates a negative
impact on the customers regarding development of value for money. Absence of commitment in
the approach of the personnel in one of the other obstacles in terms of effective handling of the
customer complaints. As per the opinions of Peppers and Rogers, (2016), one of the related issue
is poor team work, which results in delays within the financial transactions.
(7) Automated Systems
(a) Implementation Process
At the initial stage, Tangerine bank identifies the opportunities and areas, where
automation can be added. Next, validation is conducted for the identified area in terms of
aligning the initiative with the identified and specified objectives. As a sequential step, a design
model is selected for maximizing the scope and arena of the automated systems. After this, an
automation plan is developed, for which a pilot testing is conducted. This is in terms of
experimenting its appropriateness to the financial transactions (Cook, 2016). This is followed by
the training and handling contingencies. These plans are based on the urgency of the situation.
Monitoring is done in terms of evaluating the effectiveness of the implementation. Feedbacks,
surveys and meetings are conducted for tracking the customer reactions.
(b) Social Media

CUSTOMER CENTRICITY RESEARCH REPORT 10
Social media has revolutionized the business of Tangerine bank. As a matter of
specification, social media has enhanced the trafficking of audience towards the brand image.
Uploading the information of the services on social media has solved the queries of the
customers regarding experiencing hassle free financial transactions. Mention can be made of the
security cookies and policies, which maintains the security, privacy and confidentiality of the
personal belongings of the customers (Bell, Auh & Eisingerich, 2017). Innovations within these
policies is an agent in terms of gaining loyalty, trust and dependence from the customers.

CUSTOMER CENTRICITY RESEARCH REPORT 11
References
Bell, S. J., Auh, S., & Eisingerich, A. B. (2017). Unraveling the customer education paradox:
When, and how, should firms educate their customers?. Journal of Service
Research, 20(3), 306-321.
Ca.reuters.com (2019). Canada's Tangerine Bank targets million new customers. [online]
Retrieved 28th January 2019 from
https://ca.reuters.com/article/businessNews/idCAKCN107245
Capon, N., & Senn, C. (2017). Customer-Centricity in the Executive Suite: A Taxonomy of Top-
Management–Customer Interaction Roles. In Strategy and Communication for
Innovation (pp. 291-301). Springer, Cham.
Cook, S. (2016). Leading the Customer Experience: Inspirational Service Leadership.
Routledge.
Giménez, J. F. V. (2018). Customer-Centricity: The New Path to Product Innovation and
Profitability. Cambridge Scholars Publishing.
Jaworski, B. J. (2018). Reflections on the journey to be customer-oriented and solutions-
led. AMS Review, 8(1-2), 75-79.
Lemon, K. N., & Verhoef, P. C. (2016). Understanding customer experience throughout the
customer journey. Journal of Marketing, 80(6), 69-96.
Osakwe, C. N. (2019). Customer centricity: an empirical analysis in the micro-sized
firm. Journal of Strategic Marketing, 1-14.

CUSTOMER CENTRICITY RESEARCH REPORT 12
Parniangtong, S. (2017). Competitive Advantage of Customer Centricity. Springer.
Peppers, D., & Rogers, M. (2016). Managing customer experience and relationships: A strategic
framework. John Wiley & Sons.
Simon, M., VAn Den DriesT, F., & Wilms, T. (2016). Driving Customer-Centric Growth: A
Practical Roadmap: The Pivotal Role of Insights and Analytics In the Customer-Centric
Organization. Journal of Advertising Research, 56(2), 159-168.
Sparrow, P., Hird, M., & Cooper, C. L. (2015). Customer Centricity and People Management. In
Do We Need HR? (pp. 54-85). Palgrave Macmillan, London.
Tangerine.ca (2019). Community Report: Who and What. [online] Retrieved 28th Jan 2019 from
https://www.tangerine.ca/static_files/wwwroot/pdfs/en/Tangerine_2015_CommunityRep
ort_Who&What.pdf
Tangerine.ca (2019). Tangerine Ranks Highest In Customer Satisfaction By J.D. Power For
Fifth Straight Year. [online] Retrieved 28th Jan 2019 from
https://www.tangerine.ca/en/about-us/press-releases/pr-2016-07-28
Uhl, A., & Gollenia, L. A. (2016). Customer Centricity. In Digital Enterprise
Transformation (pp. 173-196). Routledge.
Ulaga, W. (2018). The journey towards customer centricity and service growth in B2B: a
commentary and research directions. AMS Review, 1-4.