Customer value proposition – Corporate Transformation and Growth in Caribbean financial firms

The delivery of a superior customer value is essential to financial firms that operate in a competitive marketplace. The firms must therefore create the business experience that satisfies or exceeds the customer’s expectation.

A firm delivers customer value through its value proposition. This is a promise offered by the firm that value will be delivered to the customer and supported by the customer’s belief that this value will be received. The corporate transformation of financial firms for delivering customer value is absolutely necessary when the firm seeks to grow regionally or internationally.

This linkage between transformation, value and growth is supported by the product life cycle (PLC) theory which suggests that at the stages of maturity and decline of the product/industry, the firms must transform (corporate transformation) for delivering value to the customer through its customer value proposition; thus extending the life of the product/industry for generating further growth. Indeed, the transforming of customer value for generating growth is in no way peculiar to Caribbean firms.

However, with the paucity of scholarly work, particularly within Caribbean context (small island states with weak economies, vulnerability to natural disaster and external economic shocks, high and rising public debt), research is required for assisting Caribbean financial institutions to better understand the superior customer value proposition that is necessary for growing businesses across borders. After all, financial institutions cannot continue to operate only in their domestic markets if they are to grow and remain sustainable.

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