As Prudential’s chief customer officer and leading voice on consumer markets, Naveen Agarwal has advised financial services companies and corporate leaders to view their businesses from the perspective of their customers.

According to Agarwal’s analysis, people live in a time in which companies, such as Prudential, can no longer be compared to traditional competitors because they are now being compared by customers to companies from all walks of life.

Agarwal recommends that financial services companies should review how they engage with their customers and create meaningful experiences that go beyond mere transactions.

“What are the needs of our customers and how does the current transaction connect to all their needs? Can we go above and beyond to serve them and delight them?” Agarwal said are two key questions corporate leaders need to think about.

To put things into perspective, Agarwal added an example of how tech giant Amazon managed to become successful.

"They worked to integrate suppliers, streamline pricing and understand how shipping works," he said. "They had to fuss about little details like shipping labels, different sizes of boxes, and those air packets that keep contents from bouncing around the box—all while ensuring the package is light."

Ultimately, Agarwal said, success is connected to creating experiences that go beyond transactions and can generate positive emotions, which are the drivers of intense customer loyalty. 

"We won’t be successful if all we do is figure out how to be better than our closest peers," Agarwal said. "Our success will come by putting financial security within reach of everyone, thereby making an impact everywhere — at work, at home and in communities."