Senteo History

A banking conference in the fall of 2005, in Barcelona, Spain, spurred CEO Michael Ruckman to found Senteo Incorporated.

Finishing a transformational consulting engagement at AlfaBank in Russia, Michael realized that there was a distinct need to take the principles and theory explained in the book, “The Experience Economy” by B. Joseph Pine II, and apply them to the retail banking industry. After listening to the disparate pieces of information in the bankers’ presentations, Michael found that there was little understanding of how to design, build, measure, and manage a retail banking business to provide unique, engaging, and fulfilling customer experiences. As well, there was a lack of understanding of how to manage ongoing customer relationships in any way other than purely the contractual elements of product sales and servicing.

By Spring 2006, the ideas scrawled on a hotel notepad had taken shape and Senteo was officially in business with the first version of the Senteo methdology.

The company started out with a few employees and quickly grew to 30. Before the financial crisis in 2008, Senteo employed 150 people in five countries. During the financial crisis, the company downsized but stayed afloat and committed to the concept that banks and customers can co-exist in mutually beneficial relationships. Senteo is now on a new path of growth, dedicated to helping banks and retailers to enhance the quality of their relationships with customers through meaningful experiences.

In this new economy, Senteo’s mission to help banks and other retailers transform their businesses and create long-term relationships with customers is more relevant than ever. In fact, the most recent version of the Senteo methodology is focused not only on individual customer experiences, but the nature and health of the relationships that emerge with ongoing contact between the customer and the provider. These new developments have led us to coin the term “relationship centric,” which we believe is the natural evolutionary step after customer centricity.

In 2013, the Senteo partners agreed to invest in several start-up and existing business ventures as another venue to benefit from the Senteo methodology.  They also dedicated a significant amount of time and investment to expand the Senteo Education business line.   This expansion completed what the partners believe is a harmonious balance between consulting, education, and business ventures and allows for optimal team development and use of the Senteo methodology and experience.

Read about Senteo’s management team.

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