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COMMENT
Gavin Mee, Senior Area Vice President, Salesforce
Connected experiences: have retail banks joined the dots?
Today, brands of all sizes and industries use interactive technologies to deliver seamless, multi-channel customer journeys. This shift is in response to continually evolving customer expectations. In fact, research into customer experience shows that 77% of UK consumers agree they now expect companies to provide a consistent experience wherever they engage, be it on mobile, social media, website or in-person.
These days, playing catch up simply isn’t enough; the most successful businesses are those who stay ahead of the curve and anticipate what’s next in terms of customer expectation.
When tradition meets innovation
This is no different in the financial services sector. Although steeped in tradition, it’s taken great strides to digitise services to deliver a personalised, secure and convenient customer experience. And, like in other industries, it’s been a case of disrupt, or be disrupted. A wave of agile startups, including Crowdcube and eBury, has shaken things up and forced even the oldest financial institutions to entirely reimagine customer engagement.
Only in December, the world’s largest hedge fund announced that it is building specialised software to automate day-to-day management. And in 2015, Accenture predicted that because Artificial Intelligence (AI)
www.ibsintelligence.com © IBS Intelligence 2017
technology can take care of administrative tasks, it will allow fund managers to focus on other quality work. Another great example is Zurich’s FutureYou retirement planning tool. The FutureYou platform combines service excellence, integrated customer data, built-in analytics and social listening tools to gain a single customer view – meaning it delivers a truly personalised experience.
What about the retail banking sector?
Innovation across the financial services industry has grown by leaps and bounds, and this includes the retail banking sector. UK banks are quickly catching up and are now blending the physical, in-branch experience with online and mobile to provide a seamless, personal journey to their customers – something both relevant and necessary for their tech-savvy younger customers. But while this is positive, banks shouldn’t yet rest on their laurels.
Our recent Connected Banking report outlines the behaviours and expectations of today’s customers, and sheds some interesting light on today’s state of play. From this, we can draw some conclusions about what banks must do to maintain competitive advantage against disruptors and meet the needs of customers.
The report shows that, regardless of age, customers are doing their banking through a range of digital channels.
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