Engaging Millennials in the Digital Age

Thought-leaders within financial services explore how to improve a customer experience.

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The arrival of the digital age has led to a rapid increase in customer experience and the need for organisations to differentiate from their competitors through creating a memorable experience for their users.

In light of this, OmniChannel Media and Pitney Bowes hosted an exclusive roundtable providing an opportunity for thought leaders within financial services to explore ways to improve user’s engagement in a digital age.

Featuring key insights from Karen Ganschow, Former General Manager of Customer Relationship Marketing at Westpac, who shared her thoughts on the importance of personalisation, innovation, and segmenting the market.

Ganschow compared the financial industry’s customer experience to the recent fad of Pokemon Go, and suggested that there was plenty that financial institutions could take away from the phenomenon.

“Since July there has been 500 million downloads, and here we are, so there’s clearly something that we can learn from the app about customer experience; even in the professions of banking and insurance,” she said.

A decisive point that Ganschow brought up was how important personalising the user experience was to a customer.

Pokemon Go used several techniques to engage customers and retain their attention to the virtual reality app, ranging from the Poke-Stops that promoted participation around their daily cycle, to avatars which created a level of maturity and sophistication to understand the customer.

Following this, the discussion agreed that the tech department should be charged with creating new and innovative ways to engage with their customers “[they] should be at the cutting edge of technology before we even think about it.”

However, in creating new channels of engagement one of the key issues that was raised was how to retain the attention of a wide-range of generations throughout a customer-base while catering for a more digitally focused customer.

The table came to the conclusion that the key to catering to this was to create a seamless and personalised experience.

Leading examples of were showcased from recognisable disruptors in the shared economy, namely Uber and Airbnb.

“The thing with Uber is that it wasn’t about the price point, it was about the customer experience. It was about the ease of looking and getting the service and being able to see your driver, that was the difference between normal taxis.”

The roundtable’s discussions revealed that the financial sector still has room to improve the experience they provide their customers and differentiate themselves from the competition through innovation and personalisation.