Improving CX in the Financial Industry

Thought-leaders discuss how to improve customer engagement in financial services.

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Karen Ganschow, Source: Pitney Bowes

The rise of digital platforms has revolutionised the customer experience, and this is a challenge that the financial services must address.

Financial services are looking to innovate their processes after digital giants like Uber and Spotify have gained the attention of the younger generations.

In partnership with Pitney Bowes and OmniChannel Media, 12 of Singapore’s leading Customer Experience executives in the financial services industry came together to discuss how best to engage with customers in the 21st century.

The exclusive luncheon featured insights from Karen Ganschow, former General Manager of Customer Relationship Marketing at Westpac, and highlighted the key points that financial services should be focusing on in 2017.

Ganschow emphasised the need to personalise the experience, arguing the recent craze of Pokemon Go reveals a lot about how to connect with customers.

“Pokemon Go reminds us, once again, of the need customers have for deep personalisation. Interactions with big brands should be all about them, not something that looks like it’s been sprayed up for 1000 people. It’s something that has definitely got their names, their initials, their story,” she said.

The executives also discussed where the responsibility lies when it comes to being aware of the deals that are available: should the customers be knowledgeable about interest rates, or is it the business’ duty to inform them first?

The table was divided, but the majority believed that it should be the organisation that notifies the customers, and Ganschow suggested that this can only be done if the business understands who they’re marketing towards.

“Are we also learning where the customers are in their life journey? We should always understand where the customer is, what they are doing and what’s their situation, and how we can be relevant in it.”

The final point of discussion revolved around the best practice for businesses to stay digitally connected with customers when there are a plethora of options available to them.

The executives named businesses like Uber and Spotify as examples of digital leaders who successfully engage with customers. However, they were careful to note that they are not restricted by regulations in the same way as other organisations.

Despite these limitations, the table agreed that creating a seamless experience can still be achieved through innovations such as mobile banking.

Ganschow believes the best way to connect with the customer is by facilitating customer decisions through digital means, as opposed to dictating them.

“We need to absolutely be pushing harder to enable the customers and that can be done by creating a good digital connection.”

Customer experience lies at the heart of a successful organisation, and the best way to achieve this is through understanding the customer’s needs and personalising their experience through digital platforms.

This should be the focus for financial services when they are looking to innovate.