How banks are leveraging customer data to deliver tailored banking experiences – interview with Capco’s data practice lead

 

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During this episode, we explore with Chris Probert, data practice lead at Capco – the role of data, the obstacles which banks face when looking to leverage customer data and the opportunities it to CX teams looking to deliver a tailored banking experience.

We’ll explore:

  • The many challenges and opportunities that data opens up for banks when looking to deliver hyper-tailored banking experiences.
  • The possibilities that data present in allowing banks to offer products and services which are tailored to each individual customer’s personal needs.
  • The role of ethics and privacy
  • The importance of lowering the cost of insight acquisition
  • Example use cases for leveraging machine learning

Legal & General’s Digital product lead – Tariq Maonah on the importance of customer feedback in driving digital innovation

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During today’s episode, we explore with Tariq Maonah, Digital product lead at Legal & General – how to build a customer-first digital business at scale by collecting direct customer feedback and building products and experiences focused on solving customers day to day challenges.

We’ll explore:

  • The role that customer feedback plays in driving the digital roadmap
  • How Legal & General links their workforce as closely as possible with their customers
  • How datasets are created out of customer feedback
  • The importance of getting data into the hands of as wide a group as possible
  • The importance of creating a unified customer experience across all their products

Optimising digital experiences in financial services

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During today’s episode, we explore with Doug Morris, strategy director at Ratio:FS the role which optimisation plays in continually improving your customer’s digital experience.

During the episode, we’ll explore:

  • What is optimisation
  • The importance of continual investment in your programme
  • The role of personalisation vs testing
  • How to structure your optimisation team
  • How to build your optimisation roadmap
  • How to measure the success of an optimisation programme

Overcoming the challenges of driving digital transformation in financial services with Sol Enenmoh, head of digital transformation at Vanquis Bank

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During this episode, we are joined by Sol Enenmoh, head of digital transformation at Vanquis Bank, as we discuss a common theme from across the financial world. The constant desire to implement digital transformation projects and the challenges involved in defining, pushing through and driving successful adoption of digital initiatives.

During the episode:

  • How to define and start a digital transformation project
  • How to track digital trends and decide which ones to adopt
  • Defining KPIs and success metrics for large projects
  • The challenges of agile vs waterfall in digital transformation
  • The role of technology in driving transformation
  • Why company culture can be a deterrent towards the successful adoption of digital initiatives

2. Why building the right company culture is key to building a great experience for your customers with Moneyou CEO Bas Boelhouwers

During today’s episode, we explore with Bas Boelhouwers, CEO at Moneyou the importance and role that your company culture plays in delivering customer experiences focused on solving your customer’s problems.

We’ll explore:

  • What Moneyou defines as a good customer experience
  • How to build customer empathy into your organisation
  • The role of customer feedback in driving your digital experience roadmap
  • How banking should approach the challenge of building a customer-first approach
  • The challenge of adopting new marketing technology

1. The marketplace challenges facing Financial Services in 2020 and beyond

About this episode

During today’s episode, we explore some of the digital and customer experience trends facing financial services.

We’ll explore:

  • The challenges which incumbent brands facing when looking to compete against the like’s of Monzo in consumer banking and Tide in business banking.
  • Why high street banks struggle to replicate the experience delivered by challenger banks.
  • What role does company culture play when looking to compete.
  • The role marketing technology plays in looking to building a competing experience
  • The challenges banks face when looking to know their customers.
  • The role which customer data can potentially play in delivering an improved customer experience

Personalised client experiences in private banking and wealth management

As a concept personalisation has been talked about for a number of years. But how can this be applied to the private banking, wealth and asset management sectors? 

Deploying a more personalised experience can be hard as the obvious blockers tend to crop up; where do we start, do we have the right technology and is this going to add any value.

Key takeaways

  • The role of personalisation in delivering a tailored experience
  • The importance of building single client profiles
  • Why personalisation is about mirroring the offline experience
  • The importance of feeding relationship managers with digital intelligence

When we speak to clients, there’s a common tendency to think that your own challenges are unique to your own organisation.  Now that’s not to say that there are some challenges which are very much unique, but the reality is usually that there are a series of common challenges we see pop up time and time again.

  • Generating value for relationship or sales managers: different companies will call these functions by different names but in a nutshell, the challenge is the same. How can marketing help the business to succeed and grow by driving and supporting business growth
  • Measuring the impact digital has in driving business value: again this isn’t a challenge which is unique to the asset management world. We see marketers from across sectors, throw their hands ups in frustration at this one. Especially in B2B type companies, where there’s a tendency for people outside of the department to comment that all marketing does is provide a nice-looking brochure. Nothing frustrates a marketer more than hearing this.
  • Producing loads of content but not having any idea if they are effective: this is especially relevant if you produce lots of thought leadership and reports. You have content produced by super smart people, you have a lot of it but you’re not 100% sure if the content is effective, let alone knowing how to report against content effectiveness.
  • Differentiate against the competition: this isn’t unique to this space. We’re asked this by almost everyone we speak to. There’s an almost irresistible temptation to look at your competitors for examples of best practice and how you should be doing things.  The danger with this is a creeping sameness across competitors websites. So the question, is how can you be different from the other guys?
  • Data held in different silos: this can be a big challenge for many organisations but we see it come up and time and time again within the asset management space where data can be spread across customer portals (which are often built on a separate platform from the website), CRM and the website.

The below personalisation study takes you through this process in much more detail

Tip: Click on the below presentation to scroll through the slides