Category Archives: Customer Satisfaction

Driving ROI out of customer experience improvement initiatives at private banks and retail wealth managers

A customer experience is made up of multiple touch points in a given context (rawson et al 2013) and therefore comprises of all the little things that happen in customer interactions.

 Customer experience initiatives are being deployed at a rapid pace in the broader private banking and retail wealth management industry. New value propositions, operating model designs, mobile apps, remote financial advice solutions, you name it. Many wealth managers (I use wealth management in the broader context, which includes both private banks and retail wealth managers) approach these initiatives in isolation and not as part of a broader customer strategy.

 This doesn’t mean to say that the initiatives undertaken are not good, no! Some of them are great and (aim to) fulfil a defined customer demand. But there are risks involved with the approach as mentioned above, like:

  1. Wealth managers focus on areas that don’t have the highest priority for their HNWI (High Net Worth Individual) clients as they haven’t assessed in detail what the real customer priorities are
  2. Fragmented approach of multiple initiatives, each with the idea to improve customer experience
  3. Losing “eye on the bigger picture” (fulfilling the customer needs)
  4. Initiatives are driven by internal organisational desires rather than a focus on end users and enabling value exchange between customers and the organisation

 Note: This blog is addressing the role a customer centric focus plays in driving ROI for private banks and retail wealth managers. It covers both obvious and less obvious drivers and influencers on these entities.
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Wealth management – What are you doing next?

What a time to be in the wealth management industry… – What are you doing next?

In my work I am confronted daily with clients’ questions on what they can expect next to ‘hit’ them. We read and hear every day about startups, fintechs, robo advice, disruption etc. and I will obviously share my perspectives on these, there is also the logical next question of “what are you doing next?” All wealth managers know too well that their business model is under pressure and that significant change is expected (it has already started). Reality is that in many cases most of their budgets are still allocated to initiatives focussed on legacy technology and regulations. If they are considering top-line growth initiatives these tend to be approached in isolation or as an add-on to the existing practices, instead of being integrated properly into their broader business model and operations. This is interesting considering that there has been a growing emphasis being placed on customer centricity (and contrary to this, legacy technology and regulations are mainly internally focussed initiatives).

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Customer Experience: Playing maturity catch up…

Observations from the Sydney CX Design & Implementation Conference

(11 November – 12 November 2015)

I was lucky to be able to attend the Customer Experience Design & Implementation conference in Sydney last week listening to and speaking with organisations as each shared their experiences, success stories (of course) and learnings (can’t be enough) from organisations covering (but not limited to)  Telco’s, Financial services, Age-care, Government, Recruitment, Logistics, Design, Technology vendors, Fintech and Startups.

It was great to hear the variety of ways organisations make an effort to improve customer experiences across different industries. Such perspective across industries becomes increasingly valuable as many of the experiences people have to one industry drive their expectations and perception of others. As a result, a glass ceiling is put over industries with lower maturity levels in regards to customer experience and related expectations. From my view, which focuses on financial services and wealth management, those industries with lower customer experience maturity levels must play ‘maturity catch up’ versus other more established industries and/or organisations.

In case you are not interested to read further for more detail, buzzwords to summarise the conference include: #Employeeengagement drives customerengagement; #Designthinking; #Listening; #Empathy; #ValueExchange; #Culturalchange; #Differentiateyourexperience; #Multiscreen/#Multidevice; #Rewarddrivescustomerbehaviour; #Customerownsthejourney; #Actionable; #Beingandfeeling; #Voiceofthecustomer; #Nuroscience; Continue reading