Tag Archives: Client

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

Why the wealth management industry is different, or not?

Are the current challenges seriously different?

My passion for the wealth management industry is undisputed and so is my believe in wealth managers. I seriously have the believe that most of these front end advisers serve the goal of helping HNWI’s in managing their wealth.

We all know the challenges the industry is facing; increased regulatory pressure, pressure on traditional income models, changing client behaviors, digital technology and the need for a revised business model.

At the same time I am very keen to collaboratively come up with solutions that might fit some of these challenges. But instead of making this wealth management specific people should be fair in understanding that these challenges are not the issue of the day for wealth managers only. Other financial services companies face similar challenges and this evenly is the case for other industries. The only difference is that wealth managers have a (long) personal relationship with their clients.

The ability to cope with these challenges and translate this into the necessary change therefore is the actual question to be answered. Apparently this turns out to be a sensitive subject. The subject of cultural change. I remember the first organizational change I experienced. I was an intern at a large Dutch private bank and the HQ decided to change some procedures in the way investment advisers had to provide investment advice to their existing customers. This turned out to be difficult task especially for the advisers already on their job for years. Why change, I am used to work like this and happy to do it this way? At the end the organisation changed, because the leadership decided to do so.

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What means Customer Experience anno 2014?

…From history to the drivers for change in this year…

For this blog I had the honor to interview B. Joseph Pine II. Author of several best-selling management books around Customization and Experience, speaker at TEDx conferences and contributor to several research papers for the Harvard Business Review. During my last blog I discussed customization of banking services and referred to his thinking already. This blog therefore is an interesting follow-up on that.

I used the inputs from this interview across my blog and want to thank Joe Pine for his contributions at the beginning of my blog.

History

Banking in the past was perceived as something for very smart guys and customers missed the understanding of it. They really needed their bank and its advisors to manage their cash. Today the world looks different. The (product) information is freely available and written in a more understandable way. Customers are looking more at how and when they do their banking. The customers know what is possible and expect it to be delivered in a simple and seamless way. Banks seem to understand that they need not only their customers’ money but the customers in person too!

Although this change is widely accepted and we regularly stepping over to it quickly in our publications, it is interesting to understand how this evolvement took place so quickly. With 2008’s financial crisis and the Smartphone development we have the 2 key components together.

Trust in banks went to an all time low during and after the financial crisis with customers that wanted to be much closer involved in management of their financials. Although we experience a strong increase in customers trust towards banks again, customers will never ever let them act stand alone anymore. They will always be more closely involved than pre-2008 levels.

This is partly due to the fact that they can easily connect with their bank online or by mobile. The ease and speed of those channels make the barriers almost disappearing to do so. What does this mean for customer experience anno 2014?

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Why real Customization should be a customer’s pull instead of a banks push…

…Joseph Pine II knew it 22 years ago!

These days we are experiencing an increased focus of banks to communicate what they call their customized approach towards their customers. Banks are using the term customization most of the times to refer to their ‘tailored approach’. But after reading an article (non-financial services related) I started thinking about what customization really means.

Note: If you are not interested in definitions please scroll down to the part on ‘The customers are deciding for themselves’,  but in my opinion the definitions are important in the broader discussion of my blog.

To ensure I was not misleading myself I had a look at the Oxford Dictionary which describes customization as: ‘To modify (something) to suit a particular individual or task.’

This sounds quite straight forward, but makes no distinction on who is modifying something (what is actually spot-on, but I get to that point later).

opponent

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New Country Other Developments?

amsterdamtosydney

Recently arrived in Sydney (Australia), from Amsterdam (The Netherlands) I would like to continue doing what I did in the past: Sharing thoughts, insights and developments in the Financial Services industry and the Wealth Management industry in particular. Not limited to any geographical boundaries (which boundaries?) with regards to relevance of the subjects of course.

I will only share from personal interest point of view. But feel free to comment or request my view on other subjects as well.

So far so good in Australia. A well developed country, but one of its own kinds. The weather used to be better and the mood to be more relaxed. Is that why some developments are of a view years behind from the place where I grew-up?

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