Tag Archives: Mobile app

What if a wealth manager is not offering digital services at all?

In the article “Advisor Characteristics Vs Digital Delivery: Which Is Most Important To The Future-Wealthy?”, published by FamilyWealthReport on the 27th of March, the importance of the role of the advisor versus digital is measured. All questions asked are relevant, but the way the discussion is raised might be not completely the right angle.

In short; The research describes the fact that good personal financial advice is preferred over digital interactions with customers. They are surprised by the fact that in the younger age group the digital experience score is lower than for ‘older HNWI’s’. To me this is not surprising at all due to the higher demand this group has towards digital. So the same experience scores lower within the younger age group.

Capgemini’s World Wealth Report 2013, based on research over 4400 HNWI’s globally, clearly shows the growing importance of these digital interactions. One of the key messages: The younger the group of HNWI’s researched, the higher the importance of digital contact is to them.

Digital_Wealth

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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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Banks are changing rapidly behind the scenes, but still need to have the basics right

During some informal chats with Senior Sydney bankers in the past days one thing became clear about digitisation in the banking industry: Banks are really moving forward and are changing the way they interact with their clients. On the other hand, this does not automatically mean that we are really experiencing the added value this change yet.

Almost all banks have launched one or more mobile apps in the past years. A lot of them were copies of the existing online environment and used to show off, while missing the potential of mobile solutions. We have also seen launches of online platforms by larger banks. It might be worth reading the online reviews before deciding to apply for such an account. Continue reading