4 Key Digital Trends in the Financial Services Sector

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4 Key Digital Trends in the Financial Services Sector

A lot of talk and discussion is centred on ‘digital disruption’ for many industries especially notable within the taxi industry with Uber. It has turned the taxi industry upside down.

Is the financial services sector the next industry to be turned on its head?

Here are 4 Key Digital Transformation Trends shaping the financial services sector as researched by eConsultancy and insights gathered at theAdobe Digital Marketing Symposium (Sydney).

1. Customer Experience is Key

To remain viable, competitive, and ‘top of mind’ with clients, it seems the best way to achieve this, is to deliver an exceptional customer experience, across multi-touch points especially on mobile devices.

In a recent attendance at the Adobe Digital Marketing Symposium (Sydney), ‘customer experience‘ was expressed several times as being vital and essential if one wants to survive the digital and data ocean.

It’s a case of ‘sink’ or ‘swim’. 

Quotes from the symposium:

Customer experience defines everything we (digital marketers) do.

Essence of digital marketing is to create consumer experiences throughout the entire customer journey.

Consumers will go elsewhere seeking the experience they want if YOU can’t deliver it.

How do you deliver personalised customer experience? 

  • Customer Centricity – putting the customer at the centre of everything. To deliver a positive customer experience, everyone in an organisation needs to be focused on the customer, and to always look at ways to improve the delivery of customer service.
  • Differentiation. Stand out from the crowd through customer service and experience. Understand the value clients are seeking, and focus on delivering it.
  • Personalised Marketing – Delivering the right (relevant) messages at the right time in a personalised and targeted way is essential.
  • Customer Persona & Behaviour Intelligence. Understand your customer intimately, and utilise the data gathered about your customer to provide relevant, personalised and targeted service offerings that customers seek and value, when they want it.

Quotes from the symposium:

Enterprises need to pivot, customer experience is the brand.

Consistency – Don’t make me interact with you again. I want you to engage with me consistently. Know me, understand me.

2. Build a strong digital culture

eConsultancy reports organisations built upon a strong digital culture with the right strategy are better positioned to deliver connected customer experiences across the many customer touch points.

How do you deliver a strong digital culture?

  • Board Advocacy – Digital focus and the drive has to come from the top. Most interviewees responded that board buy-in to the CEO leading the digital charge is pivotal.
  • Right people – Getting people with digital intelligence blended with business know-how to understanding the customer are essential skill sets organisations need to recruit more of or have access to.
  • Celebrate ‘small wins’ – It’s important to celebrate the small digital milestones along the digital journey to engage people towards an entrenched digital culture.
  • Form Alliances / Partnerships – Forge new business alliances, joint ventures and partnerships to efficiently and quickly provide new services to customers.
  • Agility – Most responded in the research as organisations need to be more nimble and agile in business operations, and start to think ‘outside of the square’ and create ‘think tanks’ or ‘innovation labs’. It’s about bringing people together to brain storm ideas and to identify new opportunities.

The Commonwealth Bank recently announced the launch of an Innovation Lab. As I quote directly from their website:

The Innovation Lab is more than informative – it’s inspirational. Visitors can interact with real time data, interpret trends, brainstorm solutions and collaborate with CommBank project teams.

Quotes from the symposium:

Innovation Labs – designed to break down silos, bring key people together to work on projects, create small highly metric focused business unit heads to innovate rapidly, and invite customers to collaborate.

3.  Analysing & Understanding Data is paramount

The research finds that data is an important weapon of progress and digital transformation. Analysing data about your customer is crucial if one wants to better understand a customer’s journey and behaviours across channels and devices.

Quotes from the symposium:

Integrate data to see the customer in totality.

Analytics – it’s all about customer intelligence & customer insights to learn more about their preferences and behaviours.

Data driven marketing – need to predict what’s the right mix of  marketing vs budget, what to start, what to stop and what to do more of.

4. Digital & Social Investment is critical

Continued investment is imperative especially for the financial services sector due to the highly competitive environment it is, and being prone to disruption by ‘robo-advisors’, and other technology disruptions.

As eConsultancy highlights, financial services organisations are focused on business growth, learning about changed customer behaviours and journeys, and collaborating with others to develop customer experiences that is personalised, relevant and timely across diverse channels and devices.

AMP discussed their digital transformation journey at the Adobe Digital Marketing Symposium.

For AMP, it was about:

Putting their customers in the centre of everything.

How to use technology effectively to better connect with customers.

How to deliver knowledge-based services from humans but use digital technology to improve efficiency and customer service.

Digital transformation is not just about technology but it’s all about people and processes. It’s about integrating data to continuously learn and innovate through collaboration with partners or alliances to identify improved ways to serve customers, and to provide personalised experiences across channels and devices.

 

About the Author:

Jenny Lee-Koksal
Freelance Digital Marketer - Love all things DIGIAL | ONLINE | SOCIAL. I currently help Australian small businesses and solo entrepreneurs who understand the need to go digital but simply lack the time and the knowledge to do so. I become part of your business and assist where I can with your digital marketing needs.

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