Profitable customer growth in UK Financial Services
Our podcast series explores the role of innovation and the technologies that will enable firms to transform and optimize their businesses for growth.
Nowadays, there is no one-size-fits-all approach to meeting the needs of every customer – some prefer banking digitally, some would prefer to bank in physical branches only and others want both. To meet the needs of every kind of customer it’s best to roll out services on multiple platforms, but this can get complicated fast. How best can financial services organisations manage this complexity end-to-end and which new channels offer unique ways to engage customers?
Data has become a highly valuable commodity across financial services. Today, data streams are increasing thanks to a raft of new technologies, but so too is customer savviness when it comes to how much their data is worth. Retail and commercial customer are more willing than ever to share data–if their needs are met in return. In an increasingly data-led economy, what is an appropriate and reasonable value exchange between provider and customer?
Customers want the human touch from their insurance provider, especially for the big moments that matter in their lives. The expectation for hyper-relevant interactions and offerings is a huge opportunity for insurers, and those that get it right can increase their revenue and seize market share. What does the new insurance offering look like and how are data, analytics and machines driving personalised products and services?
Customer want financial services providers to anticipate their individual needs and provide timely and relevant information and recommendations. While digital services have helped financial services providers improve the speed and convenience of these customer interactions, there is a risk that digitization dehumanizes relationships. This shift away from a foundation of engagement to something more transactional introduces the potential for customer-provider disconnect.