INNOVATION
Expectations from today's consumer are outpacing the ability for banks and credit unions to keep up. The digital consumer is hyper-connected, highly informed and demands a highly personalized approach with regards to communication, product development and customer service.
On January 13, 2014, I was the featured guest for a global Twitter chat hosted by @IBMbigdata entitled, "Customer Experience Innovation in Banking". During the hour, there were 158 participants, 1,095 posts and over 6M impressions!
Below is a sampling of the interchange (including my responses)
More than half #bank customers’ interactions on avg took place through online or mobile channels ~ @BainAlerts so Q1 >> #CXO
— IBM big data (@IBMbigdata) January 13, 2014
Q1: How does today's customer behavior and expectations in a constantly changing technological world impact banks?
A1: Customer 3.0 banking expectations based on verticals like retail. Wants mobile money mgt. not just access to accounts. #CXO
— Jim Marous (@JimMarous) January 13, 2014
We’re in age where customers are armed w/ info & dictate service – 2 them service w/o instant = lacking A1 #cxo #banking
— Natasha Bishop (@Natasha_D_G) January 13, 2014
— Bob Palmer (@bigdatabusiness) January 13, 2014
A1: Biggest challenge for traditional banks is . . . tradition. Legacy systems, processes and mindsets #CXO
— Jim Marous (@JimMarous) January 13, 2014
A1: #CXO Customers expect online commerce--facilitated by e-banking--to become core of all transactions.
— jameskobielus (@jameskobielus) January 13, 2014
Not only seamless online transactions but also seamless online SECURITY. #cxo A1
— Lois Martin (@LoisMarketing) January 13, 2014
Q2: How can FIs improve the customer experience as customers move from the branch to digital channels?
A2: Moving from branches to digital in banking must include contextual engagement. Who/where am I. #CXO
— Jim Marous (@JimMarous) January 13, 2014
A2 Banks need to build relationships with customers using digital, It's not just about tools to transact, but tools to communicate. #CXO
— Ben Pankonin (@benpankonin) January 13, 2014
A2: Need to move from today's branch-based banking COMPLEXITY to mobile money management SIMPLICITY #CXO
— Jim Marous (@JimMarous) January 13, 2014
A2: #CXO FIs can improve #CX in switch to #digital channels by fine-tuning mobile app #UX to be intuitive, simple, reliable.
— jameskobielus (@jameskobielus) January 13, 2014
A2: Banking would be best served to start from scratch on what they think customers want & focus on todays #Mobile connected UI #CXO
— Brian Fanzo (@iSocial_Fanz) January 13, 2014
A2 real winners communicate effectively across all channels but let consumers have a role based on preferences #cxo
— Joseph Ruiz (@SMSJOE) January 13, 2014
Consumers demand more than balances & products online. They expect banks 2 know them & their needs on all channels. #CXO #bigdata #banking
— Bob Palmer (@bigdatabusiness) January 13, 2014
Q3: How do banks, steeped in traditions, established product lines and culture, innovate?
All biz including #banks must be able to shift and bend with mrkt changes or be left behind A3: #cxo #innovation
— Natasha Bishop (@Natasha_D_G) January 13, 2014
A3 It takes a *really* strong C-level commitment to assign resources + give air cover for innovation + change. #CXO
— Stephanie Thum (@stephaniethum) January 13, 2014
A3: Biggest anchor to innovation in banking is legacy back office. Second anchor is legacy management. #CXO
— Jim Marous (@JimMarous) January 13, 2014
A3 Often innovation in #banking starts with not being limited by restricted PoV of "being a bank" #CXO
— Jenni Palocsik (@jpalocsik) January 13, 2014
#CXO A3: Successful big data means you hear what you listen for and act on it in real time. Context, currency, consistency are key outcomes.
— Ben Watson (@bitpakkit) January 13, 2014
A3: Would be interesting to know how many banks have a customer experience map to illustrate the cust. view. I'm guessing few/none #CXO
— David Mitzenmacher (@davemitz) January 13, 2014
A3: Banks can use customer data to provide more contextually relevant offerings to their customers based upon demographic/patterns | #CXO
— Brian Vickery (@dbvickery) January 13, 2014
Q4: What steps should banks take to utilize all information assets for a comprehensive understanding of markets and customers?
A4: Banks should start with 1) Demographic 2) Account level 3) Transactional 4) Behavioral before moving to 5) Social #CXO
— Jim Marous (@JimMarous) January 13, 2014
A4 good engagement strategy educates as part of the communications process #cxo
— Joseph Ruiz (@SMSJOE) January 13, 2014
A4: Most important - get the information in a useful manner onto the frontlines. Enable staff. Empower experiences. #cxo
— Ben Watson (@bitpakkit) January 13, 2014
While new tech can be disrupting, smart banks will adopt big data tech in a measured way for better analytics and efficiency. #CXO #bigdata
— Bob Palmer (@bigdatabusiness) January 13, 2014
A4 Biggest need is very basic--a full-on mindset shift is required. Must consider new ways of doing biz. Not everybody "gets" it. #CXO
— Stephanie Thum (@stephaniethum) January 13, 2014
#cxo #innovation A4: Agile is not simply an option, its a matter of survival.
— Ben Watson (@bitpakkit) January 13, 2014
A4: #CXO Banks need to incorporate customer survey data into their #CX strategy--e.g., prompt agents & tellers to solicit/record it.
— jameskobielus (@jameskobielus) January 13, 2014
Q5: How can banks leverage data from empowered customers to uncover innovative ideas?
A5: Many banks have developed 'innovation labs' with help from customers. @BBVACompass @Chase #CXO
— Jim Marous (@JimMarous) January 13, 2014
A5 - Consumers are bank’s best source of innovative ideas. Listen to them. Engage them. #CXO #bigdata #banking
— Bob Palmer (@bigdatabusiness) January 13, 2014
A5: Third party organizations can also assist in innovation @BankInnovators @FinTechInnoLab @IBMBanking (shameless plug) #CXO
— Jim Marous (@JimMarous) January 13, 2014
A5: Banks should monitor social channels, and app reviews, to see what consumers are ASKING for - of them AND their competitors #CXO
— Brian Vickery (@dbvickery) January 13, 2014
A5: #CXO #Banks need to tap customer data to profile/respond to life-milestone financial needs (eg retirement) well in advance.
— jameskobielus (@jameskobielus) January 13, 2014
A5 Enable customers and get out of the way #CXO #Platform
— Marcio Rodrigues (@MarcioOnTW) January 13, 2014
A5: Innovative banking ideas are all around us. My Digital Banking Nirvana http://t.co/zuoYWlbUtr #CXO
— Jim Marous (@JimMarous) January 13, 2014
Q6: Should banks use tools from other industries such as instant mobile video support?
A6: @Amazon's #Mayday live video customer support could revolutionize banking http://t.co/1YCkpJ1FcY #CXO
— Jim Marous (@JimMarous) January 13, 2014
#cxo #innovation Noted that the regulatory/compliance card is being played as an excuse for not innovating too often by tired, old marketers
— Ben Watson (@bitpakkit) January 13, 2014
#Banks should def look at other industries so they veer from staid to innovative. A6 #CXO
— Natasha Bishop (@Natasha_D_G) January 13, 2014
A6: #CXO Banks SHOULD NOT offer instant mobile video interactions. Video adds no value to FI B2C relationship mgt.
— jameskobielus (@jameskobielus) January 13, 2014
A6 FTR, we should *all* be looking at best practices in other industries. Not just banks. Just saying. #CXO
— Stephanie Thum (@stephaniethum) January 13, 2014
A6 most customers have a screen - mobile, pc, tablet - why not use it to interact with customers, wherever they are? #CXO
— Marcio Rodrigues (@MarcioOnTW) January 13, 2014
Q7: What specific innovations can assist with improving the customer experience within banks?
A7: Bank customers are not looking for added innovations but reduced steps to interact #Simplicity #CXO
— Jim Marous (@JimMarous) January 13, 2014
A6: #CXO There's point beyond which consumer trust begins 2 fray if bank innov8s TOO MUCH (eg video). FI value in its stability
— jameskobielus (@jameskobielus) January 13, 2014
A7: Great examples of #simplicity in banking include use of mobile photo capabilities by @miteksystems and @Kofax #CXO
— Jim Marous (@JimMarous) January 13, 2014
#cxo #innovation A7: Multi-channel/cross-channel experience handoffs e.g. in-branch connected experience, digital -> human escalation paths
— Ben Watson (@bitpakkit) January 13, 2014
A7: Its time to completely reinvent mobile banking as it is offered today. @Moven @Simple @soon get it. http://t.co/CZCZ5jjWPF #CXO
— Jim Marous (@JimMarous) January 13, 2014
A7: Contextual assistance that leverages a customer's actions. #CXO
— WhatsNexx Moments (@whatsnexx) January 13, 2014
Q8: How can banks master Customer 3.0 and prepare for Customer2020?
A8: Immediate #CX needs for banking: 1) Interaction simplicity 2) Contextual engagement 3) Seamless channel integration #CXO
— Jim Marous (@JimMarous) January 13, 2014
A8: Immediate #CX needs for banking: 1) Interaction simplicity 2) Contextual engagement 3) Seamless channel integration #CXO
— Jim Marous (@JimMarous) January 13, 2014
A8 Get a Chief Cusotmer Officer who will keep pushing ahead/pushing buttons. #CXO
— Stephanie Thum (@stephaniethum) January 13, 2014
A8: #CXO The typical #bank customer of 2020 will be a Millennial who has never set foot in a physical bank branch.
— jameskobielus (@jameskobielus) January 13, 2014
A8: #Customer2020 - No wallets, no bank visits, instant access to account and banker 24/7/365. Always on money management. #CXO
— Jim Marous (@JimMarous) January 13, 2014
A8 #CXO bank is something #Customer2020 does, not somewhere they go.
— Mike King (@bankwide) January 13, 2014
A8: Place the 'branch experience' in settings where it is convenient and practical for banks and consumers. #CXO
— Mark Salke (@marksalke) January 13, 2014
Additional Resources
Is Your Bank Ready for Customer 3.0? - Bank Marketing Strategy (Nov 2013)
Banking on the Future - IBM (2013)
Amazon's Mayday Button Could Revolutionize Banking - Bank Marketing Strategy (Jan. 2014)
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