A good approach to improving the customer experience using data is to first define a key business need that can improve service quality. Then identify the data and solutions needed to address that need, and assemble a project team that will focus on quickly addressing this narrowly-defined objective. Many companies try to cast too wide a net without any clearly defined objectives. Initiatives like these can drag on for years without producing any meaningful results.
Customers acquired through digital channels are often less engaged with the bank than those opening accounts through the branch network, and they typically have far fewer services. Huntington National Bank has been working to address this through a process they call “digital deepening”. The goal is to try to achieve primary financial institution status with their digital clients. They recently launched a “Marketplace” feature in their mobile/online banking systems that uses artificial intelligence to create an individualized series of personalized product/service offers for each customer. They are also seeking to humanize their digital banking experience by developing ways that consumers can connect digitally with Huntington staff for information and advice.
A vision and understanding of the ‘why’ is crucial for any digital transformation project. Companies need to start with a clear vision of what they’re seeking to achieve and have the entire organization aligned around achieving those goals. It’s also important to remember that it’s not just about the technology – impacts on processes, employees and other key stakeholders must be considered. It’s also better to redesign products and processes first and then overlay the technology, rather than tailoring improvements to a specific technology platform. That’s because today’s hot technology solution will likely need to be changed at some point in the future.
Financial services is an industry built by and for Boomers and Gen Xers. But it is important to understand the interests and needs of Gen Z customers as they will make up the majority of banking consumers in the coming decades. A few things to keep in mind: as digital natives, this group prefers to do business online and expects customer support via their mobile device, so having an intuitive and seamless mobile experience is essential. They also rely heavily on social media platforms to consume and share content and to connect with businesses. They are interested in various social causes and seek to engage with companies aligned with their values. And many have side gigs in the creator economy which creates a unique set of financial needs. All things to consider when designing programs to attract this important customer segment.
