The financial world is experiencing a digital transformation, and at our financial services breakfast last week, from the themes discussed by our speakers, it became clear that the industry is already changing, with financial services providers (FSPs) looking to move beyond fast follower territory and into true market leadership. Many are already embracing new technologies to compete against challengers who have eaten into market share in recent years.
Senior Econsultancy Strategist Lynette Saunders spoke on the inspiration FSPs are taking from retailers like John Lewis and challengers like Amazon in their own approach to customer experience. A key concern across the finance sector that has emerged from Econsultancy research is appealing to new customers. Lynette shared research that suggests just 2% of FSPs will look to compete on price by 2018, which reflects the fact that most are looking to customer experience to win new customers moving forwards.
The key to winning new customers is learning about them, understanding their needs and shaping their experience around their priorities.
Our panel had similar thoughts. Chi Igboaka (Global Head of Performance Marketing at Travelex), Matt Aston (Head of Digital Sales at Vitality) and Mark O’Loughlin (Partner, Digital Transformation, UK&I Head of Practice at Atos Consulting) all had illuminating personal thoughts on digital transformation.
These are just five of the insights they shared:
Replacing a legacy system isn’t necessarily the best option, especially if finding the right partner can help you extract, analyze and action the data
A Chief Digital Officer can make a valuable contribution to promoting transformation in the organization, overcoming the issue of infighting between siloed departments
People, processes and products have to be right to deliver a truly world class experience
Digital teams need the freedom to innovate and fail fast, and executive sponsorship to provide that and reduce the pressure to prove results
Digital needs to be treated as an asset and as a part of everyone’s in job in order to achieve a successful transformation