Digital Transformation Of Client Experience In Financial Services
In 2020, on the backdrop of the COVID-19 Pandemic, more and more consumers turned to virtual channels for rapid, personalized services and products. Customer expectations around companies’ digital capabilities were elevated, and financial services providers were no exception.
Financial institutions have realized the urgency of seamless, cross-channel and personalized interactions to improve customer experience.
In this session, we are joined by Bijon Mehta, Global Head of Financial Services, Twilio, Keith Brannan, Chief Marketing Officer, Kasasa, and Rob Assimakopoulos, Principal, Silver Scion Inc. to discuss why updating technological infrastructure and using innovative strategies is critical to drive meaningful engagement in the financial services industry.
Here are some key takeaways from their conversation:
There Are Numerous Internal Barriers To Digital Transformation In Financial Institutions
"Most financial services leaders don’t really grow up in a digital business. So, most of them take a cue from what a vendor is telling them or what’s available in the market. It’s about balancing one objective that is consumer-oriented against many other objectives that are more core to the banking/CU industry. It’s difficult to see the immediate ROI on making an investment in technology to improve experience, plus it’s fraught with risks of not having the right skillset to implement good experience-based marketing. That makes the curve of internal adoption super-steep." - Keith Brannan, CMO, Kasasa
Most Financial Institutions Still Rely On Legacy Tech
"Most organizations are sitting on a tech stack that’s 30-40 years old. That’s not going to get them where they want to be. Many institutions are still at on-premises, main frame and where you want to be is agile, micro-services driven, anticipatory around customer needs. It’s not necessarily an issue around procurement, it’s a cultural issue – how you think around things like how I’m engaging my customers and how I’m going to reorient the prioritization of my organization." - Bijon Mehta, Global Head of Financial Services, Twilio
Digitizing An Analogue Process Without Rethinking The Approach Leads To Frustrating CX
"You basically take an analogue process and you put a digital wrapper around it without rethinking the process. As consumers of financial tech, you’re interacting with your provider via your mobile. If you don’t optimize for mobile engagement roadmap to make it more user-friendly and intuitive and you embed capabilities for self-service help, you will create a frustrating CX." - Bijon Mehta, Global Head of Financial Services, Twilio
Financial Institutions Should Use Technology To Optimize The Customer Onboarding Experience
"The biggest obstacle to customer onboarding is the blind acquisition mindset. The leadership of most organizations would rather get the next customer in instead of making sure the one they just got is satisfied, happy, and more willing to stick around. If you spend $400 acquiring a client and they left in under 12 months, you just wasted a lot of money. The key is thinking about how to rebalance an acquisition mindset with an experience mindset." - Rob Assimakopoulos, Principal, Silver Scion Inc.
To learn more about how Statflo uses text messaging to help financial institutions engage, retain, and grow their customer base, book a demo today!
Speakers: Bijon Mehta, Global Head of Financial Services, Twilio, Keith Brannan, Chief Marketing Officer, Kasasa, and Rob Assimakopoulos, Principal, Silver Scion Inc.
Host: Scott McArthur, Chief Revenue Officer, Statflo