Good article from Tim Harford (he of the enjoyable “Undercover Economist” books) in the FT last week called “Big data: are we making a big mistake“. Tim injects some healthy realism into the hype of Big Data without dismissing its importance and potential benefits. The article talks about the four claims often made when talking about Big Data: Continue reading
It’s time we looked at innovation and how it can be used to drive new customer propositions. ‘Oh no, not that buzzword again,’ I hear you all shout. But actually, I want to look at lack of innovation. Let me explain.
I was recently talking to a product manager at a bank about their new payments renovation project that was just starting. I was rather surprised to learn that without knowing all that was possible, they were already saying the first phase of the project would achieve nothing new whatsoever. The reason why is because their IT department has a policy that for anything new coming into the bank, the first phase is to always replicate what the bank is currently doing. The bank claims this is done to ensure that no functionality is lost with new Software.
The ROI of Branding – What Is It, and How To Measure It? Seems like an age old question, which is why with great excitement we began reading Notably Quotable: The ROI of Branding, a guest post by Mark Arnold on The Financial Brand asking 9 experts to answer the above two questions. Sadly, our feeling of excitement very quickly turned to disbelief, sadness, and frustration.
Before we delve into the meat of the discussion, let’s first define ROI:
Criticizing Voice of the Customer (VOC) programs is like speaking out against motherhood and apple pie. The last time I criticized VOC programs, someone left a comment chastising me for presuming that a bank could know what its customers wanted without asking them.
Well, excuse me!
But there are (at least) two problems with the “voice of the customer” that many marketers don’t take into consideration:
A few months ago I wrote a blog article comparing the travails of banks today to the challenges faced by the late and little-mourned Blockbuster Video chain.
I’ve had a chance to sleep on this piece and I’ve decided a better comparison might be around the US higher education Business.
In recent years, the proliferation of smart phones, tablets and web-enabled mobile devices has spurred nearly every financial institution to scramble and put together a mobile banking option for their consumers. It’s not just the growth of these technologies that is driving demand, it’s the users themselves. Mobile users have been found to access their financial information 64 percent more frequently than non-mobile users. As these consumers become increasingly more dependent on these devices, financial institutions are realizing that the first-generation mobile banking offerings are not sufficiently supporting the demand for anytime, anywhere banking needs, or giving financial institutions the ability to integrate all product and service offerings. At what point did the existing mobile banking experience become obsolete?
Increased competition from challenger brands is disrupting the financial industry. Seamless digital banking has a long way to go. BBVA’s recent acquisition of Simple illustrates the importance of this movement and what it may take for banks to get there.
Another day, another challenge.
Again, it’s to do with the move from the physical distribution of paper to the digital distribution of data (my favourite mantra of the moment) and the way in which things change.
Think of it this way, I’m talking to a company about relationship management.
Their view: it all comes down to a trusted advisor and that person is your human connection in the branch.
That relationship is where the trust lies, not with the bank or the industry or the brand, but with the human or humans you deal with in the branch.
When we talk about rebuilding trust in banking, the trust was lost in the industry, the bank and its brand, but not with the human you relate to in the bank: your personal account manager.
I totally agree.
Read more at Financial Services Club Blog
To compete effectively in the Age of the Customer —a 20-year business cycle in which consumers have unprecedented real-time access to information and social sharing— it’s time for a new playbook. By using effective strategies to identify sources of dissatisfaction early on, and communicating how and when it matters most, your company can turn disgruntled customers into loyal advocates of your brand.
Consider these proven strategies for resolving pain Points:
It goes without saying that the branch experience has changed drastically over the past century and even more so with significant advances in technology in just the last decade. With walk-in traffic electing to embrace home and mobile banking options, several leading banks are directing their focus and attention on investments that improve the digital experience to complement, not compete with, emerging consumer preferences. Despite the recent trends, we still see opportunity for branches to thrive alongside these non-traditional banking channels in the near-term and long-term.