Customer Experience in the Financial Services Conference 2024 took place in June.
Of course, the broad topic opened up the door to several speakers and panels, discussing specific areas of customer service in the industry. This included most of the usual suspects that have been the talking point of the industry for the last few years, such as the rapid closure of physical banks, making digital banking easy and accessible for older everyone, the adoption of AI and keeping people save with against the evolving cybersecurity threats.
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The events kicked out with the keynote from Harry Ashbridge, Head of Writing & Customer Experience at Monzo, titled: Your writing is your customer experience. This has previously been reported on RBI and explored how important the use of language is and how even the slightest alteration and consideration could make a huge change.
This topic played a vital role throughout the remainder of the event, with other speakers citing their agreement that now, more than ever, the use of language is approached in a particularly sensitive manner.
This was followed by a panel titled: Designing a Unique CX and UX Vision for 2025, chaired by Beatriz Benito, Lead Analyst at GlobalData, featuring a panel made up of Janthana Kaenprakhamroy, CEO Tapoly, Katalin Varga-Toldi, Head of Premium & Mass Customer Segment Management Retail Client Trade, OTP Bank, Shimona Pinto, UK Manager, Moxo, and Philip Mitchell, Consulting Director, Davies Group.
They discussed initiatives to build momentum for unique client experiences and how staff support the customer experience of a company. “Increased accessibility” was a key pair of words used throughout the events, with this panel being no different.
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By GlobalDataThe panel discussed aspirations and the goals for clients to deliver unique experiences and how the overall capabilities of staff members are vital to both the success and reputation of a financial service.
Rethinking Our Customer Space was chaired by Benjamin Hatton, Anlayyst Global Data and featured Tiago Ferreira, Client Experience Specialist, Nedbank Private Wealth, and Faith Galiwango, Head of Customer Experience, By Miles.
The panel discussed how considering customer space could help you bring in new markets and transform your company and how to best serve vulnerable customers, techy-savvy next-gen clients and high-net worth clients.
Once again one of the key focuses of the discussion was debating whether there is still a market for in-person experience and what is the best way to balance hybrid, digital and human experience.
Galiwango said: “People are comparing the banking app on their phone to Amazon.” Here we see a theme continuing, with Monzo having the feeling of connectivity of a social media app. This Amazon-like experience, or like how Monzo does an annual look back over the previous year much like Spotify Wrapped, shows the evolving nature of banking applications. Language is a big part of this change, but getting the balance is so tough, as not all customers can be treated the same.
Adam Fitton, Behavioural Economist, Allianz Suisse explained how: ‘Small Changes with Outsized Impact: Using Behavioural Science to Improve Customer Experience.
Fitton looked at how the implementation of behavioural science techniques can improve customer experience through digital to use, reducing fraud risks and boosting retention rates. And while behavioural science is by no means a new premise, it certainly feels that way with the development of AI. And there is even further need to implement it in new ways in the shift towards digital banking.
Physical and digital banking struggle to coexist
As reported previously on RBI, iProov’s Nikhil Kamdar, Vice President of Global Solutions Consultancy, conducted a session titled: “Securing the Customer Lifestyle with Effortless Face Authentication.”
Adrian Harvey, CEO, Elephants Don’t Forget, asked, is digital first the enemy of great customer experience in financial services? While most panels often took an ambiguous approach to banking’s increasingly online and mobile based, Harvey avoided sitting on the digital fence.
Harvey presented the statistic that: “58% of customers do not get their issues solved by Chatbots.” While this may be true of course a negative statistic, the use of chatbots in financial services is worthy of its own focus. Whether a user likes them or not, they are here to stay. The use of chatbots was discussed in a recent interview with Synechron’s Ryan Cox.
Keith Richards, Chief Executive Officer, of Consumer Duty Alliance, presented: The Regulatory Perspective: Business Opportunities and Growth from Good Customer Duty Outcomes. In this Richards discussed opportunities stemming from consumer duty, and considered how to implement them into your strategy. There is evidence of positive change that benefits companies as much as customers.
Suneet Muru, Associate Analyst at GlobalData presented: Leveraging Cyber-Resilience in Banking and Payments: Regulatory Compliance is no Longer Enough. This explored the current timeline of threat evolution and cybersecurity in the financial services sector.
It is hard to pin down the biggest points to take home from the conference, with many other panels and discussions taking place with ways to improve the customer experience.
As mentioned, the opening panel took a good look at the use of language from these companies and how that has had a huge impact for some. Monzo’s Ashbridge, in trying to use an analogy for their approach, quoted Mark Twain, saying: “I didn’t have time to write a short letter, so I wrote a long one instead.”
And perhaps this is the truth.
