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How can your financial services organisation unlock the value of data, digital and decisioning?

It’s been an engaging and insightful day at the first Merkle Edinburgh symposium: “Unlocking the value of data, digital and decisioning in financial services.”

Amongst the compelling array of world class presentations, I had the honour of hosting Andy Lewis of Pega with his presentation on creating a real-time, empathetic customer experience that drives relevancy.

To introduce Andy’s fascinating evaluation of how various leading players in retail banking are addressing audience needs, I decided to reflect on the way the sector is moving…

 

The Latent Threat?

We are in really interesting times for consumers in the FS space. 
Innovation. 
Evolution. 
Revolution even.
We’re seeing new services and new brands.
Beyond the challenger brands, hardly a day passes where we don’t read about a Fintech pioneering new ways in FS.

So, are they really striking a difference?
Across clients we are certainly hearing references to the likes of Monzo, Revolut, N26, and Starling having a particular feature, product or service that they must emulate.

BUT the question as to whether they are really a threat also comes into conversation.
They haven’t really penetrated the market yet.
They don’t really have a critical mass of customers.
Their customers don’t have any money.

Oh really?
Probably.
Not yet, anyway.

The recovering market researcher in me observes plenty of these new-brand cards in use - particularly for tap payments. 
And many of those with these cards in hand are Generation Y.
And that’s what I see as really interesting.
Maybe they aren’t the most profitable customers of today.

But they are the latent threat.
They will invariably become wealthier. 
Earn more.
Spend more.

And if these brands are all they’ve known, and have provided them with a good service - why will they change?

Why will they want to hold a mortgage from a mainstream FS brand of today?

 

Generation Y – or Generation CX?

Generation Y consumer trust surely rests with the Fintechs who provide them the experience they expect.

Experience is everything.

How do we get experience right?
Context.
Empathy.
Relevance.
Harnessing data.
In real time.
Applying meaningful, transparent AI.
Understanding the customer.
Providing what they need - not what you think they want.
Or want them to want.

It’s about holding your nerve.
It’s about letting go and letting the data do the driving.
It’s about value over volume.

The diverse client speakers today all highlighted to me one clear point: that where brands have found the nerve, they can use tech to create more from less.

Less frequency of message leads to more engagement.
Less frequency of a particular message means more space to talk about other things.
Less frequency of a message in paid channels means lower spend.
Or more efficient stretch of budget.
In fact, more from less.

It’s an exciting time in financial services.

Experience is relevancy.
Welcome to the revolution.

Andy Lewis
 

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