Outside In: Iterate to Innovate
New technology is often implemented by large companies to solve specific problems. Once the initial purpose has been achieved, the technology becomes part of the business as usual or “BAU” infrastructure. But instead of relegating a new functionality to the “new normal” category, it is useful to consider it as a catalyst for change – both in external, customer facing projects and in internal, IT development planning. Skandia, Sweden’s largest insurance company, implemented OutRank to offer customers a superior tool to better understand their pensions and investments. Working together with the Kidbrooke team, the Skandia executives saw the positive impact that a user-friendly customer interface had on sales as well as customer retention.
How Does Model Granularity Affect the Quality of Digital Financial Experiences?
Digital transformation of financial businesses has been one of the hottest topics for strategic discussions within the industry for several years now. However, these conversations rarely touch upon how decision-making models of underlying technology contribute to the eventual customer experiences. Therefore, while optimising the resources required to digitalise a financial journey, it could be tempting to select a tool with a very simple model at heart. Today, we examine how analytical tools' underlying model quality and granularity can affect the user experience and even the navigation through an institution's strategic roadmap.
Think big, act incrementally
Has your company decided to offer a digital investment journey to your customers? Making that decision will help attract and retain customers to your franchise. The next step is selecting a technology partner that can deliver on your business priorities and your IT requirements. Everyone is under pressure to “do more with less” and informed decision-making can help you achieve business, budget and IT goals. Let’s look at how important modularity and ease-of-use are in evaluating your technology options.
Cloud-native Technology: You Can Bank On It!
Let’s look at one area of banking: customer journeys in retail (and private) banking. This is an arena where all six challenges can be observed and addressed. Many customers have multiple relationships with their bank, but these are distributed over different platforms and devices. A customer may go to a website to look at bank accounts, another for their mortgage, an app for investments and a portal for an automotive or business loan. However, there is no tool in which the customer can see his or her total net worth. The disjointed way customers experience their banking journey reflects the legacy systems upon which banks were developed.