Tips and Advice for Financial Organizations from a Leading Research Organization
Friday, July 17th, 2009
The Egyii team recently attended a financial services briefing in Singapore, hosted by Gartner, one of the global leaders in research and analysis.
The following is some of the advice offered to the Singapore and global banking community.
(Highlighted in Bold Italics are quotes from the analysts. The rest are comments from Team Egyii)
Technology can help but it’s not the be all to end all. CRM systems, online support, Etc are important, but facing the client (face to face), is more important.
Banks going back to basics- focus on core business away from the peripherals. Too many complicated programmes were rolled out over the years. This caused too many problems and contributed to the collapse. Keep it simple moving ahead.
Be more inclusive with clients as they have lost your trust. Remove yourself from siloed thinking and involve the customer in more decisions.
Best innovations come in time of bust- don’t stifle innovation. If you wait you will be left behind- you will never catch up. Be bold- try new things, otherwise someone else will beat you to it.
Life goes on (during the crisis) so understand what your customers are doing. Don’t put everything to a halt as business continues- keep client focused.
Internet usage and popularity in Singapore facts and stats: Facebook ranks 4th, users spend avg 23.2 mins. DBS ranks 17th, users spend avg. 4.1 mins. Times are changing. How do you engage and listen to the voice of your clients in these times?
Customers say- “It’s my money, so listen to me.” Retailers get it & respond. Banks don’t. How do you respond to your clients needs?
Banks need to get more advice from peer groups. The web community is one way…face to face is another.
Know me (the client). Know my life. Retailers know it & get it. Banks don’t.” retailers engage well with clients why don’t financial organizations?
The client is pleading…”Please. I need a helping hand. Help.” They are calling for you- respond please.
How many helpful and meaningful messages have been sent to customers during the crisis about what is really happening (and what to do about it)? 0- zero.” (from research of 25 major banks) Banks need to communicate better, not just from a broad sense but from a personal sense.
Customer experience is about building trust and understanding the entire customer experience process. Don’t segment it- look at the whole experience and the different ways of delivering it.
Customers want help. The financial organizations are not there- they are too internally focused. How do you focus on the client when he is crying for help?
Your customers have interests outside of banking and insurance. Look beyond the immediate financial services relationship. Look at building personal relationship where you can…
In conclusion, times are tough but you must forge on. Don’t sit back- take advantage of the situation as you will benefit long term. Keep it simple and focused on the client..
Trip Allen, Team Egyii, Singapore
