Importance of building positive customer relationships and innovating at speed highlighted at day one of LendIt FinTech USA
With over 5000 attendees present at day one of LendIt FinTech USA in San Francisco, and topics ranging from digital innovation through to blockchain, one important question on the agenda was how Banks can innovate to create value for customers.
In an early keynote speech, new SoFi CEO Anthony Noto emphasised the need for Banks to take a relationship-building approach to customer service. Whether it be from a product development or a service delivery perspective, Noto argued that the number one strategic priority for Banks should be to move away from the historically ‘cold’ reputation of FinServices towards adding real value to customers.
Citi FinLabs CEO Yolande Piazze added to this argument in a later presentation. The age of instant gratifications has transformed customer expectations within the industry and customers now not only want but demand additional functionality to support them achieve their long-term financial ambitions. In order to deliver real innovation, Piazze suggested that Banks must first focus on ensuring they have a comprehensive understanding of the needs and requirements of their customers through a range of different insight gathering methods, like customer surveys and workshops.
This highlights an important strategy for Banking organisations looking to implement new platforms to customers. Although it can be tempting to invest in ‘Shiny Tech’ that looks good on a press release, such ventures are always likely to fail if they do not enhance the customer’s experience. It should be customers and not Banks who are the arbiters of value and Banks should look to facilitate what customers demand of them.
Although there can be challenges along the way, Banks that succeed in this respect are opening a huge growth opportunity, according to the SoFi CEO Anthony Noto. The growing availability of new FinTech solutions means Banks can now innovate at speed and transformed products and experiences can go live to customers within weeks rather than years.
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- Increased Santander’s sales by 45%
- Increased HSBC’s CSAT to +90%
- Reduced one Global Bank’s costs by 75%