We catch up with Director of Global Sales Peter Nicol to discuss the key themes from day one of LendIt FinTech USA in San Francisco
Peter, adding value to customers has been a key theme at the LendIt Conference so far. How do you think Banks should go about this?
I think historically, Banks have created journeys that have been based around what works for the Banks. The conversations we have been having at LendIt show that there is a real drive to flip this on its head and put customers back at the heart of the journey. Today, the growing expectations of customers and the ease in which they can switch, mean that Banks can’t afford not to offer innovative solutions (both in terms of products and service) to meet customer needs.
Surely there are some obstacles that make it difficult for Banks to achieve this?
Yes, of course doing this can be a challenge. Often the first step is aligning strategic priorities with a position of customer centricity. But what we are seeing at LendIt is that the boom in FinTech means there are now a growing number of solutions to problems that have traditionally been difficult for Banks to tackle. Take what we are doing with vScreen for example- we facilitate identity verification & document exchange, enable agents to better explain complex products and ensure compliance all within the telephony channel, thereby taking complex journeys that historically took 10 days + and reducing them to just one single interaction.
What is the value in doing this?
Customers drop out of a journey or move away from a Bank when processes or products don’t work for them. But by finding solutions to these problems, not only do Banks improve customer satisfaction, but this also translates into improvements in KPIs. FinTech partnerships also mean Banks can innovate at speed, and so the time to value is often very fast. For example our suite of omni-channel products can go live within weeks rather than months or years, and we have achieved real success alongside our clients (improving Santander’s credit card sales by 45% or reducing HSBC loan transaction times by 75%).
What has been your highlight at LendIt so far?
It’s been fantastic to be at the forefront of FinTech innovation and to see the range of new technologies on offer. I’ve very much enjoyed speaking with other exhibitors and meeting with Banking executives to show the value of our solutions. LendIt has marked Vizolution’s launch into the US and we were also delighted to be able to announce HSBC USA as a client. We look forward to continuing the success we have had with our clients in the UK and Europe in the USA.
Vizolution are exhibiting at stand #1453. Click here if you would like to book a meeting with Peter or one of the team to find out how we have:
- Increased Santander’s sales by 45%
- Increased HSBC’s CSAT to +90%
- Reduced one Global Bank’s costs by 75%