{"id":50934,"date":"2019-08-16T18:52:00","date_gmt":"2022-10-18T18:52:25","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=50934"},"modified":"2022-10-31T05:11:33","modified_gmt":"2022-10-31T12:11:33","slug":"financial-services-basecamp-highlights-open-banking-trust-compliance-and-the-future-of-banks","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/au\/blog\/financial-services-basecamp-highlights-open-banking-trust-compliance-and-the-future-of-banks\/","title":{"rendered":"Financial Services Basecamp highlights: Open banking, trust, compliance and the future of banks"},"content":{"rendered":"\n

MLC Life Insurance\u2019s Chief Innovation and Transformation Officer Sarv Girn tells a tale that cuts to the heart of those heightened expectations \u2013 of a service agent answering a call from a customer wanting to cancel their life insurance.\u00a0<\/p>\n\n\n\n

The agent, empowered to help customers rather than tick boxes, got to know the customer\u2019s challenge and pursued the best outcome to overcome them. That best outcome wasn\u2019t a first-call resolution or a request fulfilled in record-beating time. <\/p>\n\n\n\n

The agent learned that the customer\u2019s reason for cancelling their policy was that they were in financial distress caused by illness and medical expenses. After finding this out, they suggested an alternative \u2013 to claim some of those costs under the policy. The customer, rather than cancelling their policy, had a significant portion of their costs covered.<\/p>\n\n\n\n

The customer\u2019s financial distress was alleviated and MLC, rather than losing a customer, built trust with and retained them. <\/p>\n\n\n\n

Girn spoke in Financial Services Basecamp\u2019s opening keynote about the intersection of trust-winning customer experience (CX) and empowering employee experience (EX), setting the scene for a day of discussion about how CX and EX impact trust; diversity; technology; balancing compliance with opportunity in open banking preparation; and more.<\/p>\n\n\n\n

Here are more of my highlights from FInancial Services Basecamp.
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The diversity dividend<\/h2>\n\n\n\n

The business value created by diversity was showcased in a Deloitte-moderated discussion between Allianz Retire+ Head of Customer Experience and Product Jacqui Lennon, Macquarie Bank Division Director Elizabeth Bartlett, and Futurist Chris Skinner.
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Each panelist spoke of instances they\u2019ve seen of diversity \u2013 not just the presence of a diverse group, but a range of people having a real voice \u2013 creating tangible value.<\/p>\n\n\n\n

Jacqui Lennon, for example, spoke of a time when Allianz sought wide feedback on products targeted at retirees. There was a lightbulb moment \u2013 the greatest frustration of retired customers was receiving letters printed in 10-point font.<\/p>\n\n\n\n

In hindsight it\u2019s obvious that this would be one of the first things that older customers get frustrated with \u2013 it causes real \u2018this company doesn\u2019t understand me, doesn\u2019t cater to me, is not for me\u2019 moments. Hearing this feedback clarified such a simple solution to make communications really helpful to the customer, and to turn simple interactions into \u2018this company gets me\u2019 moments.<\/p>\n\n\n\n

In this case, a narrow, shared aspect of the customers\u2019 identities was important. That demographic had specific needs that could only be understood by having their voice heard. But if we look at the profile of Australia and the breadth of ethnic backgrounds, cultural identities, sexual identities, genders, socio-economic backgrounds and ages, that’s our customer. <\/p>\n\n\n\n

Looking at most boards and leadership teams in Australia, we still have a fair way to go before the diversity of our country is fully represented in our corporate decision making. Until then we may fall short in our ability to understand and connect with our customers.<\/p>\n\n\n\n

Making change count for customers and employees<\/h2>\n\n\n\n

Chris Skinner<\/a> discussed the tendency he\u2019s seeing in Australia of banks incrementally adding technology to create efficiency, and of the need for them to not just \u2018transform\u2019 in this way, but rebuild from the ground up as digital banks. <\/p>\n\n\n\n

“When was the last time you heard of a bank that completely threw out the old to replace it with the new?” he asked.<\/p>\n\n\n\n

“Well, you’ve found one,\u201d said Macquarie Bank Head of People, Culture and Client Experience Rosalind Coffey. \u201cIf you’re looking for a bank that’s gone right back to first principles and rebuilt from the ground up to create a digital bank, then Macquarie is it.\u201d<\/p>\n\n\n\n

Six years ago, Coffey explained, Macquarie saw a need to become a digital bank and re-platformed its core banking.<\/p>\n\n\n\n

And Macquarie is a good example of a bank that\u2019s retooling most of its capabilities. But the bar’s being raised pretty quickly as new neos come to market \u2013 they’re even more agile and they’re even more digital, which will challenge how fast existing banks need to move. Realising the customer value of such a shift is also a challenge \u2013 bringing new technology to bear on CX in a way that’s really visible to and valued by customers.<\/p>\n\n\n\n

Having a big impact on a CX is not a matter of doing one thing right or even doing one amazing thing.\u00a0
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Having a big impact on a CX is not a matter of doing one thing right or even doing one amazing thing. 
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So, the question is not \u2018are we digitally transforming to increase efficiency?\u2019; nor is it \u2018is our app the best in market?\u2019. It’s not even \u2018have we digitised completely across our CX?\u2019.<\/em><\/i><\/p><\/blockquote>\n\n