At the annual 20:20 Customer Experience in Financial Services conference in London this week (17 March), I noticed three big questions coming to the fore:
Innovation: how do FS players innovate under the weight of compliance and the regulator?
Clive Grinyer at Barclays encouraged the approach of ‘thinking big early’ – creating your digital vision from the outset and involving compliance/legal straight away. He explained how, supported by a very senior level mandate for digital design to touch all aspects of Barclays’ business transformation, his team co-opted compliance into the very earliest versions of prototyping and building out user stories. The result was the digital team got clear insight into what really mattered to compliance (mostly language).
This meant his team could move forward with experience design, unencumbered by the risk that compliance caution would nibble away at the finished product experience. This early collaboration was also core in making the innovation process repeatable. Read more about exploring thechallenge and possibilities of disruptive change and creating a culture of compliance.
Simplicity: how to get out from under the dark tyranny of legacy technology and into the light of new functions and devices?
Steve Pateman at Santander said products are the problem, not the technology, because technology is a legacy of a New Product Development (NPD) mindset based on exploiting marginal business opportunities. As the marginal opportunities proliferate, so does the number of products, which means technology gets bent and twisted over time to get these opportunities out to market quickly and at the lowest cost.
Santander (mostly following its acquisition of Abbey) received over 100,000 customer complaints per month about its 100+ array of savings and mortgage products. They dodged this legacy when rolling out their current account product by simplifying the product variations from the outset. So the technology is doing the job of supporting the customer experience rather than accommodating a myriad of product exceptions and data capture/system handling anomalies. Find out more aboutdesigning for digital excellence and simplicity as a digital differentiator
Incentivisation: how do you incentivise employees to improve the customer experience?
The simplest answer came from John Lewis – only hire people who are motivated to serve – while the clearest strategic answer was from RBS – make net promoter score the ubiquitous arbiter of each employee’s bonus. Metro Bank provided the most disruptive answer – reward your employees for turning customers into ‘fans’ – but the most rigorous answer came from Prof Moira Clark from Henley Business Centre. She advised focusing on measuring customer effort because if you want to transform, start by asking customers “Are we easy to deal with?” Moira promotes phrasing surveys in this binary way to push employees to identify ways in which their actions drive how people, channels, technologies and features combine to make the overall customer experience much better. So, it’s all about a behavioural approach rather than a performance/reward incentivistion.
To view PA's conference insights, visit our web page Innovating customer experience in the Decade of Disruption.