User experience and organisational culture
In the digital age, customers have increasingly high expectations of the products and services they use. Being able to quickly and seamlessly carry out transactions through mobile devices has rapidly become a basic requirement for financial services. But consumers will want much more in the future with demands being driven by their experience of more customer-focused service providers such as telecoms firms and technology developments including wearables and Internet of Things. Superior user experience (UX) has already become a key marketing pitch for challenger brands, often unconstrained by the need to maintain a physical presence. They continue to take market share from less nimble incumbents by making banking a more enjoyable experience for customers. Against a backdrop of ever-growing choice for consumers, organisations will need to shift from a product-led mindset to a customer-led one. How can financial services firms foster a greater culture of innovation and a passion among their staff to ensure the right products and services are delivered the way customers want them? While digital developments are driving disruption across the market, consumers also still value human interaction. How do you strike the right balance between technology and the ‘personal touch’?