Products, Portals and Platforms... Oh MY
Similarly to the cowardly lion in the Wizard of Oz, Financial Institutions (FIs) need to muster their courage and design a Customer Experience (CX) that will keep pace with a new breed of cuonsumers; Gen X and Gen Y. Our perspective is that FIs have great bravado ( like the lion, ok you get the gist of this) when talking about the changes needed to better connect with, engage and drive stellar CX with GenXY, but it not happening quickly enough. The numbers tell the story. Some measures show banks achieving a per annual growth rate of 5-6% from 2010 to 2015 while insurance shows an anemic 3.1% growth rate annually. Asset management has an after-tax ROE of 7.7% which is still below other mature industries such as retailing at 13.1%. Do retailers have more courage than financial services companies or do they see the perils on the yellow brick road more clearly and act more quickly? To read more...
Holiday Hugs & 5 Trends Affecting Customer Experience
There is a retail clothing store I frequent in Fairfield County, called Mitchells. The owner, Jack Mitchell is the Chairman of five highly successful, family-owned clothing stores in Connecticut, New York and California. He has written a book call “Hug your Customer” and Jack’s methodology has been the subject of a Harvard Business School Case Study. Of course the “hug” is a metaphor and, in this third generation-owned store, it means “any large or small deed that genuinely shows you care.” However, that doesn’t stop Jack from also giving his well-known customers a real hug when he sees them.
Jack has a winning formula that transcends the obvious customer support or service and creates a customer experience (CX). He is convinced that any and all types of businesses can profit by using the “hug” method. I have always been a big believer in looking at other industries to find more creative ways to work in financial services and stimulate your creative thinking, so reading Jack’s book did just that. Check out the 5 trends we see effecting Customer Experience in 2016 in the ninth edition.
Financial Institutions Insurance and Investments; commentary, insights and research from Carmen Effron, an industry insider.