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...
Financial Institutions Insurance and Investments; commentary, insights and research from Carmen Effron, an industry insider.