Next Bank Asia – Delivering to the Customer

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Today in Singapore we’ve had a gathering of a collection of real innovators and disruptors in the financial services and customer experience space. The line up at #NextBankAsia was a bunch of strong influencers in the space including: Scott Anthony @scottdanthony James Gardner @bankervision Richard Kelly and Andrea Kershaw from @IDEO Neil Cross from @Microsoft [...]

The BIG SHIFT to online for financial products: Google Finance research

At their annual ThinkBanking event last Thursday (Sept 9th) in Sydney, Google Finance released their latest behavioral research supported by Global Reviews’ Customer Experience Benchmarking. The results are a shock to those expecting traditional marketing methods to strongly influence customer behavior in respect to product selection in the financial services space…

Is Customer Experience innovation too hard for UK banks?

When you read a definition of Customer Experience you invariably will see two elements – the lifetime experience of the customer, and the total experience of the customer day to day as he engages in transactions with the provider of the goods or services he is utilizing. In meeting continuously with UK banks over the last two weeks I find an almost unhealthy obsession with branch experience as the be all and end all of the customer experience challenge. It is as if a poor customer experience across any other channel can be solved simply by a customer walking into a branch having a great service experience. I just don’t buy that.

Social Media and Bank Compliance Departments – Eternal Enemies?

This is the dilemma. Today there are those of us trying to improve customer experience, knowing full well that compliance departments are citing risk mitigation, regulations and laws, bank policy and procedures, and other such issues as reasons why innovators can’t release a new mobile app, engage in social media conversations in real-time with customers, and so forth. In the meantime, there are existing processes, procedures and systems that are far more riskier than things like social media, but they are immune to the compliance department’s gaze because they are already in place.

What is riskier? Participating in the social media conversation and doing something within the guidelines established, or doing nothing for fear of the possible risks associated with real-time responses to clients in the online world?

Bank 2.0: Innovating the customer experience pays dividends – literally

No one could deny that banks have had a tough time of it when it comes to stock market valuations over the last couple of years. The global financial crisis, massive debt and NPL issues along with punishing public opinion led to a massive collapse in banking stocks and company valuations in recent times. It would be simple to blame the sub-prime and global financial crisis as the sole cause of all the ills to the banking sector, but I have a different theory which explains a large part of the picture.

Their innovation capability and customer experience sucks!

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Digital versus Traditional Advertising? Wrong Question

There is a debate that has been raging in Advertising quarters for almost a decade now – which is better Digital Media or Traditional Advertising. The fact that this question is being asked at all shows that most advertisers and institutions don’t get consumer behavior in the interconnected world. Considering that agencies are in advertising, you’d think they would get it right? Considering the declining ROI in traditional marketing approaches, you’d think marketing staffers would get it too right?

Banks are losing the customer and innovation battle (HuffPost)

Last week I released a blog article and an infographic to stimulate discussion on Innovation in the banking and financial services sector. The blog received a lot of comments and discussions on Twitter and blogs, some taking exception at my supposed “left-wing” political leanings based on the fact that I published the article here on Huffington Post. The blog article was in no way a definitive statement on the issue of innovation in financial services, but was more focused on asking the right initial questions about the state of play. However, given the amount of discussion, I’m going to put forward a more detailed opinion based on some simple analysis…

Banks: KYC is Killing Your Customers (Huff Post)

In my discussions with bankers about innovation, I often hear them tell me that perhaps in other industries innovation could be achieved, but due to heavy regulation and the compliance requirements of the banking sector that such is more difficult for financial institutions. This is part of the story, but I’m sure that it is fixable…