Three ways to empower your Technology Team to develop new client solutions in Financial Services

There has been a lot of change in the Financial Services industry over the last 10 years. With the rise of Fintech technology and services, this environment is getting more and more competitive. Financial Services providers need to come up with new innovative solutions for their clients. And this is becoming more important than ever. Customers appreciate and expect innovation, and failing to compete in this area results in loss of business. We advocate that your IT department should play a key role in driving these new solutions, but in order to achieve this, a Customer-Centric mindset, backed by customer-centric ways of working is needed.

Customer Centricity in Financial Services has never been more important. We are witnessing:

• Rising client demand for convenience and for end-to-end solutions

• The emergency of new digital platforms enabling banks and non-bank competitors to offer new services

• The pursuit of clients who may have previously been viewed as unattractive due to high risk levels

• Banking is becoming a commodity

• New generations are not “sticking” to banks like their older relatives. They look for value and are willing to switch providers

• Open banking regulations, making it easier for customers to switch

And the list goes on! Today organisations need to become efficient at identifying, designing, trialling, introducing and perfecting new solutions for their clients. This is a process that needs to managed effectively. Technology teams can and should play a key role in this process, because when we talk about new products and service, these often mean technical changes. Technology teams need to be equipped with the right processes, the right information, and supported by the right culture to be able to act.

We offer three changes that you can implement in your technology team today to enable them to drive new solutions for your clients.

1) Simple reports: Top 3 customer insights for the week per channel

Information is key. Lots of your technical staff are left in their technical world. Focused on the code, or creating and reviewing technical drawing of interfaces. Begin to open their minds by communicating interesting insights about your customers regularly, we recommend weekly. What is the average waiting time for customers who contact you by phone? What is the biggest complaint your customers communicate before they leave?

Begin to communicate bitesize information about the Customer Journey regularly, so you begin to humanise the customer. Your technical team have the potential to bring fresh and often inexpensive ways to improve your products. But a foundation of customer empathy and understanding is needed for this to happen. Regular information about your customers helps paint a better picture for them, and this encourages innovation.

2) Review their Ideas

Do you have a meeting or process for identifying new ideas for products and services? Are your technical team encouraged to come up with new ideas, even if they are not technology-related? Your technical staff can offer unique perspectives and ideas, and limiting them to the technology is a big mistake that many FS institutions are paying the price for. The CX Centric Playbook includes a retrospect session, and during this session participants are encouraged to share new ideas they have for improving the Customer Experience.

Remember to be pro-active and drive these ideas out of your team. The more you ask and communicate this as a priority, the more likely they take the time to think for you.

3) Give them Access

Technology often attracts professionals who enjoy playing around with numbers and analysing statistics. Give them access to insights about your customers, as well as customer feedback. And give them time to come up with their own perspective on how you can serve your customers better.

It might seem counterproductive. We often think that our technical staff need to be coding the majority of the time, and consider that this is the way of getting our moneys worth. However, today your customers are becoming more different. And the environment requires a new strategy. Organisations that are giving their employees the space and support to innovate are quickly running ahead of their competitors.

The Customer Experience Playbook offers lots more best practices for getting the most out of your technology team. Or contact CX Centric for more information.