Building exceptional digital customer experiences in banking
Focus on digitalization: Simon-Kucher’s 5th Annual Financial Services Strategy Forum
Toronto – What does my customer need? In today’s world of digital experiences, this is a question every bank executive needs to ask. Tech-savvy millennials make up the majority of our workforce, agile Fintech players are continually changing the game, and everybody seems to want to bank with Apple, Amazon, or Google. Meanwhile, financial products and services are being commoditized, and shifting regulations will likely bring new challenges in retail, private, and commercial banking.
These new regulatory requirements, including transparency measures such as CRM2, are transforming the landscape of the wealth management business and will impact the Canadian market in the near future. But not everyone is equipped to handle the coming changes.
At Simon-Kucher & Partners’ recent Financial Services Strategy Forum 2017 in Toronto, industry peers, executives, well-established industry bloggers, and several Simon-Kucher associates discussed future developments facing the sector. Practical examples of how companies can overcome current challenges and prepare for future trends were provided by experts in a panel discussion:
- Tom Groenfeldt, Forbes Contributor
- Silvio Stroescu, President of BMO InvestorLine
- Andrew Turnbull, Managing Director & Head of CIBC Investor’s Edge
- Chris Madan, Vice President, CIBC Marketing
- Matthew Jackson, Director, Simon-Kucher & Partners
With increasing regulatory pressures, shifting demographics, and aging advisors, the panel agreed it has never been more important for wealth management firms to take into consideration to innovate their fee models and value propositions in order to stay ahead. Dr. Jan Engelke, Managing Partner of Simon-Kucher Switzerland, explained what such an innovation could look like: “Introducing choice for the customer is a way to open up new segments, and the right pricing structure can ensure companies tap into willingness to pay while protecting their profitability.”
Additionally, the forum explored the latest strategies to address this dynamic and challenging environment:
- Successful pulled-based, cross-selling techniques through presentation and gamification
- Offering and pricing innovation in shifting regulatory environments
- Impact of big data and digitalization in banking
Wei Ke, Managing Partner of Simon-Kucher North America, summarized: “Pricing and propositions should start with customer needs – whether from focus groups, surveys, or data. The same is true for digital processes, and the advantage of digital is that it generates data. If used properly, this data can result in experiences that then go on to improve themselves.”
Simon-Kucher & Partners, Strategy & Marketing Consultants:
Simon-Kucher & Partners is a global consulting firm with 1,000 professionals in 33 offices worldwide focusing on TopLine Power®. Founded in 1985, the company has more than 30 years of experience providing strategy and marketing consulting and is regarded as the world’s leading pricing advisor.