Hosted By The Financial Brand On August 2021.
The financial brand is an online publication that focuses on marketing and strategy which aims at delivering ideas and insights on a white range of issues involving the retail banking industry today.
The Webinar presenters were Kris Frantzen (VP Product Strategy Temenos), Joseph Pellissery (CIO Wescom Credit Union) and Jim Marous (Owner Digital Banking Report). Together they took turns to describe the paradigm shift that is being experienced in the digital market where it is no longer all about technology alone but investment in the consumers’ emotions too. While COVID-19 pandemic increased the technological demand of business transactions it also increased the expectations of the experience. The three presenters agreed that the best digital experience happens when it is humanized; that calls for communication and involvement. Forums need to evolve and become more interactive than ever before.
Although the webinar majorly focused on transforming the banking business, the ideas discussed can be applied in any other kind of business that desires to bring human experience to the digital realm. Seven key elements of digital transformations were highlighted:
1. Use data and advanced analytics to drive decisions and engagement.
2. Simplify all engagements. “Satisfaction is now determined by simplicity, speed and empathy as opposed to a friendly face” Jay Baer, founder of convincing and converting.
3. Foster an innovative mindset- it distinguishes a leader from a follower
4. Invest in modern technologies.
5. Create new back-office processes
6. Re-skill and retrain the workforce; hire for skill, not just academic qualification
7. Provide digital leadership
The three presenters particularly emphasized the element of simplicity when it comes to the transaction of business. This is important as consumers want “everywhere anytime” engagement; hence speed simplicity and empathy is the new convenience. Simplicity helps a consumer to enjoy one stop complete experience since services have been summarized and integrated to fit their needs as customers.
Finally, Humanized Digital Experience involves being interested in establishing a relationship with your customer as this helps to reap a harvest of loyalty irrespective of any challenges that may come along the way. In other words, what each customer is saying is “show me you know me.” This calls for shifting technology from being product-centric to being member-centric. This can be achieved by pursuing to make each experience personable and memorable. Business should never be a matter of what you sell but whom you serve- Bob Farrrel.
By Esther W. Njaramba
The writer is a Counselling Psychology graduand from Kenyatta University who works with individuals and groups to see to it that they lead satisfying and happy lives׀njarambaesther3@gmail.com
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