The most interesting things happening in financial services are not happening in financial services, writes Rich Berkman, Associate Partner of IBM Interactive Experience, in UX Magazine. The most useful and powerful cross-channel, digital tools rolled out in recent years were not introduced by banks, he says, but by tech companies that understood how to use the Internet, data analytics, and mobile technologies to solve consumersâ€™ day-to-day problems.
“Optimizing customer experience requires a holistic understanding of the user and a willingness to change. In some ways, this is where banks fall short. They already have more than enough information about their customers, they just need to figure out where the data is and how to use it effectively, which is easier said than done but also a necessity. The roll out of new mobile apps and other cross-channel experiences will exponentially increase data generation as more people use their phones, watches and more to interact with insurers, retailers, airlines, mortgage brokers, and so on. The better banks understand their customersâ€”and can build models based on rich user research, analytics and evolved â€œpersonasâ€â€”the better theyâ€™ll be able to improve services to meet today and future customer demands.”