Differentiating Through Digital Customer Experience – White Paper
Uncovering a strategy for success in the digital era of customer-centric financial services
Young or old, wealthy or not, consumer expectations have radically changed in just a few years. From downloading films to catching a cab, digital businesses are changing the way we order and use goods and services.
Of crucial importance in all of this is our empowerment as consumers. We want services that fit with our lifestyles. We want them to be simple and effortless to use. We want them stripped of all those unnecessary procedures that can clutter up our already busy lives. We also want to feel special, with personalized offerings that offer small moments of delight.
As the digital world around us becomes hyperconnected, the way financial services providers engage with us will need to transform. These institutions must also become more connected, embrace digital life, and create new customer experiences that offer the ‘wow factor’ that will attract our business.
But traditional banks and insurers face stiff competition in their quest to differentiate through digital. New entrants in financial services, such as the FinTechs and InsurTechs, have the potential to become the dominant market institutions of the future. Then there are the digital-only players – particularly Google, Apple, Facebook, and Amazon – that understand digital natives and are building new ways of doing business. They use data diligently and know what motivates us as consumers. They know how to design a digital service that will wow us and keep them ahead of the competition.