A recent survey from PwC found that 61% of bankers believe customer-centric business models are very important, and yet only 17% of them are “very prepared” for it. Kidbrooke has released a new demo highlighting the problem in the market.
Customer-centric approaches are becoming as important as ever and numerous surveys claim that consumers are putting good experience as their priority when engaging with companies. A recent study from Dimension Data claimed that 84% of companies who focused on improving their customer experience witnessed increased revenues.
Providing a customer-centric approach requires a bank to make certain their customers feel engaged, included and understand the products available. Kidbrooke believes this is not happening.
Despite the growing importance of this, Kidbrooke believes that over the last year well-established incumbents probably held meaningful dialogues with a small percentage of their customers. This is simply down to the fact it takes a lot of time to explain products to customers and ensure they fully understand what is being offered. Further, this information normally comes from highly skilled, experienced and passionate human advisors, Kidbrooke claims.
Over the years, a number of initiatives have claimed to be the solution to this and providing customer-centric approaches. Robo-advisors, goal-based financial planning and a white label generic customer journey have all been pegged as the answer, but they are not. Kidbrooke states financial institutions themselves should solve the problem.
The video states, “Insurers and wealth managers know what their customers need, what they want, what makes them happy, what makes them interested or engaged. In fact, that is their top concern. And it is their strategic priority to be able to interact with their customers in an engaging and inclusive way at a competitive cost.
“But, despite all the robotic process automation, b2b robo advisors, BI and CRM systems, the industry still struggles to interact with most of their customers in a meaningful way at a reasonable cost.”
Kidbrooke, which was founded in London and is currently headquartered in Stockholm, offers B2B financial analytics through APIs.
It said, “We believe financial institutions will have to organize themselves around customers instead of products or channels. They will have to offer a seamless customer experience, integrating sales and services across all channels; and they will have to develop the ability to view customers as a ‘segment of one’, recognising their uniqueness, and tailoring their offerings so that customers view banks as ‘meeting their needs’ not ‘pushing products’.”
To support this need, the FinTech has released its OutRank solution, an API aimed at lowering the cost of providing customer-centric wealth and credit services without compromising performance. The company differentiates itself from others by making its technology compatible with modern infrastructure, with affordability, speed and compliance.
Case study
The company’s technology is already being used by Skandia, one of Sweden’s largest life insurers, to build a seamless customer journey for self-service pension advice.
Skandia was able to implement Kidbrooke’s flexible, granular and fast financial calculation engine, empowering them to create their own pension planning solution. The API helped them seamlessly interact with both active and dormant customers in the channels of their choice.
Through this, Skandia selected a hybrid strategy, developing services to reach customers both through digital self-service channels and via a network of experienced advisors.
Kidbrooke said, “It is a clear example of achieving high levels of engagement, inclusion and quality at a level of cost-efficiency that gives the company strategic freedom to innovate.
“Where some see sleek customer onboarding, fancy front-ends, automated administration and one-size-fits-all services, we see lost opportunities to make a real difference in the lives of your customers. Every moment of customer attention matters, every second they spend with you, use your digital services or consume your content.
“And that’s why we help you empower those moments with relevant, personal and actionable insights and decision-support.”
Learn more on their website.
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