For all the advances in technology, most people still get pretty impersonal service from financial services firms.
I deal with about ten different companies, look for the best of the best, and yet still get asked “What language do you wish to speak?” by my ATM. One large global bank has trouble linking my web savings account to my “bricks and mortar” account.
Industry executives point towards countless innovations, such as those that let customers aggregate all their financial information in one place. But these initiatives are often closer to theoretical capabilities than ubiquitous services.
I’d like to suggest it’s time for the industry to ask a simple question:
What percentage of the time do customers get personalized, intelligent service?
This is a much tougher standard than “look at our latest innovation.” An innovation that’s only used by .05% of your customer base isn’t going to have an impact on your bottom line.
But if 99.5% of the time you aggregate all a customer’s information in one place, remember their preferences and how they wish to interact - well, that’s going to make a big difference.
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