On the back of a year that saw organisations grapple with new business models, priorities and ways of working, many are hoping for a more positive 2021. Investing in digital technology, using data for good and focusing on the customer experience will be key to many organisations emerging from the pandemic a step ahead of the competition.
1. Connecting with customers in a meaningful way
2020 saw a huge spike in the rate of digital adoption due to lockdowns, restrictions and remote working. With more Aussies feeling confident using digital technology, organisations should build on this to connect with customers in a meaningful way. At ING we call it ‘personalisation at scale’, delivering unique experiences that are simple, easy and smart. This could be anything from a happy birthday message, offering customers practical tips to help manage their money, or pre-empting what they might want based on spending patterns.
2. Convergence of digital and human experiences
Customers expect to be able to coordinate, organise and plan their life digitally, 24/7 and from the palm of their hand. So it’s no surprise that investing in mobile to create the next-best experience should be central to any digital strategy (99% of all customer interactions are via our ING app). However, we learned from COVID that in tough times, customers want to speak to a real person, so the positive customer experience is bringing those two worlds together. It’s the balance of self-serve models for day-to-day tasks, and for more complex (and often emotive issues), you can’t beat having a friendly voice on the end of the phone ready for a chat.
3. Demystifying Open Banking and the power of data and insights
Open Banking puts the customer in the driving seat of how their data is used, so it’s important we focus on the exciting possibilities by using data for good. It’s about removing inertia and creating confidence and trust with customers. We’re moving from transactional to behavioural based banking, where we use data and insights to better help customers manage their money. This could be as simple as pre-populating a form with their details, or more sophisticated insights such as enhanced comparisons of banking services to give customers more choice and value.
4. Innovation that is actually useful
2021 is a good opportunity for organisations to review their innovation roadmap in response to changing customer needs. At ING, innovation is about creating a differentiating experience for customers and removing frictions so they can do their thing. Instead of trying to keep up with competitors, we focus on making the digital experience simple, easy and smart. We’re the most trusted brand in financial services and this is built on doing the right thing for the customer. That’s why we go through robust customer testing and research to make sure we’re always meeting a customer need.
5. Connecting the building blocks for the 10x multiplier
There’s often lots of great stuff happening in pockets of an organisation, but no one talks to each other. Sound familiar? By connecting the building blocks to collaborate, you’re often able to deliver something really cool for customers – hence the power of the 10x multiplier (we call it ING’s secret sauce). For example, taking an emerging technology, coupled with a slick digital experience in the app, and making it feel like our ING brand. Our move to an agile way of working at ING has brought multi-disciplinary teams together to put products and services in the hands of our customers faster than ever before.
6. Front end experiences only don't cut it anymore
Organisations need to think about the end-to-end digitised process for customers. There’s no point building a beautiful front end interface if you have to hire 20 people behind the scenes to process or verify the data. Incorporating robotics, AI and automation in the end-to-end process design will provide a seamless, one and done experience for the customer, so they can spend more time on the things that matter.
7. Partnerships that help accelerate experiences
With acceleration of digital adoption, Open Banking, APIs and micro-services, connecting with other companies will become easier and provide a new eco-system for us all to play in. Organisations will move away from a ‘build-it-ourselves’ mentality to one of seeking out smart partnerships with fintechs or technology companies that have proven solutions or are working to solve similar customer problems. Ultimately, who you partner with should align with your brand and what you’re trying to do for your customers.
What are you most excited about? I’d love to hear your thoughts.