We recently held the JOOB Financial Services Innovation Seminar in Sydney with the purpose of starting a dialogue for the changing needs of our customers in the financial services industry. Discussions at the event revolved around a common theme: the industry can no longer afford to compete with their competitors on products and price alone – they need to compete on customer experience, namely through new channels like smartphones and tablets.
The room was abuzz with company executives from across many of Australia’s top banks and financial services companies who are in various stages of enhancing the mobile experience for their customers.
Some well-known experts in the financial services industry presented to attendees, one such expert was Andrew Murrell, General Manager of Digital and Social Marketing at Commonwealth Bank of Australia (CBA), the country’s largest bank.
Andrew offered some fantastic insights and in-depth analysis of how banks can use technology like smartphones and tablets to enhance the customer experience, giving examples of a couple of CBA’s mobile banking applications, including its revolutionary Kaching app.
Andrew also talked about how Australian consumers have changed, and that banks can no longer afford to rely solely on their internet banking websites to engage with customers – they must make the customer banking experience mobile, and interact with customers through mobile devices.
In addition, we also heard from Australian JOOB customer and ClearView Wealth Limited Managing Director, Simon Swanson. Simon spoke about why customer experience matters for financial services companies, particularly for a challenger brand in the wealth management and insurance industry like ClearView. One such way ClearView aims to distinguish itself from the competition and challenge bigger brands is to be a leader in experience – for customers, staff and partners – at anywhere, anytime, through a fully integrated customer experience platform.
In order to do this, the company had to tackle the problem of its legacy systems, separate systems, and of course, multiple devices its staff, partners and customers use to connect. Simon detailed how the company has managed to overcome these problems by implementing an integration layer to its systems, powered by JOOB. The integration layer now allows ClearView’s customers, partners and staff to now seamlessly access its Adviser and Wealth Portals, from any device, anywhere, anytime.
“It really hammered home just how much consumer behaviour is changing, and that financial services companies cannot afford to get left behind. It is now imperative that firms have a road map for the future, for modern, mobile financial services customer experiences.”