Is BFSI unique or not really?...
Our CX Board Advisor Nicolette Wuring spent two days taking on the recent IQPC BFSI event in London and has shared her thoughts on what CX challenges the banking and finance sector are facing.
"What stood out for me after two interesting days at a unique location in London this week is that the biggest challenges for CX people in the BFSI world are:
1. Active and verbal EXECUTIVE engagement, sponsorship, role modelling, and consistency between walk and talk;
2. Proof of ROI in hard numbers and facts both up front to make business cases as well as afterwards proving cause and effect;
3. DATA, DATA, DATA, from "do we have the right data" to "are the data right", to cross-functional data, to "do we have the right tools & people" to develop models, do business analysis, and deliver structural and incidental governance to a variety of stakeholders?
With respect to the second challenge, people find themselves ‘competing’ with other departments for funds and claims to success (was it marketing, sales, CX, etc?). Which is interesting in itself, because don't you all work for the same company? I know, that's where remuneration usually work's counterproductive.
The biggest question towards the future is - in addition to logically and economically feasibly integrating all the changes induced by technology - when you do have a human-to-human interaction, how do you create value in co-creation with customers hence are relevant, and how do you engage customer facing human beings (instead of humans doing executive tasks) to a degree that you enable them to deliver this? Because only then can you deliver the required ROI of a human-to-human interaction.
BFSI is not unique. On the contrary, these CX challenges are universal both from an industry as well as a geographical perspective.
If anyone doesn't agree, I invite you to have a discussion with me. As I am in the process of finalising my PhD research question, I welcome all contributions to my research that will especially enrich the value for the customer service part of the CX world.
And that's also exactly why I work together with TribeCX. TribeCX has a tried and tested 30-60-90 day sprint toolbox based on the expertise of many practitioners across the globe and across industries, that helps people and multidisciplinary teams in organisations address these challenges themselves, no consultants, just some coaching on the side from very experienced and passionate practitioners.
Because CX is not a fad, but in a hyper-competitive, completely globalised world where all products are commoditised, or even packaged into a service, where the physical product moves to the background of platforms, where technology becomes part of everything, relevant, personal, meaningful HUMAN INTERACTIONS become scarce. They become THE DIAMONDS OF BUSINESS.
When you care, people notice!"
Some great thoughts and considerations here, with some great insight.