Deepening client engagement: how to respond to changing client needs
Over the past 12 months, the rate at which the Financial Services sector has shifted is unprecedented. Accelerated by ever-growing social, health, and economic pressures, our ability to rapidly pivot to meet the changing needs of our clients, organizations and communities has been pushed to its limits.
But as we know, with challenges comes opportunities—a chance to look forward, rethink our operations and strategies to build deeper, more meaningful client relationships. That was the goal of Traction on Demand’s TimeToValue Conference last week; an opportunity for Financial Services organizations to come together and discuss how investing in connected, digital experiences empowers their teams to rapidly respond to today’s changing client needs.
With over 60 sessions in two days, we can’t possibly recap all our top learnings into one blog, but here are our top five key takeaways from TimeToValue Conference for Financial Services.
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Client needs are rapidly evolving in response to unexpected societal shifts, including the pandemic and economic upheaval, to changing interaction patterns driven by a digital-first culture.
To successfully thrive in this reality, you need to embrace an experimental and iterative approach to client engagement.
Using the wealth of data available from digital asset interaction, client economic data, portal usage, and surveys, successful firms are adapting engagement strategies and implementing incremental investments rather than monolithic programs.
“Delivering ongoing, iterative releases with tangible value becomes a PR machine, for your clients and internal sponsors. Your business can learn and adapt at scale and at speed.”Matthew Moore, Global Head of CRM & COO, DLL
Leverage actionable insights
Marketing in Financial Services has shifted. Clients demand insight, guidance, and relevant communications, not advertising. To deliver on their needs and support top-end growth in your business, your digital marketing and communications strategy must key on actionable insights.
“To put this in practice you need to develop a reusable framework that provides a flexible model for client engagement and inclusion of new or evolving data insights to truly personalize and provide relevant communications is key.” — Jonathan Cipryk, Head of Salesforce Engineering, Core Engineering & Transformation at Manulife
Automate with intelligence
“Any sufficiently advanced technology is indistinguishable from magic”Arthur C. Clarke
Current advancements in Artificial Intelligence (AI), Machine Learning (ML), and Robotic Process Automation (RPA) may seem magical, but they are rooted in proven technology with complex mathematical models assisting them. These tools are being used in a number of situations to great effect throughout the Financial Services world currently, in areas such as Lending, Analytics, Audit/Compliance, and Testing just to name a few. Every day, more applications are being discovered, saving their sponsors time, money, and resources that can best be devoted to other places.
Knowing how to leverage these solutions is only part of the challenge. Applying these technologies in the right context, at the right time is key to driving success.
Mark Gurman walked listeners through the complex example at Scotiabank with their Global Banking & Markets data. Traditional solutions for this problem were wholly insufficient, highly expensive, and had low success rates; leveraging Machine Learning in order to scale the solution was the only way to address the millions of records and dozens of systems that would need to be tied together in a centralized way. As shown, leveraging a "MDM 3.0" approach using ML reduced the overall cost 90%, the overall team size by 75%, and the timeline by an astonishing 80% while still having accuracy rates into the high 90%, further reinforcing the fact that the future of Master Data Management relies on this approach.
People drive change
To successfully drive change that impacts your staff, clients, or customers, you need to set a clear and achievable vision. Pam Hannett, Principal Strategist, Banking at Traction on Demand and Eran Agrios, Head of Global Go To Market, Financial Services Cloud at Salesforce noted that in order to impart long-lasting change, executive buy-in drives success, not through top down pressure, but by showing “what’s in it for me” for everyone in the organization—including clients or members.
“With clear vision and executive support in hand, ensuring you level set back to your foundational goals and business outcomes, and track KPIs to illustrate achievement of this vision, you can drive continued support and adoption by your teams and your clients.” — Tom Gordon, Senior Director, Enablement at Traction on Demand
Thriving in an Ever-Changing Environment
Change is accelerating and disruption is the norm; bankers, insurers, and wealth managers need to consider investing in technologies that leverage an iterative, data-driven approach, ultimately accelerating their time-to-value to impart long-lasting transformation.
To learn more, check out our TimeToValue Community, where you can access over 60 Salesforce and time-to-value focused sessions or get in touch with a member of our Financial Services team to kickstart your own digital transformation today.