The ‘Uberfication’ of Financial Services

I recently attended the Marketforce 20:20 FS Customer Experience event and wrote about my initial reflections last week in my blog.  I wrote about the need for banks to change and become adopters of technology and new thinking and have since thought about how the speakers at the event surprised me in some ways but delighted in others!

For those of you who have followed my previous blogs (thanks very much J) you’ll know that I have already written about ‘uberfication’ within the financial services and contact experience management industries that the emergence of Fintech companies, solutions, apps and thinking is going to radicalise the market.

I went to the event with the preconceived idea that the general mood amongst some of the largest financial service organisations in the world would be fear and loathing underpinned with a perception that they don’t need to change as the Fintech revolution is actually just a fad. I was delighted to hear that I couldn’t have been more wrong as one speaker after another lauded the need to change to keep up with the industry. 

Some spoke eloquently about how they’ve pushed their organisation to understand just how important the view of the customer is, often using technology, and what will happen to your business if you don’t. ‘rant&rave’ were certainly as disruptive as they like to be stealing the show with a captivating view of how to get customer views and what to do with them!

Others spoke about the desire to become omni-channel but 96% of people polled thought it an impossible task without a complete overhaul of their business. An organisation like K2C is a great place to start for those who want to move to onmichannel but are daunted by the task – Teleperformance have a growing number of clients now realising the massive benefits from the supple console and choosing the modules that work best for them.

Manuela Pifani of DLG brought the challenge to like with a perfect ‘mixer tap’ analogy: Some customers like hot, some like cold, everyone changes their preferences and you need to be agile and flexible to mix the water just right for the here and now.

The most remarkable thought I’ve only just come to realise is the general acceptance that well-established FS&I organisations have accepted they can’t compete with all the niche providers, all the Fintech solution providers and the radical new thinking that exists in the market.  The common belief is that by being great at the simple traditional banking and insurance is the right strategy and who am I to disagree.

I was shocked that there was so little focus on people. Every solution to every rhetorical problem centred on solution integration or point solutions or an overhaul of technology and it’s not hard to see why. Technology does need to be the enabler to being the ‘mixer tap’ of customer experience – but without great people the water doesn’t flow.  Taking the uberfication example, it doesn’t work if your taxi driver doesn’t know where he is going!

If you want to see how Teleperformance people become enabled with technology, such as that provided by K2C, you need to get in touch so we can make it happen for you.


Photo by Thomas Hawk licensed under Creative Commons

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