Four experts shared thought provoking talks on various topics in the banking world at the Bank Customer Experience Summit held in Chicago from Aug. 31 to Sept 1.
Four experts shared thought provoking talks on various topics in the banking world at the Bank Customer Experience Summit held in Chicago from Aug. 31 to Sept 1.
The speakers included:
McCambry led with a talk about reaching new markets. McCambry has owned businesses since 2001 and is a contributor for Forbes. He has started four multi-million dollar businesses. However, he had humble beginnings, growing up in a single parent household with little to no income.
When looking at new markets, McCambry said one such market is the underbanked, which makes up 25% of American households. In addition, nearly one-third of Americans do not trust mobile banking.
How can banks reach these customers? McCambry recommends direct sales. His company Novae empowers tens of thousands of individuals to sell products in "board rooms, living rooms, dorm rooms and video conferencing rooms."
By using direct sales, neobanks and financial institutions can quickly share information with customers who may not normally trust banks, such as the underbanked.
In Novae's case, they provide direct sellers with a replicated website to reach customers and generate revenue.
"Implementing a direct sales model, internally or through partnership, will redefine the customer experience to reach new markets. Direct sellers can also provide more retention for subscription-based revenue models, through relationships with customers, not to mention the services are being utilized ongoing by the direct sellers themselves," McCamby said. "Lastly direct sales will create life changing opportunities for those involved.
In a similar vein, Glenn Murray shared how Sutton Payments is using third-party partnerships to reach the financially underserved.
First, Sutton Payments worked with percapita, which aims to help people who live at near poverty levels and often have no access to good loan options.
"They wanted to create a holistic financial offering for people in that bracket. Teaching people financial literacy how to make more money and save money," Murray said. This business would provide card deposit accounts, third-party services and financial wellness tools.
Sutton also worked with Flyp, which offers gamification services to help people learn about money and make money. It provides "challenges, quests and a game to help people learn about money and earn money with no credit checks and maintenance fees," Murray said.
Jonas Vernon Ng discussed how KeyBank created an innovative brand called Laurel Road as a fully digital bank and the customer experience lessons it learned during the process.
"It's hard not to get in your own way. In order to be innovative, you have to carve out your innovation group and put it on an island. We created a group called Laurel Road and we left it alone," Ng said.
Although it has seen success, Laurel Group had to learn many customer experience lessons.
Ng shared that the reasons that lead to customer disloyalty all relate to forcing customers to transfer or feel like their issue will take a long time to resolve.
"Odds are they're already annoyed if they can't find answer. We make assumptions that people are annoyed at the call center," Ng said.
Customers today are expecting a rewarding omnichannel experience but that can be incredibly difficult to provide at times.
"What they see at Amazon, they expect at their bank," Ng said.
One way Laurel Road addressed this issue was a platform that could turn marketing or information emails into a mobile experience. It sends SMS messages to customers for a vertical mobile experience. With the tool, it was able to create 100% compliance for a new authentication method.
Ng emphasized banks need to deliver both digital and physical experiences so customers feel they are heard and have the resources they need.
Tina Pickeral spoke about how banks can address the employee experience. While many businesses recognize the importance of the employee experience, they may not be focusing on the right things.
"Companies typically focus on individuals such as mental health rather than on the organizations and its culture," Pickeral said. "While helpful they don't solve root issues as 62% of workers say employee experiences impacts their ability to serve customers. But only 48% say companies actually make that effort."
In order to address this issue, Compucom views the employee experience in four ways:
Compucom delivers services to address these needs including:
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