I started my corporate career in financial services – working for several large, global high street banks in Asia. During my time “in the trenches” of wholesale and mass affluent consumer banking, I watched a number of ambitious and well-intended new product and service ideas rise through the ranks of budget approvals and stakeholder support only to make it to market and then die a slow death on the vine when customer adoption or planned value failed to meet expectations.
Notwithstanding, the ideas were good – many smart people worked on these projects. However, equipped with the clarity of time, I reflect back on some of those projects today and see a common thread between them. Fundamentally, those shipwrecks all shared one thing in common – they were never properly vetted with the customer before they were commercialized.
Today, while financial institutions are getting smarter at collecting quantitative data around channel experiences; the qualitative validation piece, the ethnographic research piece, the co-creation with customers piece is still missing in most organizations. In some cases, it’s only happening at the bleeding edge. While agile methodologies and minimum viable product-quick-to-market thinking has closed the gap on aligning with customer needs and expectations, the industry as a whole would benefit from an injection of human centered product and service design thinking to move the industry’s CX from good to great.
Join us for our inaugural invitation-only Next-Generation Financial Services summit in Sydney on Thursday, August 4 where I will delve into the topic of design thinking for financial services with my presentation, Fix your Products and Services with a Dose of Design Thinking.
From discussions with our clients in the financial services industry (FSI) in Asia Pacific, we’ve noticed that their digital agenda has changed dramatically over the past 18 months, shifting from a consideration of acquisitions and distribution channels to a broader business transformation imperative.
In fact, leaders at banks and insurance firms are increasingly realizing that:
Customer experience is fast becoming the only competitive differentiator.
Banks and insurance have to accelerate their ability to innovate and deliver new sources of value to customers faster.
Forrester’s Infrastructure and Operations research team has been on the leading edge of infrastructure technology and its proper operational aspects for years. We pushed the industry on both the supply side (vendors) and the demand side (enterprises) toward new models and we pushed hard. I’m proud to say we’ve been instrumental in changing the world of infrastructure and we’re about to change it again!
As the entire technology management profession evolves into the Age of the Customer, the whole notion of infrastructure is morphing in dramatic ways. The long-criticized silos are finally collapsing, cloud computing quickly became mainstream, and you now face a dizzying variety of infrastructure options. Some are outside your traditional borders – like new outsourcing, hosting and colocation services as well as too many cloud forms to count. Some remain inside and will for years to come. More of these options will come from the outside though, and even those “legacy” technologies remaining inside will be created and managed differently.
Your future lies not in managing pockets of infrastructure, but in how you assemble the many options into the services your customers needs. Our profession has been locally brilliant, but globally stupid. We’re now helping you become globally brilliant. We call this service design, a much broader design philosophy rooted in systems thinking. The new approach packages technology into a finished “product” that is much more relevant and useful than any of the parts alone.
After a gorgeous long fall weekend tramping around ponds and through pastures in search of sculpture, while oohing and aahing over the upstate New York autumnal palette of greens, yellows, oranges, and reds, I got a nice welcome back to work today. My first Forrester report is live on our client site! It’s a case study on Drop, an iPad-connected kitchen scale and recipe app, which was developed by a small team based in Ireland and is currently in pre-order.
Last week I blogged a video recap of day one of Forrester’s Customer Experience Forum East, 2014. I had originally planned that post to cover both days of the forum, which has grown to become Forrester’s largest event in our 30+ year history. But at some point I realized that there was just too much material to cram into a single post.
Which led, inevitably, to this post with my video recap of day two.
If you were also at CX East, here’s a reminder of what happened on that second day. And if you weren’t there, here’s a preview of the types of things you’ll see at our Customer Experience West in Anaheim on 11/6 – 11/7 and our Customer Experience Forum EMEA in London on 11/17 – 11/18.
Rick Parrish, Senior Analyst, Forrester
Rick Parrish kicked off the morning with a major update to our research on the customer experience ecosystem, which we define as: The web of relations among all aspects of a company — including its customers, employees, partners, and operating environment — that determine the quality of the customer experience.
That web of relationships often leads to unintended consequences for both frontline employees and customers. Why? Because back office players take well-intentioned but misguided actions – like what happened with the US federal government in this example from Rick.