In 2003 the average age of Standard & Poor’s top 500 companies was 25 years. It’s now under 8 years. That’s a lot of creative destruction. It’s safe to say that creating an innovation culture is a matter of survival amid ever demanding customer expectations.
With this backdrop, One Connected Community (OCC) has invited Santander, Lloyds, Think Different Group, Mondo, Starling and Standard Life to discuss the importance of customer-centric innovation, culture and organisational structure in banking.
There’s an increased disconnect between current business models’ ability to meet and exceed consumer demands. While consumers do not distinguish between physical and digital touchpoints, businesses struggle with invisible barriers that create silos and disharmony between how the business operates and what customers expect.
Banking is no different. And banking is changing whether banks do or not.
Across industries globally there is a profound evolution in customer engagement as the digital and physical worlds meet on the customer’s terms. The biggest disruptors from Netflix, Alibaba and Uber reflect the most crucial customer trend: An on-demand, digital customer service with instant fulfilment and seamless experience from digital to physical touchpoints.
Customers expect a seamless journey across all channels. So while internal teams and structures represent mobile, digital, branch channels, externally the customer sees only the bank brand.
Any experience across bank channels must be seamless, but to achieve this a culture of agility and innovation must be put at the heart of the modern bank.
With the nature of virtual banking and digital disintermediation, there’s huge potential for banking to radically change business models.
While on-demand, seamless experience across physical and digital channels is the cornerstone of successful modern business there is a huge void between this customer trend and current banking business models.
But the technology is there to do so. Transformational technologies such as blockchain allows for real time connectivity, transactions, value exchange and big data analytics.
Banking business models must evolve to encourage innovation at scale and a focus on digital design for a seamless and personalised customer experience. The winners of the digital era will be the banks (or technology companies) that get this right.
In this setting, OCC brings together banking’s leading innovators for leading edge discussion on customer-centricity. Get the full speaker line up for Banking Innovation and Culture (June 2, London) here.
Jamie Harding, Head of Research, OCC says: It’s a day to make a customer-centric banking a reality. Hand-picked thought leaders discuss technology, process and organization to create unprecedented customer experience’
We share inspirational stories to highlight how technology and engaging customer experiences make a real difference to the bottom line. We do this by inviting the most influential thought leaders to challenge, transform and define the future of customer experience across our leading conferences and original video content.
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For more information contact Jamie Harding on firstname.lastname@example.org
Tel: +44 (0)208 8193122