Takeaways from AIBP Insights: Elevating Customer Experience in Financial Services and Insurance Industry
AIBP Insights is a series of closed-door regional roundtable discussions which are part of our ongoing engagement with enterprises in ASEAN to look at topics affecting digital transformation for their businesses. The purpose is to enable the exchange of ideas between industry stakeholders and spearhead creative collaboration across industries and countries.
Last month, we hosted a series of discussions ranging from Customer Experience in the Retail sector, Resilient Supply Chains, Industry 4.0 in Traditional Manufacturing, and Smart Cities.
In the opening session for our Banking and Finance week, our panelists from 2C2P, BigPay, BukuKas, DANA, FUTU, Koinworks, Kredit Pintar, Payfazz, Roojai and Twilio came together to discuss and share their experience in elevating customer experience in the ASEAN fintech landscape.
YY Fong, Vice President, Industry Platform, kicked off the discussion by giving an overview of the changing banking and finance landscape and the growing significance of customer experience in the industry. Following this, Bijon Mehta, Global Head of Financial Services, Twilio, presented his views on the four key drivers of the industry: Industry economics, disruption, ageing infrastructure, and the importance of regulation.
Erika Chiang, Marketing Director, International Markets, FUTU, shared FUTU’s positioning as a technology company. Not only do they view themselves as a one-stop investment platform with easy access to wealth management and news information, but the social platform capability on their ‘moomoo’ app also enables users to interact and exchange investment ideas within that ‘moomoo’ community, further engaging their customers.
Monica Millares, Head of Product Experience, BigPay, highlighted the importance of identifying the customer touchpoints. For example, if a customer is locked out of his(or her) account, and marketing sends a separate email trying to sell them something, they would get even more frustrated with the company. Hence, it is important for organisations like BigPay to leverage technology to map out the customer experience.
Rangga Wiseno, SVP of Product, DANA, added that technology is an enabler to engage customers, serving as a platform for organisations to build a structure (i.e. reducing layers between management and customers) and to enable source of truth (i.e. the importance of building and managing a seamless experience where both satisfied and dissatisfied paths are equally/fairly evaluated).
Federico Brandi, Chief Marketing Officer, Roojai, shared that Roojai’s brokers are Managing General Agents (MGAs) who have an embedded interest in aligning their product offerings with customers’ needs. The MGAs manage the entire delivery and servicing process by themselves. Utilising technologies such as video surveys can help expedite the entire claim process as surveyors and inspectors are not required to visit the scene. With the claims processing being a tense-filled situation, managing the customer experience and bridging any potential gaps would be key.
Financial Inclusion and Financial Literacy
Davin Karis, Head of Finance, Kredit Pintar, shared that their focus market is mid-low segment retail customers, with limited access to financial services. They are looking to build a fast and agile process as opposed to a longer credit approval process in traditional models. AI is adopted as a key function to facilitate and automate the loan approval process.
Febbry Lasgon, SVP Payments and Financial Services, BukuKas, added that BukuKas offers digital bookkeeping services as a foundation platform to engage with their customers, before providing them with financial literacy education.
Similarly, Mohammad Iqbal, Head of Transformation Unit, Payfazz, highlighted that financial literacy and financial education are also long-term goals for their organisation. Payfazz works with their agents to serve the unbanked and underbanked populations with a portfolio of mobile services to handle routine financial tasks such as bill payments and loans. To deliver good customer experience, Pak Iqbal highlighted that empathy is needed to understand their customer (the agent)’s journey. By understanding their customer, they would be able to know what needs to be fixed, what can be improved and how they can address customer queries.
Human Touch and Technology Touch
Jonathan Bryan, Chief Marketing Officer, Koinworks, observed that customers in Indonesia tend to give extreme ratings, either 5 stars or 1 star, and this could be a reflection of the customer’s experience. Customers seldom praise a good service as good customer service is a huge part of their expectations. On the contrary, a very slight dissatisfaction about functionality or a small issue will result in 1 star rating as customers are spoilt with many good alternatives in the app store/ google play store.
Pak Iqbal resonated with Jonathan’s remarks and highlighted that in his experience high human touch is key to mitigating complaints.
Bijon shared that in instances where customers want a quick answer, high tech would be the solution; whereas in other instances where sensitive topics or information are involved, they would prefer speaking to a human.
Pak Rangga echoed these points and added that C-suites and VP-level employees at DANA are often included in discussions involving customer service and in customer feedback calls.
Rachelle Alexis, Executive Director, 2C2P, agrees in including management when it comes to mitigating customers’ dissatisfaction. She added that 2C2P is constantly evaluating their use of social media platforms, as those platforms have emerged to be a key touchpoint with customers. Everyone will have a starting point that differs from one another, but eventually, the range of services will expand and overlap, thereby contributing towards an integrated service.
At BigPay, Monica added that everything begins with culture - their people must be passionate about serving customers, integrating both the human touch and technology touch.
Concluding the session, Bijon acknowledged that constant and dynamic changes are happening in the industry. Ranging from customer preferences to regulations, while every country in the region faces different challenges, digitalisation is forming a core part of the expectations. Organisations who blend technology with the human element, not only to serve existing customers but to expand their footprint, will thrive in the long term.
With that, we look forward to continuing our discussion on Digital Technologies in Banking and Finance tomorrow (21st April), and Open and Inclusive Banking on Thursday (22nd April).
Stay tuned for AIBP Channel Focus which will be held in the next few weeks. Do reach out if you wish to find out more about our upcoming sessions!