ASEAN

Takeaways from AIBP Insights Future Ready Financial Services: Building the Digital Core for Customer Engagement

TL;DR:

  1. Each customer journey has a distinct set of touchpoints across channels that must be designed to maximise customer convenience and satisfaction at all times. Understanding channel usage and specifications is the first step toward creating an enticing value proposition for their future digital customers.
  2. A genuine customer experience is defined by how personal and human it feels. Utilising customers’ data will enable financial institutions to provide personalised recommendations that are valuable to them.
  3. Financial institutions must ensure the security of their customers’ data while also providing an excellent customer experience across all channels and platforms. When dealing with customer data, it is critical to be open and honest.

Our Highlights from Today

AIBP Insights is a series of discussions held online which brings together a focus group of ASEAN stakeholders to discuss topics related to enterprise technology adoption in the region. This is part of our ongoing engagement with enterprises to look at topics affecting digital transformation for their businesses, enable the exchange of ideas between industry stakeholders and spearhead creative collaboration across industries and countries.

Earlier this year, we hosted a series of discussions ranging from Hyper-personalisation for BFSIsElevating Customer Experience among Financial Institutions, and Innovating with AI Technologies and Data Analytics,

The ongoing COVID-19 pandemic has intensified pressure on ASEAN BFSIs to accelerate their digitalisation strategies, and siloed personalisation efforts will no longer suffice to compete. The Harvard Business Review recently reported that 58% of enterprises are seeing a significant increase in customer loyalty and retention as a result of utilising customer analytics, while 60% of enterprises have acknowledged the importance of using real-time customer analytics to improve customer experience across multiple touchpoints.

In today’s AIBP Insights discussion, three Finalists from AIBP’s annual ASEAN Enterprise Innovation Awards came together to present and showcase some of their innovative projects/initiatives. They subsequently shared their experiences and views on customer experience in the financial services industry.

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Customers at the Core

Today, genuine customer experience is exemplified by how personal and human the experience feels. It is critical to prioritise the customer and provide the experiences they expect across all physical and digital channels.

Michel Hamilton, Maybank Indonesia’s Chief Strategy, Transformation, and Digital Officer, recognises the value of providing the right products and services to the right customer at the right time. To do so, he highlighted the importance of understanding customers on a personal level. Furthermore, given Indonesia’s diverse population, Pak Michel emphasized the importance of being able to meet the needs of each customer, thus remaining true to their mission of humanising financial services.

According to Loo Jian Sern, General Manager, Digital and Innovation, Hong Leong Bank, engaging customers is an infinite loop; they do not come and go, but are here to stay. Hong Leong Bank has an innovation-inspired roadmap that outlines the various ways they are striving to be the leading CX bank in Malaysia, from their in-house customer insights and research team that focuses on qualitative & quantitative ethnographic and behavioral studies, to an eye tracking device in their usability labs that analyses customers’ eye movements and dwell time.

Similarly, Nusara (Assakul) Banyatpiyaphod, CEO and President of Ocean Life Insurance, added that life insurance processes are typically complicated, and her team at Ocean Life is striving to be customer-centric by offering personalised insurance through an excellent and seamless customer service experience roadmap.

Data Utilisation and Data Privacy 

As Hong Leong Bank works to increase financial literacy among the younger generation, Jian Sern shared that PDPA is taken very seriously, and that any communications with the younger generation involve their parents. They clearly demarcate what they can and cannot do for customers under the age of 18.

K.Nusara shared that they are always looking for new and innovative ways to collect data because customers aren’t always willing to provide it. It is critical for them to understand their customers’ pain points and needs in order to provide personalised insurance products or services that truly benefit their customers. She believes that if you can provide genuine benefits to customers, they will be more willing to share personal information.

Pak Michel agreed, adding that data security is their top priority, and it is critical that customers understand how their data is stored and managed. It lies on Maybank to thoroughly understand and interpret the data, to outline how they intend to use it, and to make it clear to customers that the information gathered from them is for them only.

Jian Sern added that data is scattered and it is important to dish out products at the right place (channels) and the right time.

Multiple Channels and Creating Partnerships

In this day and age, understanding and utilising various channels to reach customers is also critical. K.Nusara stated that because the majority of their customers do not visit their website, they have launched their profile on LINE, a popular mobile application in Thailand.

Pak Michel stated that they collaborate closely with the Shariah communities such as mosques and interest groups (for instance, cycling). Maybank Indonesia has a Shariah community platform that gives customers access to all available Shariah products, making Maybank the content providers, which is an important priority for them given that Indonesia has one of the world’s largest Muslim communities.

Concluding the session, the panelists agreed that each customer journey comprises a unique set of touchpoints across channels that must be designed to maximise customer convenience and satisfaction at all times. Understanding channel usage and specifications is the first step toward developing a compelling value proposition for their future digital customers.

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With that, we look forward to continuing our discussion on Business and Data Resilience on 2nd November (Tuesday). 

Stay tuned for our ongoing AIBP Insights discussions which will be held in the next few weeks. Do reach out if you’d like to view the playback of the discussion today, or if you wish to find out more about our upcoming sessions!

AIBP

14 October 2021