6 Ways Financial Services Companies Orchestrate Personalization


Personalization has never been important in the way brands deliver experiences to their customers. And in a world where digital is the primary driver of engagement and data is exchanged, customer expectations of how personalized experiences should be personalized are higher than ever.

During this week’s Salesforce Financial Services Summit, part of the larger Dreamforce virtual event, several technology and business leaders from Australia’s leading financial services and fintech institutions detailed how personalization is increasingly entering the market. the way they orchestrate products, services and communications.

Here, we highlight six lessons from these brands on what it takes to make their personalization efforts effective.

Give it meaning

For RACV, personalization is about relevant and meaningful digital communications and interactions and enables frontline staff to better anticipate member needs, said CIO Idris Shamsi.

“It’s fundamentally about recognizing members across all channels and interactions, pulling all of that data together and putting it into the hands of our frontline teams… and then leveraging it to inform our core member journeys throughout. of their lives, ”he said.

Recognizing this, RACV has focused on core journeys such as first year of membership, claims experience, renewal journey, outages and also milestones including anniversaries and anniversaries of membership. in order to personalize engagement.

End-to-end digital

Execution with digital as the principle and end-to-end approach was also seen as key by RACV. Its head of Salesforce and Integration, Simon Baldock, said that since completing its business transformation and adopting Salesforce technology, the organization has established two dedicated delivery teams to focus on delivering end-to-end digital experiences to members.

“This ability to have very hands-on digital experiences is essential for our members, especially in our busy lives when we have kids at home and participate in back-to-back virtual meetings,” he said. “When customers need help through our assisted channels, our technology transformation has made it easier with things like live chat for seamless delivery to our contact center team members. When a member calls and talks to us, the single customer view we get through Service Cloud is also very useful for transfers.

Digital is also the starting point, with sleek and intuitive self-service interfaces for day-to-day transactions, Shamsi continued. “We applied a human-centered design to make the right experience choices. We’re also doing things in the channel to help members, including chat support, and we have the one-click call soon, ”he said.

“If an interaction is interrupted, we have a log that provides frontline members with information to recover where the interaction may have fallen. ”

Make it productive

RACV has gained significant business agility, Baldrock said, through its efforts at technology redesign and digitization. And she uses those gains to innovate and further personalize experiences.

“The combination of the new technology stack and new operating models means that we have completed over 60 production versions in the past year, compared to 3-4 in the legacy environment,” he said. .

“It means we can be really responsive to the needs of our staff, our members and our business and adapt to the really tough environment over the past 12 months.

Make it a two-way exchange

For Gareth Gumbley, Founder and CEO of Frollo, optimizing the customer experience through digital and data means fostering a two-way exchange of value. Frollo’s Open Banking platform is used as the basis for a consumer application that helps consumers manage their finances in a personalized way.

An example of the platform is Action, Frollo’s work with Canstar to power a new personal finance app. This allows clients as well as Canstar to have a complete picture of their financial life.

“Canstar has traditionally operated in a one-way street. With Open Banking, the business can look at the products customers are using today, how they are using them and whether they are getting the most value from them, and then identify opportunities to help them change quickly, ”Gumbley explained. “Ultimately, this delivers more engaging experiences, personalizing that in the shopping experience, while also providing Canstar with richer data on what customers are using today and where they can change.

Make it a rewarding experience

Matt Peterson, IOOF’s head of business solutions and initiatives, said personalization is at the forefront to better support his B2B clients with financial planning.

“The data from the past two years and our ability to personalize the data has been exponential. We know a lot more about our advisors and have centralized a lot of information to personalize these experiences, ”he said. “We also want to train new people in the industry, so personalizing the experiences for them is very different from someone with 25 years of experience.

“It’s a similar proposition for end customers. Each client is different and wants to follow a unique financial journey, with different needs and goals. We adapt to the advisor and the client to achieve their goals.

Examples of end client personalization range from reminding clients that they are on track to meet their financial goals, to referral if they are not meeting retirement goals or supporting cash flow management. .

“People want help with these things, but want something that is digitally activated and personalized to their own journey,” Peterson added.

Also think of employees

MLC Life has also increasingly used data to inform customer journeys in recent years, said Tim Roso. This had the added benefit of better supporting the employees.

“There have been some interesting examples of how this has made it easier for employees, especially in our contact centers. For example, to understand what types of inquiries will come up when we send out various marketing messages, and then what they can do about it on the spot, ”he said. “We get calls to the right teams, customers are ready and willing to talk to us, and employees are ready to receive information about the next best deal, what kind of complaint they might call or what kind of action they want. ‘they have to take. All this makes them [employees’] easier life.

Making sure employees are also informed through personalization is key to putting a lot of effort into interacting with MLC as an organization, Roso said.

“Financial services companies have a wealth of product data and customer information to facilitate interaction in the customer’s channel of choice. Or if we offer solutions to potential needs, let them be targeted at the individual, rather than just a “did you know we have X”. It takes less cognitive effort for a client to then assess whether they want an offer from a financial services company, ”he added.

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