A Big Financial Institution Adapts to the Digital Tools Its Customers Are Using

With the emergence of so many new digital technologies and tools, it’s tough for companies to figure out which ones merit attention and investment. But here’s the good news: they don’t have to. Their customers will do it for them-as long as the companies follow them carefully.

As the senior executive at a large financial institution put it: “The client base should dictate the kind of technology you use to communicate to them.” The executive said companies need to understand many different digital technologies, from mobile apps to voice communications “to cover the breadth of customers.” Companies too often move at a glacial pace when it comes to understanding new technologies, and are often ill-equipped to dig deeply into the data for guidance.

It’s hard for some business people to understand that previous systems-which ‘pushed’ messages to customers-need to be reversed, with customers determining which communications channel suits them best. Keeping up with customer preferences is crucial; different segments respond to diferent kinds of approaches.

“Curiosity is important to be able to adapt to an ever-changing landscape,” says the executive. “It’s key to be always looking to try new things.” Aside from knowing how to glean insights from the data, employees need to serve as effective ‘digital advocates’, even if it risks occasional failure.

Given that digital initiatives are easy to track, in some quarters they may now be considered safer than more traditional routes to customer loyalty.

A Business Services Company Moves to Become an Agile Digital Player
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