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Uber, Lyft, and Airbnb are all the rage. Why? They are examples of companies that have utilized disruptive technologies and business models to simplify an existing process, and provide an easier customer interface and better customer experience. Uber, Lyft, and Airbnb have taken the friction out of the customer journey and emphasized the experience. But why is this relevant to the financial services industry?
Digital transformation has impacted a number of industries over the last several years and healthcare is at the forefront. Given current margin pressures and ongoing industry changes, health plans face a strategic imperative to consider fundamental changes to their operating model. Digital initiatives serve as a catalyst in organizational transformation that can help payers reimagine their business processes and customer engagement techniques. With digital, payers can drive more efficient automation, have stronger connectivity with members, and deliver more advanced data-driven interactions.
Over the last decade there's been a significant decline in branch banking. In the past four years, Bank of America, Chase, and Wells Fargo have cut more than 15% of their branches, bringing their branch levels back to that of the early 1980s. Why? The change in customer behavior. With digital and mobile banking, customers don’t need to visit a branch for most of their banking activities. This leads us to an interesting question: what will banking look like in 2020?
I used to work in a destination hotel rooftop cocktail bar. The guests would often queue for over an hour to get a table with a view. The expectation of that experience was that waiting in the queue at the bottom of the elevator would be worth it, because, when they reached the 23rd floor, they’d be treated to a table with a view of the city and a delicious cocktail.
Over the last decade, banks in the Asia-Pacific (APAC) region have accounted for over 46 percent of global banking profits. However, the region now seems to be settling into a new era of slower growth rates and increased challenges in generating significant profits. From a consumer standpoint, Asian consumers are moving quickly into digital banking. According to McKinsey research, there is a 96 percent and 94 percent digital penetration in Australia and Singapore respectively. The same research also states that more than 80 percent would be willing to shift some of their holdings to a bank that offers a compelling digital proposition.
Deck the halls with boughs of shoppers… Fa-la-la-la-la-la-la-la. What tune are your online shopping carts singing this Black Friday season?
Unsurprisingly, with the acceleration of all things digital, web traffic on retailer’s sites this holiday season is expected to eclipse 2014 and 2015. Deloitte reports that with shoppers now allocating half of their holiday spend to online shopping, a real shift in consumer behavior has taken place changing not only how consumers purchase, but also the landscape of Black Friday.
For banks and financial institutions, the demand for digital customer experience can no longer be ignored. Financial services organizations are focusing on engaging and enhancing the customer experience for their diverse client portfolios, and for banking clients that means developing a better, digital customer experience. This digital push presents both challenges and opportunities for banks. It has also transformed customer expectations to have a customer experience that is simple, fast, personalized, continuous and integrated. No longer is the emphasis solely on embracing the digital age – it now becomes about a seamless integration of customer service channels to attract, engage, and retain today’s connected banking customer.
Continuing our series on attribution and the various ways it may impact your SEM Accounts, for this entry we will add another one of our favorite elements and discuss how Google Drafts and Experiments depends on having a solid understanding of attribution. Now, why does this specific combination warrant a whole thought piece? At 7 we absolutely love Google Drafts and Experiments as an A/B testing framework and think it provides an amazing way for evaluating changes within your campaigns. When measuring the impact of ad copy change or testing out a new bid management platform, it is likely that conversions or revenue will be a main metric that goes into deciding the winner.
Oh, the weather outside is frightful, and – unfortunately – your customer experience is far from delightful. It's a challenging time for the insurance industry. Insurers face slow growth, competitive pressures, regulatory scrutiny, and the rise of mergers and acquisitions. If that wasn't enough to deal with, consumer demand for digital solutions has shifted the traditional insurance business model from a product to a service orientation. Despite insurers best attempts to stay ahead of the curve, they aren't meeting their customer's needs. According to Capgemini, only 29% of customers across the globe say they've had a positive customer experience from their insurer – and in such a competitive market, that means customers are turning to your competitors.
Over the last several years, the buzz has been incessant surrounding millennials, the age group born between 1980 and 2000. There’s a pretty good reason why: They outnumber baby boomers and, according to PwC, they are expected to be over 50% of the global workforce by 2020. As millennials increasingly enter the workforce, they will be interacting with health plans to buy and use health insurance. From a risk-pooling perspective, increasing millennial membership is worthwhile for payers to explore since they are not only younger, but also generally in better health than older populations. This will help payers manage healthcare costs and balance the risk of covering all members. Thus, it’s imperative for health plan business leaders to adapt their strategy and communications, and focus on building relationships with millennials.