Changing customer expectations and how to meet them

Simon Kingsnorth

Global Head of Digital Marketing, Citi Private Bank

Author, Digital Marketing Strategy

The world is changing…

• The pace of technological change has never been so fast

• Consider just 10 years ago – smartphones, tablets, social media

• Now over 2.5Bn social media users and 1.4Bn smartphones

• Now we have 3D printing, drones, hoverboards, flying cars, self-driving cars, virtual reality, augmented reality, wearables, implants, gesture control, wifi balloons, smart homes, beacons

• It sounds like something from a 1980s sci-fi movie and yet that was only 30 years ago

• We need to embrace this change because our clients will

Some key technology trends

IoT

Voice control surge, automated chores, connectivity reliance

Robotics

Worker replacement, collaborative robots

AI

Basic for now but ultimately super-human thinking. Our saviours?

Autonomy

Will enable down time during travelling and other tasks that currently demand focus

How does this affect our behaviours

• We will have more time

• Consumers will interact more but less directly

• Our down time patterns will shift

• The way we search will change

• The office will decrease in importance

• The web will get it’s last major influx of new users

• Disabled people will have greater experiential opportunities

• Technology interaction will become increasingly intuitive

For example

Driving a car or van 61%

Underground, metro, light rail, tram Train

Bus, minibus or coach Taxi

Motorcycle, scooter or moped Driving a car or van

Passenger in a car or van Bicycle

On foot Other method of travel to work

Commute trends in England & Wales ONS 2011

If we extrapolate that…

• We will replicate, not buy

• Unemployment will rise significantly

• The economy in its current form will need to change

• The lines between humans and machines will blur

• We will design our children

• We will choose when to die

• We will need to leave this planet

But coming back to today – some key trends

• Experience is the differentiator and it’s –human-centered is the key

• Personalisation is no longer added value, it is an expectation

• Patience is ever decreasing - People want tools, results etc and fast

• Consumers want to feel empowered, not just served

• 5G is coming and it will have a big impact

• Your content strategy has never been more important

The Toddler Test

With human-centered design we forget best practise and historic learnings and we build based on what humans would want.

This doesn’t just apply to digital experiences

Personalisation considerations

• How do you communicate with your clients?

• Data led decisions or client led preferences?

• Is your content fully personalised?

• Are client dashboards customisable?

• Are their views, results of surveys, tools taken into account broadly?

• Are you region, country, city specific?

• Are languages considered?

• Do you offer look-alike or next best action models?

What not to do: Facebook

The experiment manipulated the feeds that users saw to try and control their moods and then reviewed their posts to see if their mood had indeed been affected.

This concept caused anger as people generally felt that a corporation had no right to conduct psychological experiments on people for their own benefit and without permission from the participants.

The mechanism didn’t fail - it was the deceptive nature

84% of respondents lost trust in Facebook with 6% considering closing their page

Be careful when building your personalisation strategy – it must meet a need

In private banking

• Personalisation is expected more in our industry than any other

• True personalisation is down to the what, when, where, why and how – not just the who

• Data is essential so get the right strategy, people and systems

• Experience must be seamless at all touch points

• Social media networks and messaging are both opportunities for increased awareness and reduced cost and time to serve

• Tools and self-service create more personalisation and cost reduction

• Opportunities for better risk and compliance tracking

Innovate with direction

• Every business must take innovation seriously

• Align it with your existing goals and values

• It must be embedded within your processes and objectives

• This is not a box ticking exercise

• Bureaucracy is the enemy of innovation

• Innovation is not simply free thinking – direction is needed

• Measure around these directional innovations

• Consider innovation days

Innovate “for the many, not the few”

• “The empty vessel makes the loudest sound” William Shakespeare

• The introvert is just as innovative as the extrovert

• Be truly inclusive – not seniority, free-time, career-hungry

• But don’t force it and don’t exclude the non-innovators

• Cascade innovation workshops

• Enable an anonymous idea process

• Reward innovation – reward broadly and often

• Don’t punish bad innovations – we learn more from mistakes