Centerline’s MCM Team to Speak at Customer Experience for Financial Services Conference
The Centerline Marketing Change Management Team is excited to take part in the Next Gen Customer Experience for Financial Services Conference in Charlotte, NC September 28-30. This event will bring together senior CX executives of financial industries from North America and beyond to discuss the latest in CX design, culture, innovation and strategy.
Why is there a specialized CX conference for the Financial Services industry? Well, we’re observing three main forces of external disruption in banking and they are technology, customer behavior and competition.
- Technology: The primary disruption in financial services is the growth and change technology provides. New, more powerful technology is constantly arriving, with lower barriers to accessibility (costs, resources). Legacy banks are being pushed to their limits, unable to adapt and harness technological advancements fast enough due to outdated organizational processes, structure and culture.
- Consumer Behavior: The tech change is enabling the second force, which is consumer behavior. Banking in and of itself will always remain. It’s the way in which technology and customer experience design enables consumers to bank that will determine future market growth and allocation. Consumers are experiencing vastly superior services and product experiences in other industries, which is causing carry over pressures and expectations in financial services.
- Competition: Most agree that diminishing barriers for technological adoption has enabled new market entrants, particularly those outside of the financial industry, causing serious concern for traditional financial institutions. Because of what technology can offer, many new entrants can challenge incumbents despite their lack of infrastructure or staffing – which, in turn, reduces operating costs substantially. Most entrants are seeking to ‘unbundle’ the traditional banking model and offer specific (single) services and products at a much better CX. As an indicator to this enormously growing trend, global investment in FinTech grew from $1B in 2008, to over $12B in 2014.
These three forces and others are pushing FS organizations to seriously focus on their CX – and fast. The CXFS conference is happening at exactly the right time.
The MCM team will host a VIP lunch during the conference to share two provocative hypotheses with financial executives. See below for a sneak peak.
- CX alone is not enough. It’s critical to combine CX with Business Intelligence and Innovation Management in order to close the gap of discontent between customer satisfaction and their experience with your organization.
- Three internal issues impede an organization’s ability to be effective in achieving their CX goals and this includes a misalignment in the organizational structure, ineffective processes, and devastating cultural disengagement.
Centerline MCM is uniquely skilled to diagnose and implement change practices to propel financial institutions to greater internal organizational effectiveness while seeing greater customer satisfaction by coupling CX with innovation and data.
To learn more about MCM and our offerings, please visit www.centerline.net/MCM.