How financial advisers can improve the customer experience through technology was the key theme at ANZIIF’s conference in Auckland two weeks ago
How financial advisers can improve the customer experience through technology was the key theme at ANZIIF’s conference in Auckland two weeks ago. Today, software giant Genesys released its “five tech trends that redefine the customer experience”.
The landscape is changing for financial advisers and ensuring they remain relevant to their clients is more important today than it’s ever been before.
With the rise of insurance and financial start-ups, and the current proposal in front of the Financial Markets Authority (FMA) to frog leap planned reform to the Financial Advisers Act in 2019, which could allow the introduction of regulated robo-advice by December, advisers need to be on their game.
In its report Genesys said; “The information journey is evolving. Consumers seamlessly absorb material across multiple channels and modalities. They search, watch, listen, read, type and talk, and they can swiftly and intuitively zero-in on the answers they need. The usefulness of sharing information is growing exponentially and the speed at which it’s happening continues to accelerate”.
The five tech trends according to Genesys are:
1. Multimodel – it’s all about speed and choice. The report showed that 73% of online adults in the US believe that the most important thing a company can do is to value their time. Genesys said to meet this customer demand, companies should be developing new, multimodel content that can smoothly move from text to image, audio and video. “This type of customer-to-agent communication is streamlined and will accelerate customer processes,” the report noted.
2. Internet of things – according to the report, the amount of connect devices is expected to grow exponentially, reaching over 25 billion things connected to the internet by 2020. Genesys defines a “thing” as a device such as a SmartPhone not a channel such as email or chat. It predicts this is the next major channel of communication, connecting to customers via devices such as wearables. “Be sure you have the ability to detect and engage proactively as well as the ability to deliver fast, consistent and differentiated results.”
3. Data science – the report showed that 74% of global data and analytics decision makers plan to use big data for customer service analytics. “The effective use of data analytics will determine who survives in this new era of digital enlightenment. Winners will use key insights derived from big data and maths to deliver customer service that is more proactive, timely and cognitive.”
4. Bots – the use of bots to automate business processes is expected to become a massive opportunity for nearly every business. Analysts expect the impact to reach more than US$9 trillion. “Think about how bots, supervisors and agents can join forces to better serve your customers. This means not only doing more with less as digital interactions increase, it also means you should imagine how bots can use data science to gain knowledge that can affect the lives of your customers in new and refreshing ways.”
5. Micro services – most older cloud applications are built on monolithic platforms. This means they have limited innovation, scale and reliability. “Invest in a modern cloud architecture where applications are divided into hundreds of independent micro services.”
Genesys, a leader in cloud and on-premise customer engagement solutions, claims to power more than 25 billion of “the world’s best customer experiences” each year.
Related stories:
Finalists announced for the 2017 New Zealand Insurance Industry Awards
The future of insurance in the digital world
The landscape is changing for financial advisers and ensuring they remain relevant to their clients is more important today than it’s ever been before.
With the rise of insurance and financial start-ups, and the current proposal in front of the Financial Markets Authority (FMA) to frog leap planned reform to the Financial Advisers Act in 2019, which could allow the introduction of regulated robo-advice by December, advisers need to be on their game.
In its report Genesys said; “The information journey is evolving. Consumers seamlessly absorb material across multiple channels and modalities. They search, watch, listen, read, type and talk, and they can swiftly and intuitively zero-in on the answers they need. The usefulness of sharing information is growing exponentially and the speed at which it’s happening continues to accelerate”.
The five tech trends according to Genesys are:
1. Multimodel – it’s all about speed and choice. The report showed that 73% of online adults in the US believe that the most important thing a company can do is to value their time. Genesys said to meet this customer demand, companies should be developing new, multimodel content that can smoothly move from text to image, audio and video. “This type of customer-to-agent communication is streamlined and will accelerate customer processes,” the report noted.
2. Internet of things – according to the report, the amount of connect devices is expected to grow exponentially, reaching over 25 billion things connected to the internet by 2020. Genesys defines a “thing” as a device such as a SmartPhone not a channel such as email or chat. It predicts this is the next major channel of communication, connecting to customers via devices such as wearables. “Be sure you have the ability to detect and engage proactively as well as the ability to deliver fast, consistent and differentiated results.”
3. Data science – the report showed that 74% of global data and analytics decision makers plan to use big data for customer service analytics. “The effective use of data analytics will determine who survives in this new era of digital enlightenment. Winners will use key insights derived from big data and maths to deliver customer service that is more proactive, timely and cognitive.”
4. Bots – the use of bots to automate business processes is expected to become a massive opportunity for nearly every business. Analysts expect the impact to reach more than US$9 trillion. “Think about how bots, supervisors and agents can join forces to better serve your customers. This means not only doing more with less as digital interactions increase, it also means you should imagine how bots can use data science to gain knowledge that can affect the lives of your customers in new and refreshing ways.”
5. Micro services – most older cloud applications are built on monolithic platforms. This means they have limited innovation, scale and reliability. “Invest in a modern cloud architecture where applications are divided into hundreds of independent micro services.”
Genesys, a leader in cloud and on-premise customer engagement solutions, claims to power more than 25 billion of “the world’s best customer experiences” each year.
Related stories:
Finalists announced for the 2017 New Zealand Insurance Industry Awards
The future of insurance in the digital world
