Has the Finance industry lost its imagination?

Imagine if…

Imagination is a powerful thing which takes us beyond the realm of the here and now and allows us to invent a new and better future.  In the corporate world it can lead to all sorts of interesting and game-changing ways to create value.  As adults we often lose the ability to imagine without restraint, and we find ourselves getting drawn in to the responsibilities of everyday.  Whilst children enjoy imagining spaceships, princesses and dragons, adults concern themselves with the cost of the space programme, the impact of the monarchy on tourism and introducing precautions for health and safety!

Due to understandable constraints, the finance industry must be forgiven for sometimes forgetting that the people most important to their business do dare to dream, do imagine a world that is different to today and strive to make it happen. These customers have to have a relationship with at least one (and often many more) financial institutions throughout their lives. Taking customers on a journey is key to engagement for the long haul.

What can banks learn from comfy pillows?

The hotel industry can be considered a leader in customer care initiatives – that’s why it’s called hospitality.  Bear in mind that most people will leave a hotel with nothing more than slightly lighter wallet and good night’s sleep, so what is the reason they go back?  The service they receive from the staff and the ‘product’ the hotel provides are both intangible but very, very personal in how there are experienced.

The finance industry is very similar… it has the ability to change lives for the better and to lend a helping hand when needed.  It even has the ability to help people sleep better at night by helping to de-risk some of the worries and challenges that customers face.

Microsoft Services and products are driving change in the retail banking sector and would like to present our view on what the future might bring, i.e. what we can imagine.  This is what we want to share over the coming few weeks:

A Customer-led Experience

Microsoft understand the changing expectations of consumers and the technology trends that are changing the way we shop, work and play.  Why should the provider of a financial service dictate the experience the consumer gets… Let’s get together to reimagine the customer journey.

Providing Employee Superpowers

Employees want to feel part of the company and have the tools available to ensure customers are getting the experience they demand.

Employees are the ‘face’ of your company … hire and retain the best to ensure you can continue to evolve.

Business Insight

How do I work out what my customer wants?  How do I work out what the future holds?

How do I make use of the data I have on my customers whilst respecting their privacy?

Next Steps

So, join us in our next post where we share our views on how the Customer-led Experience could develop.

To develop your digital transformation with Microsoft Services contact msukservices@microsoft.com.

Learn more about Microsoft Services capabilities