What Customers Want - Criticaleye

what they want as an individual. As an industry, we ... what the market and customers demand. Is there a .... is that, in many ways, the credit card was probably ...
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What Customers Want Kevin Martin, Group General Manager and Regional Head of Retail Banking and Wealth Management for Asia-Pacific at HSBC, tells Marc Barber why banks have to think carefully about engaging with customers

How dramatic is the shift in customer

unnecessary duplication. We then took

expectations in financial services?

every single product through what we

There’s unquestionably a major change in behaviours and expectations. You simply cannot do what is demanded of the industry today unless you’re fully capable in digital. Today, we do four times as many digital transactions as non-digital transactions and that ratio is growing. The challenge is that we have channels built in very traditional ways around the assumed behaviours of certain

What’s changed is the mode of delivery, the way people buy and the way advice is given

called a fair value filter to make sure that the return to the shareholder and customer was equitable. The next step was to take commissions away from the sales force so that they sell on the basis of needs and get rewarded for simply doing the right thing. Whether they sell product A, B, C or D, it doesn’t make any difference as long as they’ve met the needs of the customer.

communities or customer segments. You do all that and then you digitise

For example, we know that generically, millennials expect a different tone and

The unusual opportunity presented to

processes so that the data collection

mode of interaction to the baby boomers.

us via digital in its broader sense is that

becomes common and accurate, which

But this broad-based approach to meeting

you can enter into those more intimate,

means there’s no breakage in the

customer needs is no longer sufficient.

one-to-one dialogues with customers

customer journey. Having taken these

Everyone is now looking for a bank which

in a very real-time way, at a point that’s

steps means you should have a better

is prepared to be flexible and understands

convenient for them.

understanding of the customer; you can start to create more intimate interactions

what they want as an individual. If you reflect on what happened in the

with them via digital channels.

As an industry, we need to be able to

markets over recent months around the

identify and service the needs of the

world, people understandably looked for

95-year old grandma who has never seen

comfort but that doesn’t necessarily have

a smartphone, while at the same time

to be done face-to-face, it can come in

From a leadership perspective, how

looking after her next door neighbour

the form of a voice via video or, for many,

difficult is it to keep up with the pace

who, at 97, lives her life on a mobile.

simply a constant stream of information

of change?

It literally is a grassroots rebuild.

via their mobile. Certainly, for more Our role is to cater for the different

complex or long-term decisions, people

The benefit of being a global institution

needs within any given market. So when

will probably want it to be voice-to-voice

is that nothing is ever static so we’re

we’re asked: ‘What role does digital

and to have human interaction, but even

comfortable with introducing new ideas.

play?’ Our answer is: ‘What does the

this will change over time. As a leader, you need to recognise what

customer want?’ And it is that simple for us. We don’t have a choice – this is about