The bonds between Canadians and their banks have historically been very strong, especially when compared to most other jurisdictions. However, as the financial services industry enters a new world of AI-driven analytics, Open Banking and other disruptions, there is little question we will see some challenges arise, as new entrants with innovative products and models emerge, and as customer preferences evolve. For the incumbent financial institutions, it will take more than maintaining the "status quo" to navigate the disruptions ahead. The challenge will be striking the right balance between delivering personalized customer experiences while ensuring data privacy, security and public trust.
Customers want their financial partners to understand them – recognize their life stages, anticipate the products and services that match those stages, and conduct business with them on their preferred terms. At the same time, customers are reading the headlines and taking stewardship of their data. They want to work with partners who can protect their information. It's a very fine line in terms of how banks need to utilize but, also respect the data they have.
— John Armstrong, Partner and National Industry Leader, Financial Services, KPMG in Canada
Customer choices have always been influenced and governed by multiple factors, but never has this been as complex and subject to disruption as it is today. The Five Mys framework helps identify what customers value in an experience, understand the moments that matter to them, get smarter about the connections that contextualize their lives, and learn about the trade-offs they make with time and money. How these factors work in concert across an individual's different life stages and events is key to unlocking real insights and predicting what will drive the customer of tomorrow.
Based on nearly a decade of research and more than two million evaluations across multiple markets, we have identified and validated six fundamental components of every great customer experience. The Six Pillars are inextricably intertwined and, when combined, provide a powerful mechanism to help decision makers understand how a strong customer strategy is executed.
For financial institutions, winning the race for the customer comes down to truly understanding your customers; their motivations, frustrations expectations, and concerns, and designing experiences that cater to their needs today as well as anticipate their demands tomorrow. This will require breaking down internal silos, creating seamless omni-channel communication processes, embracing new technology, and more than ever, building long-term client relationships based on trust.
So are we. Let's do this.
Speak to one of our customer experience advisors today.
All statistics quoted are from 2018 Me, my life, my wallet survey results.