The Customer Experience Battle Has Begun…Personalization vs Automation

The Customer Experience Exchange for Financial Services US has just released a brand new report:Personalization  vs Automation which details the ongoing battle many CX leaders within the FS industry are facing when deciding if they are more concerned with keeping it personal with their customers, or driving efficiencies through automation.

But how do you choose the right path for your organisation?

The FS industry is ever changing and the constant struggle to adapt CX strategies to meet the changing demands of today’s millennials is relentless

And what’s more, customers are engaging with their banks, insurers and others within FS in a much more sophisticated way than ever before – digital technology is putting the power directly to the customer. And retaining customers is critical to business growth; with emotional engagement, personalization, even individualization playing a key role in remaining competitive.

And in 2016 we’re now seeing a battle of ideals emerging and whilst CX professionals tend to move towards a personalized approach, the choices aren’t always clear when delivering a service for a huge client base.

So how are the biggest FS players delivering a personalized experience? Can this even be done without the use of automated systems to service their customers on a mass basis? And which is truly more critical – a personalized experience or the efficiencies of an automated experience?

These are the critical questions financial services leaders including Cindy Chastain, SVP & Group Head, Global Customer Experience & Design, MasterCard; Jennifer Watkins, Global Head of Customer Innovation & Foresight, AXA; Maura Hunter, SVP Customer Experience, Fidelity;Kristin Julbert, Director of Customer Experience, BBVA and many more answered in this just released report: Personalization vs Automation.

You can download your free copy of the report here.

Here’s just a snippet of the themes and topics that are covered in this wide-ranging and in-depth report:

Donna Peeples, CEO, Motivated Inc discusses the change in the industry and the shift in power to the consumer: The customer experience landscape has been described as shifting. I would say it is an earthquake. I think it’s going to continue to change, some of the things we are seeing now around personalization around digitalization those are going to continue to move forward but the velocity of change is only going to increase. The other challenge that we have to be watching is our brands and our brand identity and realizing that we have enjoyed, for many many years, a one way conversation at our customers, now we have to have a two way real-time dialogue with our customers.

Jeronimo De Miguel, VP, Branding & Creative, Manulife understands the need as well as the limitations of automation: “Automation is pretty awesome, it has certainly helped a lot and continues to help a lot when it comes to ops and delivering, but I think we have to be careful, I think with automation what you are doing ultimately, or in most cases is you are resolving for a friction, you are looking for pain points and trying to figure things out in a manner that is more agile or quicker, for resolution if you will.

Author: Dylan Jones

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