The job of a senior finance leader has never been more demanding than it is now. Today, people are consistently searching online for new products and solutions, watching new media, making purchases and sharing content and experiences on social platforms. This significant transition towards digital behaviour means the customer experience has become a top priority for businesses.
A positive customer experience is vital to enable sustained growth in business. It promotes loyalty, retains customers and enhances brand reputation. CEOs of international banks and finance companies are focused on managing volatile economic conditions by eliminating any hurdles that may influence profit margins. They understand that growing a sustainable and profitable business requires investment in digital and analytics. The majority understand that their business must adapt to remain competitive in the future but recognise that this change will inevitably require some investment. The challenge is transforming to this new model without incurring high costs.
Determining the ideal customer experience requires recognising the diverse competition, understanding the main KPIs that drive success and creating a clear strategy. Businesses are exploring new technologies that provide smart experiences for future generations.
A new wave of businesses that apply data and technology as the core of the user experience is rising. In the financial services industry, online payment platforms are launching seamless check-out and payment options that enable them to take a more dominant role in the finance world. During this process, businesses gather significant behaviour data. Based on this asset, companies have progressed into other markets such as lending and online retail, rivalling traditional bank payment services at an accelerated pace.
What senior leaders should be aware of is that smarter investment decisions to improve the customer experience and their profits are often connected to the development or use of other platforms. Platforms are generating efficient data-focused processes that enhance the customer experience and the overall costs. Implementing this process, however, can be challenging and requires a focus from a user experience perspective with support to avoid any major costs.
To increase growth plans, business leaders are exploring the ecosystem business model in platforms, offering an interconnected set of services where users can utilise differing options in a singular experience. According to a study by McKinsey, customers are supporting this shift, with over 70% saying they are open to integrated ecosystems.
As markets converge, there is an appeal to provide everything for everyone. In reality, senior leaders must focus on their core capabilities and not get too carried away with their offerings. A major challenge that appears with shifting to an embedded eco-system platform is to determine the focus of a business and what capabilities it requires within the organisation.
With the move to ecosystem platforms, lots of new data-focused opportunities and challenges are emerging. Businesses are utilising AI and big data to generate new insights and information. It’s not a simple process, but if done correctly this information can enhance predictive accuracy and generate valuable information for a business. Business leaders who successfully transform their company towards an eco-system platform often understand the power of AI and data in driving efficient customer experiences and increasing profitability. It requires thinking innovatively, being smart and having the confidence to adapt when necessary.