Evolving Customer Roles in Financial Services

Description

In this episode of Seismic Sessions, hosts Gemma Livermore and Rachael Rowe dive into the evolving roles of customers within the financial services industry. Joined by special guests Mary MacPherson from Bank of Ireland and Oliver Parsons from Lloyds Banking Group, the discussion covers the industry’s shift towards customer-centric models, the impact of digital transformations and the future of customer strategy in financial services. 

Show Notes

Tremors: 

Customers are now seen as key drivers of revenue, prompting a shift to customer-first strategies that prioritise needs over technology or products. Digital-first organisations and new technologies like AI and open banking are setting higher standards for personalisation, trust and real-time experiences. Organisations are breaking down silos to align teams and unify services, fostering a more holistic approach. However, balancing innovation with regulatory requirements, such as consumer duty, remains critical as the industry evolves toward sustainable growth and stronger customer relationships.  

Epicentre: 

Today, organisations are embracing digital tools, technology, and partnerships to enhance customer-centricity. By leveraging data, API integrations, and open banking, businesses are creating seamless, personalised experiences while fostering trust and loyalty. Collaboration between customer-focused and technology teams has become essential, enabling real-time insights and improved service delivery. Despite advancements, the sector continues to navigate challenges like regulatory compliance and balancing innovation with responsible practices, emphasising the importance of ecosystems in shaping meaningful customer connections. 

Aftershocks:  

As financial services are evolving to be driven by increasing customer expectations, hyper-personalisation and rapid technological advancements, organisations are focusing on creating nimble, proactive customer strategies that integrate data, technology, and commercial goals. Embedded finance and ecosystem partnerships are becoming critical to delivering seamless, relevant experiences. As the industry evolves, balancing innovation with regulatory compliance and societal responsibilities remains essential, with an emphasis on fostering trust, loyalty and deeper customer relationships through innovative and personalised solutions. 

Jump into the conversation: 

[04:06] Challenges in implementing customer-centric strategies 

[04:26] From service to strategy 

[07:18] The role of FCA’s Consumer Duty 

[20:15] Internal silos and collaboration 

[24:07] Leveraging technology and ecosystems 

[31:58] The future of customer strategy