The world has irreversibly changed, and we’re not done yet. However, if we look at broad consumer trends and understand how they can be applied to our industry we can better navigate the disruption and evolve – for the better.
We looked at consumer reports from McKinsey, KPMG, and The World Economic Forum and identified some similar trends across the board.
Customers want Australian businesses to get back to basics – but with modern delivery.
When Australian consumers talk about basics, they’re talking about values. Values like trust, transparency, loyalty and security. These were consistently raised by customers across Financial Services according to a KPMG report* on customer experience expectations. One of the biggest shifts was in the demand for ‘Integrity’ (we’re not making this up!) where consumers are seeking increased transparency in terms of communication especially where fees are concerned. You can understand in times of uncertainty, people want to know where they stand. Open and honest communication, as well as anticipating customers’ questions and needs (before they have to get on the phone and ask) will not be something that goes away.
While ‘the basics’ are actually code for ‘values-based customer-centric decisions and approaches’, one other area that is permanently transforming is how the basics are delivered.
A recent report by BT Global Services showed that two-thirds of customers want to be able to use video chat to discuss a financial service product with an Adviser and 61% are interested in using video chat to discuss the renewal of an insurance policy or claim^.
Find ways to make digital more human.
While we are craving connection and a more human experience, we need to find a way to deliver this via digital channels. As mentioned, video chat is proving a very effective tool to support efficient connectivity and the smart companies are investing in training their people how to deliver warmth and professionalism via Zoom. But there are other ways.
One thing good marketers do is understand the world their customer inhabit. Examples of this are setting up Google Alerts on keywords that could be client’s businesses, their home suburbs, their favorite pastimes – why? So you can either be on the front-foot with news that changes their world (and perhaps insurance needs) or be better informed when you speak to them.
How to deliver more, with less.
Something has to give. You still only have 24 hours in a day – and some of those you need to sleep. The best place to find those extra hours is through digital transformation with a focus on operational efficiency. We have written a lot about this (see below) but never has this been more critical to delivering on consumer expectations in this new world we’re all living in.
Additional content on operational efficiency.
- * https://home.kpmg/au/en/home/insights/2020/05/covid-19-customer-experience-expectations-australian-business.html
- ^ https://www.adviserinnovation.com.au/news/increased-use-of-video-for-advisers-may-be-a-gamechanger