Wasim Mushtaq, Former Transformation Lead, Financial Markets at Standard Chartered, discusses customer trust, privacy, data security, and speed for the modern-day consumer.
How often do you build solutions with the jobs to be done (JTBD) focus? This jobs theory demonstrates that people don’t buy products; they “hire” them to do jobs, such as solving a problem or fulfilling a want. Wasim Mushtaq, Former Transformation Lead, Financial Markets at Standard Chartered, reiterates the importance of the theory in the BFSI industry.
Additionally, he talks about customer trust, balancing data security and speed for consumers accustomed to automated banking processes. “Product owners should be working closely with technology and infrastructure to understand what can be automated, and what can’t be, linked to clear use cases and customer journeys. We are seeing improved automation year-on-year and banks are reducing manual efforts and focusing more on technology and platform solutions,” said Mushtaq.
Excerpts from the interview;
How can business leaders measure the success of the organisation’s transformation efforts?
Monitoring and questioning crucial aspects of the business processes is critical. Keep track of the layers of an organisation – teams, functions, departments, regions, countries, global functions and shared services. The transformation could be anything from digitising a process and creating a new product to launching a new venture. Getting lost in it is very easy. So, I would recommend speculating over the business cases and expected outcomes of approved programmes – did we achieve what we said we would? What were the SLAs, KPIs, and OKRs? Then assess the human factors – how has this impacted business culture? Are colleagues more optimistic or pessimistic? Has the market share moved? Finding the right answers across layers of the organisation and processes can help measure transformation success.
How have CX expectations evolved for the modern-day customer?
Expectations are high and for good reason. Customers have grown accustomed to things being instant, simple and just working. They are mainly influenced by mobile apps and swipe UI-UX clean design methodology. Moreover, personalisation is valuable, which only becomes prevalent if data can be turned into analytics and utilised for use cases.
How can business leaders balance data security and speed for consumers accustomed to automated banking processes?
I don’t believe business leaders need to compromise here. Laws and regulations are clear on data security and handling client and third-party information so the guardrails are understood. Beyond that, product owners should be working closely with technology and infrastructure to understand what can be automated and what can’t be linked to clear use cases and customer journeys. We are seeing improved automation year-on-year, and banks are reducing manual efforts and focusing more on technology and platform solutions.
How can banks prioritise and display trust?
The same way other companies do – from their actions.
- Treating customers fairly
- Providing value for money
- Being open if they make errors
- Own the accountability to rectify
Gaining consumer trust doesn’t mean you will always get everything right, and that’s fine as long as you prioritise fixing those issues and bringing customers on the journey with you. I also like businesses that proactively ask for feedback from customers and try to build solutions with the jobs to be done (JTBD) focus.
For more insights on CX in the BFSI sector, join us at CX NXT – BFSI Summit, which will take place in Conrad, Dubai on 27 February 2024. For registration and more information, click here.