People are looking for better investment options. It’s an opportunity for the BFSI industry to use data and analytics to understand customer behaviour
and present more suitable options depending on what the customer is hoping to achieve – a holiday fund, a retirement kitty, rainy day savings or a way to put the kids through college.
“The key element for me is KYC (Know Your Customer) and using all metrics available to help do this well. Data integration and the single source of truth allows us to easily identify and rectify issues as and when they arise,” says Nancy Dafiewhare, Head of Digital Marketing at Phoenix Group.
Excerpts from the interview
How have CX expectations changed in the pensions and savings sector?
The pensions and savings sector has always been about getting the best possible outcomes for customers when they retire. However, with people living longer and the high cost of living post-Covid-19, it has become even more pressing to address what customers expect from their providers.
We have seen them interact more, looking for better investment options, drawing down from their pension without fully understanding its implications or wanting to reduce or stop payments. Using data and changes in customer behaviour, we must anticipate those life moments and support customers ensuring they get the correct information at the right time.
What new and enhanced CX metrics would you recommend to increase customer loyalty today?
The key for me is KYC (Know Your Customer) and using all metrics that are available to help do this well. Data integration and a single source of truth allow us to identify and rectify issues as and when they arise. It is not one single metric that makes loyalty work, but all of them working in tandem.
What advice would you give marketers to balance privacy and personalisation?
Put yourself in your customer’s shoes. Ensure you personalise but respect customer privacy. The fact that you think a campaign/message/ad is a good idea doesn’t mean the customer does. Pay attention to what they have consented to and respect that unless the message is mandatory or regulatory. In essence, ‘THINK, BEFORE YOU SEND.’
Which emerging technologies do you see impacting the way the pensions and savings industry does business in the near future?
CDP and decisioning engines are heroes. The industry still has several legacy systems kicking about as migrating to more modern systems takes a while. However, once this migration is complete, it will help serve customers better and improve the business’s bottom line. CDP can unify siloed data and add more colour to how we see customers pulling in data, such as their social media activities. It will give a richer picture than just transactional data. Using a decisioning engine, marketers can easily engage with customers based on their behaviours and needs.
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.