Name: Fintech Insights - Reimagining the customer experience
Uploaded: 2024-06-07T13:03:42.214Z
Duration: 380.16
Description: Fintech Insights explores the future of customer experience with Steven Ramirez CEO at Beyond The Arc while at Finovate Spring.

Fintech Insights - Reimagining the customer experience.mp4

Fintech Insights - Reimagining the customer experience.vtt

ENGLISH 

{{00:00:13}}
So there's been a lot of discussion
in the industry about the importance

{{00:00:16}}
of the digital experience, and it
almost assumes that we no longer

{{00:00:21}}
care about the in person experience.

{{00:00:23}}
But actually, in talking to both bankers,
FinTech investors, and technologists, we

{{00:00:29}}
really are looking at a human in the loop.

{{00:00:31}}
And so it's not that in person doesn't
matter or that it's all about digital.

{{00:00:37}}
Really, the future for customer experience
is how digital and the in person

{{00:00:41}}
experience meld seamlessly together.

{{00:00:51}}
I think that there are some really
profound changes that are happening in our

{{00:00:56}}
customer base across financial services.

{{00:00:58}}
One of the trends that I have my
eye on is the changes that are

{{00:01:02}}
being brought about by Gen Z.

{{00:01:04}}
They have a very different outlook about
how they want to live their lives, which

{{00:01:08}}
means it's about how they earn money, how
they save money, how they spend money, and

{{00:01:13}}
what they want a bank to be able to do.

{{00:01:16}}
You have to remember that some of
them have literally, quite literally,

{{00:01:20}}
never been inside of a bank branch
before and they probably never will.

{{00:01:25}}
And so how do we serve their financial
needs in this new environment?

{{00:01:28}}
I think that's one part of it.

{{00:01:29}}
I think on the other side, it's
looking at the great wealth transfer.

{{00:01:33}}
We now have over 80 trillion
that's going to change hands.

{{00:01:37}}
And it's a new set of people who
are going to be inheriting it.

{{00:01:41}}
Not just new money, but really
demographically significant shifts.

{{00:01:45}}
These are some of the challenges that
financial institutions are facing.

{{00:01:49}}
And this is part of the
go forward new economy.

{{00:01:52}}
that we have to plan for.

{{00:02:01}}
I think as consumers, we've all become
quite spoiled by the perfectly brilliant,

{{00:02:06}}
seamless digital experience, right?

{{00:02:09}}
We think about hopping in and
out of an Uber, never have

{{00:02:12}}
to worry about how to pay.

{{00:02:14}}
Or we think about Amazon's Just Walk
Out technology, where literally,

{{00:02:19}}
in a grocery store, you can just
leave without making a payment.

{{00:02:22}}
I think that if you think about the ease
and the convenience and really the power

{{00:02:27}}
of these experiences, That's all about
attracting customers, building loyalty.

{{00:02:34}}
So there is this connection between the
CX and the user experience, and being able

{{00:02:38}}
to really delight your customers so that
you have a very long history with them.

{{00:02:50}}
We know in financial services
that the products themselves

{{00:02:54}}
are increasingly commodities.

{{00:02:56}}
That is, you can get them anywhere.

{{00:02:58}}
So the challenge is, how do you
actually build a connection with people?

{{00:03:02}}
What's the human connection
that you can make?

{{00:03:05}}
And how do you do that at scale?

{{00:03:08}}
It's one thing to do that in a
very small community with just a

{{00:03:11}}
few thousand customers, but how
do you do that with hundreds of

{{00:03:14}}
thousands or millions of customers?

{{00:03:16}}
That requires this personalization
that has to be data driven.

{{00:03:21}}
We've been talking about that for the
last 10 years, but now really with

{{00:03:26}}
advances in predictive AI, In segmentation
that's data driven, we really have

{{00:03:32}}
the opportunity to understand client
needs and build solutions on top of it.

{{00:03:37}}
And that's really what's going to be
required, not just from the largest

{{00:03:40}}
banks, but I think the challenge is
going to be for the community and

{{00:03:43}}
regional banks to be able to leverage
that data to drive client insights.

{{00:03:48}}
Because without it, they are not going
to be able to sustain customer loyalty.

{{00:04:01}}
With this rise in data
and analytics, And AI.

{{00:04:06}}
It actually turns the entire idea of
segment based marketing on its head.

{{00:04:11}}
Because we're no longer talking about
niche markets and finding that hidden

{{00:04:15}}
niche of people that you can reach.

{{00:04:17}}
It is quite literally an audience of one.

{{00:04:21}}
Alright, so how do you target millions
of people as an audience of one, and

{{00:04:26}}
really understand their needs, their
desires, what they're going to need

{{00:04:31}}
next, so that you can be proactive,
right, so this idea of being able to

{{00:04:35}}
meet several large groups, or even
several small groups, Out the window.

{{00:04:40}}
It's really about utter, like
the hyper personalization is

{{00:04:44}}
really down to the individual.

{{00:04:46}}
And that is the only way
you can accomplish that is

{{00:04:49}}
through data and analytics.

{{00:04:58}}
So I think that we've seen that consumers,
all of us, have gotten more cynical.

{{00:05:05}}
We're tougher to please and we're doubtful
of pure sales and marketing, right?

{{00:05:12}}
That just doesn't resonate anymore.

{{00:05:14}}
And for banks any company that really
is relying on what I'd call old school

{{00:05:21}}
marketing, trying to sell something
to people that they do not need,

{{00:05:25}}
that is gonna, that's gonna fail.

{{00:05:27}}
That's gonna, it's gonna
fail spectacularly.

{{00:05:30}}
All that you can do from a financial
services perspective is realize that

{{00:05:35}}
People have personal dreams, they have
plans for their lives and for their

{{00:05:42}}
families, and to accomplish those, they
need to make best use of their resources.

{{00:05:48}}
They have to save efficiently,
they've got to spend wisely, they

{{00:05:53}}
need to get the most from their money.

{{00:05:55}}
And I think that financial
institutions that help people to do

{{00:05:59}}
that will be inherently successful.

{{00:06:02}}
They will make this pivot from
selling to people to enabling people

{{00:06:07}}
to reach their financial goals.

{{00:06:09}}
And I think that is the path
forward for financial services.

So there's been a lot of discussion
in the industry about the importance

of the digital experience, and it
almost assumes that we no longer

But actually, in talking to both bankers,
FinTech investors, and technologists, we

really are looking at a human in the loop.

And so it's not that in person doesn't
matter or that it's all about digital.

Really, the future for customer experience
is how digital and the in person

I think that there are some really
profound changes that are happening in our

One of the trends that I have my
eye on is the changes that are

They have a very different outlook about
how they want to live their lives, which

means it's about how they earn money, how
they save money, how they spend money, and

You have to remember that some of
them have literally, quite literally,

never been inside of a bank branch
before and they probably never will.

And so how do we serve their financial
needs in this new environment?

I think on the other side, it's
looking at the great wealth transfer.

We now have over 80 trillion
that's going to change hands.

And it's a new set of people who
are going to be inheriting it.

Not just new money, but really
demographically significant shifts.

These are some of the challenges that
financial institutions are facing.

And this is part of the
go forward new economy.

I think as consumers, we've all become
quite spoiled by the perfectly brilliant,

We think about hopping in and
out of an Uber, never have

Or we think about Amazon's Just Walk
Out technology, where literally,

in a grocery store, you can just
leave without making a payment.

I think that if you think about the ease
and the convenience and really the power

of these experiences, That's all about
attracting customers, building loyalty.

So there is this connection between the
CX and the user experience, and being able

to really delight your customers so that
you have a very long history with them.

We know in financial services
that the products themselves

So the challenge is, how do you
actually build a connection with people?

What's the human connection
that you can make?

It's one thing to do that in a
very small community with just a

few thousand customers, but how
do you do that with hundreds of

That requires this personalization
that has to be data driven.

We've been talking about that for the
last 10 years, but now really with

advances in predictive AI, In segmentation
that's data driven, we really have

the opportunity to understand client
needs and build solutions on top of it.

And that's really what's going to be
required, not just from the largest

banks, but I think the challenge is
going to be for the community and

regional banks to be able to leverage
that data to drive client insights.

Because without it, they are not going
to be able to sustain customer loyalty.

With this rise in data
and analytics, And AI.

It actually turns the entire idea of
segment based marketing on its head.

Because we're no longer talking about
niche markets and finding that hidden

It is quite literally an audience of one.

Alright, so how do you target millions
of people as an audience of one, and

really understand their needs, their
desires, what they're going to need

next, so that you can be proactive,
right, so this idea of being able to

meet several large groups, or even
several small groups, Out the window.

It's really about utter, like
the hyper personalization is

And that is the only way
you can accomplish that is

So I think that we've seen that consumers,
all of us, have gotten more cynical.

We're tougher to please and we're doubtful
of pure sales and marketing, right?

And for banks any company that really
is relying on what I'd call old school

marketing, trying to sell something
to people that they do not need,

That's gonna, it's gonna
fail spectacularly.

All that you can do from a financial
services perspective is realize that

People have personal dreams, they have
plans for their lives and for their

families, and to accomplish those, they
need to make best use of their resources.

They have to save efficiently,
they've got to spend wisely, they

And I think that financial
institutions that help people to do

They will make this pivot from
selling to people to enabling people

And I think that is the path
forward for financial services.

Fintech Insights

Expert Insight

Fintech Insights explores the future of customer experience with Steven Ramirez CEO at Beyond The Arc while at Finovate Spring.