Name: Highlights: Customer experience at FinovateSpring 2023
Uploaded: 2023-06-27T13:44:55.292Z
Duration: 236
Description: Steven Ramirez, CEO, Beyond The Arc, shares the key things he learned about customer experience at FinovateSpring 2023 and talks about the future of improving customer experience in banks. Stay up to date with the community on https://finovate.com/ Find out more about FinovateSpring on http://www.finovatespring.com/

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Stream summary.vtt

English

{{00:00:05}}
Steven Ramirez: I'm Steven Ramirez.

{{00:00:06}}
I'm the C E O of Beyond the Arc,
and we focus on customer experience,

{{00:00:09}}
communications, and strategy.

{{00:00:11}}
So I was actually the chair of the
customer experience track here at

{{00:00:15}}
Finovate, and I think the key takeaways
are, How certain key technologies are

{{00:00:20}}
enabling new customer experiences.

{{00:00:26}}
So one of the key things we
talked about, of course, is AI.

{{00:00:29}}
And so how can you be at a, how can you
be at Finovate and not talk about AI?

{{00:00:33}}
But it's not about the technology.

{{00:00:34}}
It really is about the ability
to understand customers, get the

{{00:00:38}}
insights, and then be able to
proactively meet their needs.

{{00:00:42}}
And in some cases they were
needs that they themselves

{{00:00:45}}
didn't even know that they had.

{{00:00:46}}
I think that the session was really
interactive and I thought that really

{{00:00:50}}
moved into problem solving cuz a lot of,
banks are focused on customer experience

{{00:00:55}}
as a priority, but have had some problems
overcoming some of the, roadblocks.

{{00:01:00}}
And some of those roadblocks are
how do you know where to focus?

{{00:01:03}}
What are the key, where
do you start first?

{{00:01:06}}
What kinds of tools do you use?

{{00:01:08}}
And there was a great, there were great
insights around using journey maps and

{{00:01:12}}
customer personas to be able to get the,
insights about how customers are trying to

{{00:01:17}}
solve their challenges and how banks and
financial institutions really can help.

{{00:01:27}}
So, I think that the, number one thing
is really just the role of data in

{{00:01:31}}
driving those customer insights, and in
particular the value in first party data.

{{00:01:36}}
That's data that's really owned
by the financial institution.

{{00:01:39}}
And the ability to gain
insights from that.

{{00:01:41}}
So that is a critical enabler
of new customer experiences.

{{00:01:50}}
I think the second thing is the ability to
take those customer insights and develop

{{00:01:55}}
programs that really take concrete steps.

{{00:01:59}}
So that was, that's what we were
really talking about is how do

{{00:02:01}}
you do how do you apply agile?

{{00:02:03}}
How do you apply rapid prototyping?

{{00:02:06}}
How do you.

{{00:02:07}}
Literally in the vernacular of
Silicon Valley, how do you fail fast?

{{00:02:12}}
And, then not to be afraid of failure,
but really to welcome failure as

{{00:02:16}}
part of the test and learn process.

{{00:02:18}}
That is a key takeaway.

{{00:02:19}}
And some major financial institutions
really willing to take the

{{00:02:23}}
risks of failure as a path to
really improving based on that.

{{00:02:36}}
And I think the third takeaway is
really about breaking down silos.

{{00:02:40}}
Customers do not understand
your organizational structure.

{{00:02:43}}
They do not care about what
channels of distribution you have.

{{00:02:47}}
They do not think about types
of products, they have needs.

{{00:02:51}}
They're trying to get their business done.

{{00:02:53}}
And so really as a, from a financial
institution point of view, how can

{{00:02:57}}
we put the customer at the center
and build solutions around that?

{{00:03:01}}
That was really one of the key.

{{00:03:02}}
Key points of conversation
in this track this afternoon.

{{00:03:10}}
I think that banks are on a journey
to move away from a focus on products.

{{00:03:15}}
But I don't think they
know where to go yet.

{{00:03:18}}
So I think that it's a matter
of how do we think about the

{{00:03:21}}
solutions that we can offer.

{{00:03:22}}
That's a first step,
but it really becomes.

{{00:03:25}}
What are the experiences
that deliver trust?

{{00:03:29}}
The experiences that people, that
help people to plan for the future.

{{00:03:33}}
The experiences of how to feel
comfortable with managing your money.

{{00:03:37}}
These this is the future of banking
and customer experience, and

{{00:03:42}}
we've taken the first few steps.

{{00:03:44}}
I think it was clear.

{{00:03:45}}
We still have a way to go but this is,
at least the beginning of that dialogue.

I'm the C E O of Beyond the Arc,
and we focus on customer experience,

So I was actually the chair of the
customer experience track here at

Finovate, and I think the key takeaways
are, How certain key technologies are

So one of the key things we
talked about, of course, is AI.

And so how can you be at a, how can you
be at Finovate and not talk about AI?

It really is about the ability
to understand customers, get the

insights, and then be able to
proactively meet their needs.

And in some cases they were
needs that they themselves

I think that the session was really
interactive and I thought that really

moved into problem solving cuz a lot of,
banks are focused on customer experience

as a priority, but have had some problems
overcoming some of the, roadblocks.

And some of those roadblocks are
how do you know where to focus?

What are the key, where
do you start first?

And there was a great, there were great
insights around using journey maps and

customer personas to be able to get the,
insights about how customers are trying to

solve their challenges and how banks and
financial institutions really can help.

So, I think that the, number one thing
is really just the role of data in

driving those customer insights, and in
particular the value in first party data.

That's data that's really owned
by the financial institution.

And the ability to gain
insights from that.

So that is a critical enabler
of new customer experiences.

I think the second thing is the ability to
take those customer insights and develop

programs that really take concrete steps.

So that was, that's what we were
really talking about is how do

Literally in the vernacular of
Silicon Valley, how do you fail fast?

And, then not to be afraid of failure,
but really to welcome failure as

And some major financial institutions
really willing to take the

risks of failure as a path to
really improving based on that.

And I think the third takeaway is
really about breaking down silos.

Customers do not understand
your organizational structure.

They do not care about what
channels of distribution you have.

They do not think about types
of products, they have needs.

They're trying to get their business done.

And so really as a, from a financial
institution point of view, how can

we put the customer at the center
and build solutions around that?

Key points of conversation
in this track this afternoon.

I think that banks are on a journey
to move away from a focus on products.

But I don't think they
know where to go yet.

So I think that it's a matter
of how do we think about the

That's a first step,
but it really becomes.

What are the experiences
that deliver trust?

The experiences that people, that
help people to plan for the future.

The experiences of how to feel
comfortable with managing your money.

These this is the future of banking
and customer experience, and

We still have a way to go but this is,
at least the beginning of that dialogue.

FinovateSpring

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Steven Ramirez, CEO, Beyond The Arc, shares the key things he learned about customer experience at FinovateSpring 2023 and talks about the future of improving customer experience in banks. 

Stay up to date with the community on https://finovate.com/ 

Find out more about FinovateSpring on http://www.finovatespring.com/ 