In the Australian banking industry, digital transformation has been effectively ‘templatised’, leading to undifferentiated experiences – investment in digital creativity is necessary to create long-term stakeholder value, says Mindshare Australia’s Tanvi Singh.
Why it matters
- Singh argues that undifferentiated CX doesn’t incentivise customers to switch but superior and differentiated CX pulls more customers into a brand while retaining the loyalists, so creating a clear advantage for the CX leader.
- She points to the contrast between legacy banks and fintechs, citing an Oliver Wyman report that found the top fintech firms, while smaller, grew six-fold over the last decade compared with 30% for the rest of the financial services category.
- Contrary to popular belief, she adds, most tech players have a brand story at the core of their tech product, which is used to build everything from the front end of their app to the back end of their businesses.
Breaking away from a templatised approach to CX, balancing out over-dependence on performance channels and building collaborative platforms are some of the lessons fintech brands have to offer.
Read more in the new WARC Spotlight Australia series
Sourced from WARC