The world of financial services is changing faster than ever, and it’s important that when you set your goals and strategy for 2020, you hire the right individuals to get you there. Your human resources are your most valuable asset, and putting the right pieces in place can help you keep pace with a changing environment and seize strategic advantages by leveraging change to your behalf. Think about the following skills and positions in 2020:
We’ve talked about the Universal Banker in the past, but now, their contribution to financial services is more important than ever. The customer demands of 2020 and beyond will see heightened expectations of fluency of service. In other words, they’ll want intuitive, quick, and fluent service from their banks and credit unions.
A universal banker helps to fill this gap by being trained and skilled in a variety of facets, being able to handle any customer request that comes in, from a new line of credit to an issue with their mobile app on their phone. If you haven’t already, utilize your staff to meet this universal banking need by cross training and encouraging acquisition of new skills. Present this opportunity to your staff as a chance to expand skill sets, learn what they’re interested in and make them a more valuable asset to your organization.
From automatically translating customer data into targeted ads to chatbots working at a higher level of sophistication, financial institutions are leveraging artificial intelligence to better their services. Importantly, in 2019, chatbots became more sophisticated than ever before and are now capable of meeting customer experience expectations that wouldn’t have been possible even three years ago.
With the way AI is changing the financial services landscape, your organization should think about having someone on board who can make sense, strategize, and make AI work for you. Specifically, this person can help bring in third-party help, “own” your organization’s AI universe, and create a roadmap that melds AI trends with the nuances of your specific organization.
Quite simply, FinTech partnerships can drive your organization forward in terms of innovation and experience by “outsourcing” those responsibilities and value adds to an external organization. Think of this as two opportunities: The opportunity to bring on numerous FinTech organizations to meet the unique needs of your customers, and potentially, an internal individual to oversee these partnerships. Having an individual in the field and seeking out partnerships can help identify unique opportunities, establish a separation of roles and responsibilities for these partnerships, and regularly evaluate the efficacy of each unique relationship.
CX Analytics and Coaching
While it’s easy to get caught up with buzzwords and technology trends, the reality is that all of these unique trends aim to better serve customers and meet heightened expectations. Your organization should make sure to have an external team to objectively identify your strengths and weaknesses for customer experience, create an evaluation process to look at the performance of customer touchpoints, coach behaviors to help improve customer experience across these different touchpoints, and attribute improvements in customer experience to revenue growth and your organization’s bottom line.