While every industry faces customer experience challenges, not many face the unique obstacles found in Financial Services. In our latest episode of Movers & Shakers, Teron Douglas of Bank of America sits down to discuss how innovation and a new way of thinking have led to interesting breakthroughs in delivering a better customer experience.
Traditionally, Financial Services is an industry mired in heavy regulation and antiquated thinking. But, recent developments in the space and disruption by smaller, more nimble startups has forced the industry to change speed and direction in order to stand out. One of the more common ways banks have found to differentiate themselves is through the customer experience being delivered. In this episode, Douglas notes that, “it’s important to measure the customer experience as much as possible. Doing so allows you to better understand how effective you are at meeting or exceeding customer expectations.”
Douglas also goes on to talk about the necessity of changing the mindset of the past where banks would often compare themselves only to other banks with regards to the technology and experience offered to their customers. Today, “banks need to have the same CX point of view that companies like Uber or eBay have in order to stand out.”
Finally, we also discuss Guided Investing at Bank of America and the role that artificial intelligence plays in connecting customers to financial products. On this topic, Douglas echoes our point of view that there’s still a significant role for humans to play in a bot-driven world.