Financial Services

7 Takeaways: “How GM Financial Elevates the Customer Experience With Journey Science”

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Perficient’s Kevin Colletti recently joined forces with Srini Alagarsamy and Patrick Daly from GM Financial, as well as Adobe’s Chris Young to present the webinar, “How GM Financial Elevates the Customer Experience with Journey Science.” In the webinar, the panelists discussed how having a firm grasp on journey science can help personalize the customer experience.

Here are some of the key takeaways from the webinar:

  1. The COVID-19 pandemic ignited a rapid digital shift, jeopardizing people’s prior loyalty to their financial institutions; institutions that prioritized convenience in their delivery won over customers from competitors who lagged in this area.
  2. 76% of customers get frustrated when their service experiences are not personalized. Due to the shift to convenience-focused digital service experiences and game-changer retailers like Amazon, customers now expect services to be tailored to them. The best way to achieve personalization? Cross-functional collaboration between departments with shared ownership. Ideas and strategies for personalization should come from across all business departments.
  3. To truly reap the benefits, personalization efforts cannot be limited to marketing. Channels of delivery must also take personalization into consideration (e.g., customer service).
  4. Institutions are challenged to meet customer expectations and maintain their edge with competitive industry pressures because their outlooks are often skewed by vanity metrics, siloed views, limited access to analysis, and a lack of actionable data.
  5. There are three strategic responses to meet customer expectations:
    1. Launching new digital offerings
    2. Focusing on digital customer engagement
    3. Developing deeper customer insights to understand evolving needs
  6. It is essential to innovate and experiment. Often, organizations refrain from taking risks impactful enough to produce actionable change – where there is no risk, there is no reward.
  7. Quantitative feedback should not necessarily be prioritized over qualitative feedback. Direct commentary from customers can provide the missing insight that helps elevate the personalization experience from good to great. This dialogue between client and company should exist within a continuous feedback loop.

Catch the on-demand webinar here, or below:

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Madeline McDermott

Madeline McDermott is an industry marketing coordinator at Perficient, based out of St. Louis.

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