The wealth management industry is undergoing a serious transformation with traditional methods of providing financial advice being disrupted by new and innovative forms of technology. With the unprecedented widespread adoption of the internet and digital devices, customer expectations have changed. Clients expect a flawless customer experience that requires businesses, products, and services to be available whenever and wherever they want. It’s that simple. Companies […]
Posts Tagged ‘Banking’
Lloyds Eliminates Jobs And Branches In Favor Of Digital Services
Lloyds Banking Group, a company with 30 million customers under several brands, including Lloyds Bank, Bank of Scotland, and Halifax, has put forth additional cost-saving measures to help the company weather poor economic conditions and to better meet customer expectations. On top of the 9,000 jobs and 200 retail branches the bank outlined to eliminate […]
How Do You Match Up? FINRA’s 5-Question Financial Literacy Quiz
Results from the most recent National Financial Capability Study (NFCS) were released last month by the FINRA Investor Education Foundation (FINRA Foundation). The findings, which include data from more than 27,000 U.S. adults, continue to reiterate the importance of providing people with financial education to help them better manage their money. According to an infographic that depicts […]
Servicing Customers In Financial Services With CX Technology
It’s no secret that customer satisfaction scores go up when customers consistently get what they want. When they have unanswered questions about your products and services, they’re not likely to become your biggest cheerleaders. And, chances are that if your prospects find themselves with questions that can’t be answered, they’re not going to convert. We […]
Fighting Cybercrime, From JPMorgan To Bank Of America
A new quarterly Cybersecurity Market Report was published by Cybersecurity Ventures, projecting $1 trillion will be spent on cybersecurity between 2017 and 2021. According to Steve Morgan, founder and editor-in-chief of Cybersecurity Ventures, the increase in cybercrime, such as ransomware and malware, and the large number of digital devices being rapidly deployed by organizations and […]
BofA CEO Shares 3 Keys To Success For Today’s Banks
Dennis K. Berman, financial editor of The Wall Street Journal, asked one of the simplest, yet greatest questions anyone could ask an executive at a major financial institution. During WSJ’s CFO Network conference, he asked Bank of America Chairman and CEO Brian Moynihan the following: “If you were building a bank today from scratch, what […]
Funny Fiduciary Rule Video Surpasses 4 Million Views
A couple of weeks ago, I shared a brief overview of a new rule the U.S. Department of Labor (DOL) recently finalized. While it’s certainly nothing to laugh about, comedian and host of “Last Week Tonight with John Oliver” the man himself, John Oliver, was able to make light of it. In fact, as of […]
3 Ways To Bank On Your Phone (And How They Compare)
There are many ways to bank. You can call your financial institution on the phone, go to the nearest brick-and-mortar branch, or hop online. While these are the most traditional ways of banking, there’s another option that’s quickly growing in popularity: mobile apps. As we mention in one of our guides, mobile banking raked in […]
Protecting You And Your Clients Through Technology And Strategy
Every industry experiences cybercrime, but probably none more than financial services, at an average annualized cost of $13.5 million. If you look at the Breach Level Index, you will notice that some type of security breach occurs at financial institutions almost daily. These breaches can involve anywhere from a handful of records to tens of […]
How Vanguard Wins Over Customers Without Even Meeting Them
As a long-time customer of Vanguard, I can attest to their great way of doing business. While I’ve never set foot into an office of theirs, the financial services company – one of the world’s largest investment management companies – was able to gain my trust and, without much effort, convince me to enlist them […]
Bank With High CX Score Mentions “Customers” More
As I mentioned in a previous blog post, Michael Porter, a colleague of mine, was live-blogging at last week’s Forrester CXNYC event, a conference for customer experience leaders, innovators, and practitioners. During one of the presentations he attended, George F. Colony, the CEO of Forrester, discussed how customer experience has become the most critical barrier […]
Technology Partnerships: Creating New Avenues Of Revenue
There’s no question that financial institutions need cutting-edge technology to support growth. However, there is also no question that technology is not their core business. Therefore, it makes sense for them to partner – or even acquire – financial technology companies, which brings us to the topic of unicorns. What do unicorns have to do […]