In this discussion, Graham Hill, a senior associate at Optimum Partners, shared his insights on service quality, decisioning, governance, and value exchange, particularly in the context of open banking.
The conversation covers the impact of regulatory frameworks like the UK’s Consumer Duty on retail financial firms, the role of customer-oriented innovation, and the importance of understanding customer jobs and outcomes.
We also got to discuss cultural differences in service perception and the evolving role of technology in enhancing user experience.
Find out more about Optima Partners -> Here.
Key Points
- The discussion focuses on service quality, decisioning, governance, and value exchange in open banking.
- The concept of value exchange is crucial in the context of open banking and broader business scenarios.
- Customer jobs and outcomes are central to measuring success and creating value.
- Tools like service logic can help in understanding customer interaction and value co-creation.
- UK’s Consumer Duty and regulations related to vulnerable customers in retail finance is going to have a big impact.
- There is a tendency for companies to do minimal compliance with new legislation.
- Cultural differences significantly influence service expectations and delivery across different countries.
- The role of technology, especially digital transformation, in customer service and experience is discussed.
- There is a shift in focus from product-based to service-based perspectives in customer value.
- The trend in customer service satisfaction in recent times is declining
- There is potential for improved service delivery through better understanding and use of technology.
Key Statistics
- An 80% success rate in customer-driven innovation approaches.
- A contrasting 80% failure rate in traditional invention approaches.
- A 90% failure rate for startups.
- Customer satisfaction in the UK has reached its lowest point since 2008.
- The CSI score in the UK is at its lowest since 2000.
Key Takeaways
- Understanding customer jobs and outcomes is essential for creating value in services.
- Open banking and financial regulations significantly impact service delivery and quality.
- Cultural differences play a crucial role in service perception and delivery.
- Technological advancements offer new opportunities for enhancing customer experiences.
- The value exchange concept is pivotal in understanding customer and business interactions.
- Service logic and customer-oriented tools are key to understanding customer needs.
- Regulatory compliance often leads to minimal changes rather than fundamental improvements.
- The shift from product-based to service-based perspectives can enhance customer value.
- There is an observed decline in customer service satisfaction, indicating room for improvement.
- Effective use of technology can revolutionize the user experience in retail financial services.
- Innovations in service delivery are crucial for maintaining competitiveness and customer satisfaction.
- The digital transformation in customer service is more than just a technological upgrade; it’s a strategic shift.
OptimaPartners
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