Last week was the annual NetFinance conference with an impressive lineup of speakers from organizations such as CitiGroup, Charles Schwab, Bank of America, and MasterCard. The sessions covered a wide array of topics. But there were definitely some themes that were repeated often:
- Mobile websites and mobile applications are no longer an optional strategy. They are critical in customer acquisition, customer service, and customer growth. Organizations without strong mobile strategies are falling behind.
- Better technologies are needed for omni channel tracking of customers.
- Personalization in all channels is a critical strategy to drive wallet share, customer acquisition, and better customer service.
Some of the interesting data points that I saw from the sessions are:
- For several organizations mobile and digital interactions have outgrown and outpaced offline interactions with customers. But there is little to no displacement of branch visits (not accounting for customer growth in an organization) over the last 5 years.
- Many financial organizations are reporting that over 15% of all customer interactions are happening on a smart phone.
- It seemed like every major bank and credit card organization had a significant NFC solution that was growing in market share. This meant that the organizations were really stepping up the types of value they were offering in mobile (i.e. targeted coupons, personalized shoppers).
- 50%+ of the customers calling into a call center have visited the organization's website that day
- The physical branches of the near future are very digital with video tellers, self-service kiosks, and digital assistants using natural language engines with the branch itself taking up a much smaller physical footprint.
- While financial institutions are seeing small gains in using social networking sites as a customer service channel, there are still no strong models for customer acquisition or customer growth on social sites.
Overall the conference was a great success. Here are some shots from the conference!
Extractable is looking forward to attending again next year!