Digital Is Now or Never for FinServ
Customer experience is increasingly recognized as the key brand differentiator of the future as price and product variances tighten. And for those in the financial services industry, digital is expected to be the customer experience battleground as traditional channels give way to digital.
However, contrary to conventional wisdom, competing on CX does not necessarily require a entirely new or radical approach, although it does require a commitment to new ways of thinking and working.
A recent study commissioned by the CSIRO’s Data61 found digital innovation could deliver $315 billion in gross economic value to Australia over the next decade. The report’s author, Andrew Charlton, noted existing industries stood to gain nearly as much from digital technology as those using it to disrupt.
“Digital innovation is critical to improving our nation’s productivity and sustaining economic growth. It’s not just about creating the next Google or replicating Silicon Valley,” Charlton said.