This blog series has focused on the relationship between data, trust and relevance. We have looked at why suppliers of life, pensions and investments (LP & I) need to build trust and we have talked about the huge upside for suppliers who can balance the risks and opportunities that data creates. Now, in this summary blog, we are zooming in on four ways for vendors to leverage data and technology to transform the quality of their customer interactions. None of these are futuristic. The technology needed to deliver all these results is all available today.
first Actually relevant interactions
First, vendors can use technology to customize interactions. Most people are already willing to interact with chatbots for basic tasks, but the real value goes further up the adoption curve. Suppliers who can use artificial intelligence (AI) to provide more human interactions on more complex tasks and decisions will win.
There is a real opening for those who can navigate the regular issues of data while using AI to provide truly relevant and responsive services. Of course, the biggest decisions will require human input for some time to come, but there is a great opportunity on the mass market for a flexible, digital, automated advisory service. UK-based robo-advisor Wealthify uses algorithms to select and create personal (and extremely flexible) investment plans. Wealthify users acknowledge that AI can add real value to decision making ̵
2. Mix physically and digitally
Second, use the "phygital" world. New and old channels need not be mutually exclusive. In fact, omnichannel communication can offer customers personal interactions, which may use enhanced reality (AR) and virtual reality (VR) technology to blur the boundaries between physical and digital. LP & I decisions are some of the most important in a person's life. Competent, relevant advice is essential and omnichannel interactions can provide appropriate support in different formats, depending on each customer's preferences.
Many vendors allow investors to access and manage their portfolios online or through an app that provides real control and visibility, back up with human support. Taking this multi-channel experience to the next level using AR and VR and continuing to increase the integration of existing channels will be a key differential in the market.
3rd Know Your Customer
Third, it is important for suppliers to know exactly where they are in their conversations with each customer – what they want, when they want it and how best to deliver it. "In spite of everything, LP & I companies are in contact with consumers age from 18 through 80 and beyond. Life-changing decisions are made along the way. Personal service is about knowing which scene each customer is and how they want to interact. Technologies can make a big difference, for example, companies can use AI to answer daily issues, which gives younger consumers automatic, intuitive interactions, while ensuring face-to-face advice is always available for the big decisions or for customers who want a human touch
4. Integrating open API capabilities
The fourth proposal for vendors who want to maximize the value of their interactions with the market? Integrate. Industry should benefit from Open Banking Regulations and Open API capabilities to connect to customers, join products and provide integrated products.
There is no need for supplies circuit providers to confine themselves to their own tasks. Instead, they should tailor products in collaboration with other organizations. Vitality is a supplier that leads the way in this space. Through a network of ecosystem relationships (for example, with gym), it offers health and life insurance products that shape their customers' lifestyles, rather than react to them.
It takes us to the end of this series. In summary, suppliers have a huge opportunity to build trust and drive more value from their interaction with the market. Solution? Utilize the power of data and recognize how digital and physical channels can work with powerful power.
I would love to hear what you think of the ideas we presented. Meanwhile, to learn more, read our 2018 UK financial services customer survey.