What’s hot right now? The people and the industries that want and need to accelerate their businesses digitally – and have a mobile-first approach. That’s what.
The weather. We’ve certainly been basking in early spring sun this week but will it last? Let’s get real – we do live in the UK!
What is more sustainably hot are the people and the industries that want and need to accelerate their businesses digitally – and have a mobile-first approach. There’s real evidence of this building momentum. And the risks of not keeping up on the digital front are clear. The latest Global Risk Management Survey (commissioned by insurers Aon) shows that two of the top three uninsurable future business risks include increased competition and a failure to innovate or meet customer needs. No surprises there then.
Let me tell you about some of our recent market observations and the kinds of conversations we’re currently having with enterprises:
Don’t turn up at the digital party and dad dance
Consumer banking is extremely active. With 50 licenses granted to new banks since the financial crisis of 2008, the Challenger space is getting pretty saturated. Differentiated customer experience is at the heart of their operating models and is key to increasing their ‘stickiness’ in the market.
In response, the old guard has certainly taken the digital imperative to heart and acted – but with varying degrees of success.
Given the recent TSB debacle, it seems even less likely that the digital generation will be impressed with old fiscal banks turning up at the mobile party and dad dancing (just embarrassing). Our advice and a golden rule is to test, test, test and learn from your customers. Experience-led design is where it’s at. So really, we don’t design the solutions. Your customers do.
Making finance fun
There’s also a lot of people selling finance through digital to the mid prime market and lots of activity in PPI making claiming easy (which it has never been before now). This will spin off a whole host of other ways to claim – before the window of opportunity closes on August 2019.
The insurance sector has joined the health and fitness market in rewarding customers for doing good to themselves and we’re seeing this theme emerging through companies looking at producing compelling and differentiating digital product with gamified front ends.
Executing on CSR
CSR is on every Fortune 500 agenda and everyone buys the theory and the purpose. But how do we execute? Companies now need to make money AND be responsible.
If there’s one single force to be reckoned with just now it’s a rise in power of the individual, as people realise the value of their own data. Big changes are coming that will affect everyone. At CA we’re working with some smart people who are working out solutions for these challenges of CSR and individual profiles.
Smart apps for smart businesses
On the tech front, smart apps and smart tech are on every customer agenda. Nothing is being built digitally that doesn’t have these technologies planned into them. My prediction is that as the handsets and devices have smaller and smaller changes in capability, the software will be the star, bringing bots, blockchain and AI into the mainstream.