Author

Waheed Mahmood

Published

26 November 2024

Estimated Read time

4Mins

Waheed Mahmood, Financial Services Lead at Rackspace Technology, on how cloud is elevating CX in the financial services industry

The importance of customer experience (CX) in financial services is growing. In July 2023, the Financial Conduct Authority (FCA) published its Consumer Duty guidelines, designed to set clearer standards of protection for consumers of financial services. The Consumer Duty was created to ensure that financial institutions (FIs) act fairly, while preventing customers from making poor financial decisions.

Despite the guidelines being implemented over a year ago, some FIs are still struggling to meet customers’ needs and are not working hard enough to protect them. In October 2024, for example, the FCA fined TSB Bank Plc £10,910,500 for failing to ensure that customers in arrears were treated fairly between 2014 and 2020.

According to Forrester, there has also been a significant decline in EU bank customer experience (CX) quality in 2024. This matters, because as CX quality declines, so does customer loyalty. Financial service executives must step up their game if they want to stay competitive and earn this loyalty. FIs that leverage technology can increase customer satisfaction, reduce the cost to serve and boost conversion rates and profitability. As we look ahead, here are some ways FIs can harness technology to drive customer satisfaction in 2025 and beyond.

Driving CX through the Cloud

The Consumer Duty’s objective was to guide individuals toward sound financial decisions. To achieve this, FI’s must leverage data and analytical insights. However, legacy systems often hinder effective data sharing and analysis, limiting the ability to provide personalised guidance.

Private cloud technology empowers banks to modernise their legacy systems. This can increase agility with the delivery of new services and products, enabling them to create and deliver enhanced CX. This includes offering seamless digital experiences, from smart self-service options and instant transaction tracking to tailored financial guidance and decision-making. Banks can also use cloud analytics to spot user pain points and service disruptions early, directly improving both customer satisfaction and profitability.

The integration of cloud services with existing banking systems also enhances data flow and interoperability. Real-time analytics platforms, such as Azure Stream Analytics help process and analyse vast amounts of data. This can reveal valuable insights into customer behaviour and preferences. Banks can then offer personalised advice and services, boosting customer satisfaction and interaction.

To maximise these benefits, FI’s need to ensure these customer insights are shared across departments. Eliminating departmental silos can drive improvements in product development, marketing strategies, and customer service protocols. Success requires integrating design expertise and data capabilities – involving teams from every business function to build a data framework and platform. This integration will help convert customer insights into actionable improvements.

Double down on service innovation for CX

Before leveraging cloud technology, FIs must evaluate their current technology stack to identify weak points before embarking on digital transformation initiatives. Legacy systems, which many FIs still depend on put them at a disadvantage as customer demands and expectations grow. This outdated infrastructure is particularly vulnerable, leaving sensitive customer data exposed to risk.

By updating their technology stack, FIs can improve customer interactions while streamlining critical systems for transaction handling and personalisation. These work together to deliver an experience that aligns closely with individual customer needs. 

FIs are also leveraging machine learning to gain insights into customer spending patterns, enabling them to offer personalised financial advice and recommendations. Additionally, GenAI is reshaping CX; AI-driven chatbots, for example, offer instance guidance and assistance, freeing up human staff to focus on more complex issues. However, to maximise the benefits of GenAI, FIs need robust infrastructure in place. GenAI models require high-quality, well-structured data for training and precise forecasting.

A cloud-based platform is particularly well-suited for FIs with specific demands around control, security and workload customisation. By adopting this approach, institutions can meet the high storage and encryption requirements of GenAI, thereby, enhancing both system performance and data security – key factors in scaling these technologies.

To respond to a continued decline in customer experience quality, financial service providers must make this a strategic priority. Delighting and engaging customers on a personal level has become vital and institutions that satisfy these expectations will be best equipped to attract new clients and build enduring loyalty.

  • Neobanking

Author

Lucian Daia

Published

23 October 2024

Estimated Read time

5Mins

Lucian Daia, CTO at Zitec, on the rise of embedded finance driving customer loyalty across financial services

The frenzy of Christmas and Halloween marketing is already in full swing, with date reveals of Christmas market returns to pumpkin patch locations. Retailers are gearing up to execute their strategies as the Golden Quarter approaches. This year, however, retailers have another string to their bow, another key message to snag a customer: ‘Buy Now, Pay Later’ (BNPL).

Business is booming in the BNPL game, with the market quadrupling in size since 2020. It is expected to hit a record level of £30bn in 2024. The payment option is fast becoming a staple in the digital wallets of millions for the major retail milestones of the year.

Halloween is the first major retail moment in the run-up to the festive season as Britain settles back into its winter routine. However, the rise of BNPL points to consumer behaviour that’s fast evolving and anything but predictable.

But BNPL is just one piece of the puzzle. The Financial Conduct Authority (FCA) estimates that it’s likely more than half of UK adults are now using digital wallets. Furthermore, it’s expected to comprise half of all e-commerce spend (£203.5 billion) by 2027. Instant payments are also a growing part of the payment mix, with the innovation expected to represent 10.8% of overall payments by 2028. Retailers must navigate a wave of new technologies that are redefining check-out and payment processes.

Allowing new payment innovations like BNPL

Retailers sink or swim based on the customer experience they deliver. From the rise of omnichannel strategies to speedy same-day deliveries, click and collect options, and attention-grabbing immersive experiences… There’s no shortage of initiatives to drum up customer loyalty. Now, payment solutions are part of the equation. Embedded Finance is front and centre of this change, integrating financial services (like loans, insurance, debit cards etc.) into businesses that don’t usually handle finance.

Application Programming Interfaces (APIs) offer a “Plug and Play” type functionality. Retailers can offer seamless payment solutions like BNPL or digital wallets directly on their systems. This integration keeps shoppers on the site and reduces the tiresome friction of third-party pop-up systems. Moreover, it offers features like zero-interest point-of-sale loans or app-based rewards. Of course, it allows them to check-out as easily and as quickly as possible too.

Bye-bye Velcro

Bye-bye Velcro, hello snazzy digital wallet that holds payment cards and bank account details all in one place. Digital wallets have become essential components of modern payments and offer a convenient and less risky way for shoppers to buy their items.

Gone are the days of searching for physical cards under stashes of files or keying in repetitive digits on a keyboard. Digital wallets also offer a reduced risk of fraud because of advanced encryption and tokenisation technologies. Beyond security, digital wallets provide retailers with valuable consumer insights.

For instance, if a customer buys a Halloween costume and decorations, retailers can use this data to target them with personalised offers. Such as a discount on     themed candy bowls or matching spooky accessories. This level of personalisation is make or break for retailers today. Customers are setting a higher bar than ever for personalised content, offers and experiences that meet their needs and interests.

Speeding up cash flow with BNPL

Another innovation retailers need to have on their radar is instant payments. Unlike traditional systems that mean transactions can take hours or even days to complete, instant payments ensure funds are transferred within seconds.

For retailers, especially those operating on thin margins or managing high transaction volumes, the speed at which funds are made available can be make or break. The quick availability of cash means retailers can better manage their finances, buy new stock and address operational costs at pace.

Contrary to common belief, Brits don’t love queuing; in fact, they hate it. Faster payment options in-store have been pivotal in giving customers the speedy experience they demand so they can get on with their day. Quick transactions not only improve cash flow and reduce delays but enhance the customer experience. Making it ideal for those who’ve left their shopping too late, or forgotten an item on their list. As a result, customers walk away with the right impression.

Ditch the lines and pay with a tap

Retailers should be equipped with mobile point-of-sale (mPOS) systems that allow customers to make payments through their smartphones or other mobile devices, cutting down on wait times and speeding up the checkout process.

Retailers also stand to benefit from digital receipts, detailed sales reports, and real-time inventory management from having this system in place. This efficient processing not only improves cash flow but also provides valuable data for managing stock levels and customer preferences.

Beyond the Golden-Quarter

As retailers prepare for the Golden Quarter and beyond, understanding and leveraging FinTech payment innovations can seriously pay dividends. By adopting technologies such as embedded finance, digital wallets, instant payments, and mobile payments, retailers can improve their operational efficiency, enhance customer experiences, and position themselves for future growth in a digital-first world. Indeed, in recent years marked by economic shocks, huge tech advancements – especially with AI – and increasingly unpredictable consumer behaviour, it is crucial for retailers to stay ahead of payment options.

Providing consumers with flexibility, choices, and ultimately, ways to manage their outgoings and spread the cost will be key. Retailers will need to take a view on which innovations align best with the changing expectations of their customers and who they partner with to help them remain competitive.

  • Embedded Finance

Author

Dan Brightmore

Published

6 March 2024

Estimated Read time

3Mins

Read in brochure format

Our cover story this month focuses on the work of Arianne Gallagher-Welcher. As the Executive Director for the USDA Digital…

Our cover story this month focuses on the work of Arianne Gallagher-Welcher. As the Executive Director for the USDA Digital Service, in the Office of the OCIO, her team’s mission is to drive a tech transformation at the USDA. The goal is to better serve the American people across all of its 50 states.

Welcome to the latest issue of Interface magazine!

Welcome to a new year of possibility where technology meets business at the interface of change…

Read the latest issue here!

USDA: The People’s Agency

“We knew that in order for us to deliver what we needed for our stakeholders, we needed to be flexible – and that has trickled down from our senior leaders.” Arianne Gallagher-Welcher, Executive Director for the USDA Digital Service reveals the strategic plan’s first goal. Above all, the aim is to deliver customer-centric IT so farmers, producers, and families can find dealing with USDA as easy as using an ATM.

BCX: Delivering insights & intelligence across the Data & AI value chain

We also sat down with Stefan Steffen, Executive Leader for Data Insights & Intelligence at BCX. He revealed how BCX is leveraging AI to strategically transform businesses and drive their growth. “Our commitment to leveraging data and AI to drive innovation harnesses the power of technology to unlock new opportunities, drive efficiency, and enhance competitiveness for our clients.”

Momentum Multiply: A culture-driven digital transformation for wellness

Multiply Inspire & Engage is a new offering from leading South African insurance provider Momentum Health Solutions. Furthermore, it is the first digital wellness rewards program in South Africa to balance mental health and physical health in pursuing holistic wellness. CIO, Ndibulele Mqoboli, discusses re-platforming, cloud migrations, and building a culture of ownership, responsibility, and continuous improvement.

Clark County: Creating collaboration for the benefit of residents

Navigating the world of local government can be a minefield of red tape, both for citizens and those working within it. Al Pitts, Deputy CIO of Clark County, talks to us about the organisation’s IT transformation. He explains why collaboration is key to support residents. “We have found our new Clark County – ‘Together for Better’ – is a great way to collaborate on new solutions.”

Also in this issue, we hear from Alibaba’s European GM Jijay Shen on why digitalisation can be a driving force for SMEs. We learn how businesses can get cybersecurity right with KnowBe4 and analyse the rise of ‘The Mobility Society’.

Enjoy the issue!

Dan Brightmore, Editor

  • People & Culture

Author

Dan Brightmore

Published

22 November 2023

Estimated Read time

4Mins

Read in brochure format

This month’s cover story charts NAB’s journey to support SMEs with customer-centric digital solutions. Welcome to the latest issue of…

This month’s cover story charts NAB’s journey to support SMEs with customer-centric digital solutions.

Welcome to the latest issue of Interface magazine!

Interface showcases leaders at the forefront of innovation with digital technologies transforming myriad industries.

Read the latest issue here!

NAB: Reinventing Small Business Banking

A passionate advocate for diversity, inclusion and equity of opportunity, Executive GM Ana Marinkovic leads a team of 1,600+ small business experts. They lend over $1.2bn a month to Australian small businesses. National Australia Bank (NAB) plays a major role in propelling entrepreneurship across the country. Delivering better outcomes for small business owners sits at the very heart of NAB’s strategy. “Our scale and connectivity help us to tackle some of the biggest challenges facing our business and the communities we operate in,” says Ana.

TUI: Making travel plans mobile

The mobile side of TUI has never been more vital. TUI’s mobile apps were officially launched in 2013 and began as something of a proof of concept. For the entire international industry, moving from web to mobile devices was a huge shift. The initial set of apps were very skeletal and only integrated for UK and Nordic customers.

One of this year’s goals is to accelerate the native journey to make all the customer journeys native. This will further improving the customer experience. After a recent UI refresh, the app look and feel is fresh and sleek, and has plenty of exciting features for customers to enjoy. “Just in the last couple of months we’ve introduced an integration with OpenAI for a travel planner that helps you choose excursions,” Donia adds. “Seeing it grow over the years is so exciting.”

TARA Energy Services: tech fuelling growth

“Continuous improvement is woven into the fabric of the culture at TARA Energy Services,” says its proud Director of IT, Paul Parzen. “Every day, we face new challenges, both operationally in the field and strategically in the boardroom. We must make sure the organisation’s IT strategy for data management, core infrastructure, network architecture, and security is ready to meet them.”

“Some people might say, ‘wow, a pension. That sounds a little boring.’ But at the end of the day, what we do is help people retire in the best way possible and that’s a pretty good place to be.”

Those are the words of Dee McGrath, CEO of Link Group’s Retirement Solutions since May 2019. The company is a global, digitally-enabled business connecting millions of people with their pension assets – safely, securely and responsibly. 

Evara Health: Technology delivering care for all

Evara Health’s mission statement is to help people become healthy and live healthy lives, and that means all people. A lot of health organisations don’t serve everybody and their treatments aren’t available under many types of insurance. However, Evara Heath doesn’t turn anybody away. It supports the underserved and the uninsured, and patients are treated regardless of whether they can afford it. Around 25% of patients have no insurance at all, and over half are covered by Medicaid, which isn’t accepted by everyone.

Enjoy the issue!

Dan Brightmore, Editor

Author

Dan Brightmore

Published

Estimated Read time

4Mins

Read in brochure format

This month’s cover story charts NAB’s journey to support SMEs with customer-centric digital solutions. Welcome to the latest issue of…

This month’s cover story charts NAB’s journey to support SMEs with customer-centric digital solutions.

Welcome to the latest issue of Interface magazine!

Interface showcases leaders at the forefront of innovation with digital technologies transforming myriad industries.

Read the latest issue here!

NAB: Reinventing Small Business Banking

A passionate advocate for diversity, inclusion and equity of opportunity, Executive GM Ana Marinkovic leads a team of 1,600+ small business experts. They lend over $1.2bn a month to Australian small businesses. National Australia Bank (NAB) plays a major role in propelling entrepreneurship across the country. Delivering better outcomes for small business owners sits at the very heart of NAB’s strategy. “Our scale and connectivity help us to tackle some of the biggest challenges facing our business and the communities we operate in,” says Ana.

TUI: Making travel plans mobile

The mobile side of TUI has never been more vital. TUI’s mobile apps were officially launched in 2013 and began as something of a proof of concept. For the entire international industry, moving from web to mobile devices was a huge shift. The initial set of apps were very skeletal and only integrated for UK and Nordic customers.

One of this year’s goals is to accelerate the native journey to make all the customer journeys native. This will further improving the customer experience. After a recent UI refresh, the app look and feel is fresh and sleek, and has plenty of exciting features for customers to enjoy. “Just in the last couple of months we’ve introduced an integration with OpenAI for a travel planner that helps you choose excursions,” Donia adds. “Seeing it grow over the years is so exciting.”

TARA Energy Services: tech fuelling growth

“Continuous improvement is woven into the fabric of the culture at TARA Energy Services,” says its proud Director of IT, Paul Parzen. “Every day, we face new challenges, both operationally in the field and strategically in the boardroom. We must make sure the organisation’s IT strategy for data management, core infrastructure, network architecture, and security is ready to meet them.”

“Some people might say, ‘wow, a pension. That sounds a little boring.’ But at the end of the day, what we do is help people retire in the best way possible and that’s a pretty good place to be.”

Those are the words of Dee McGrath, CEO of Link Group’s Retirement Solutions since May 2019. The company is a global, digitally-enabled business connecting millions of people with their pension assets – safely, securely and responsibly. 

Evara Health: Technology delivering care for all

Evara Health’s mission statement is to help people become healthy and live healthy lives, and that means all people. A lot of health organisations don’t serve everybody and their treatments aren’t available under many types of insurance. However, Evara Heath doesn’t turn anybody away. It supports the underserved and the uninsured, and patients are treated regardless of whether they can afford it. Around 25% of patients have no insurance at all, and over half are covered by Medicaid, which isn’t accepted by everyone.

Enjoy the issue!

Dan Brightmore, Editor

Author

Dan Brightmore

Published

20 April 2023

Estimated Read time

3Mins

Read in brochure format

Standard Bank CIO Bessy Mahopo on the challenges of operating in a fractured market and how the company overcomes them

This month’s cover story highlights how technology is helping Standard Bank overcome the challenges of a fractured market to both drive business growth and improve services for customers.

Welcome to the latest issue of Interface magazine!

“Time may change me, but I can’t trace time…” sang David Bowie. Changes can be challenging to manage with the path to positive disruption not always a smooth change management journey.

Interface dives deep for insights on understanding, planning, implementing and communicating change across industries.

Read the latest issue here!

Standard Bank: driving Africa’s growth

Standard Bank CIO (CIB – Transactional Banking) Bessy Mahopo explains how one of South Africa’s largest banks is using its own digital transformation successes as a template to support the country’s ongoing technological evolution by overhauling IT from the inside out. “I believe that once we start moving the curve to fifth and sixth generation technology, we’re going to become even more of a value-producer.”

The art of change management with SAP

Maria Villar, Head of Enterprise Data Strategy and Transformation at SAP, talks about the importance of driving change in the technology space and helping businesses thrive with data from the perspective of one of the world’s leading enterprise resource planning software vendors. “My job is about finding out what a good data strategy looks like and continuing to spend time with customers to look ahead…”

Talent transformation journeys with TUI

We caught up with Cerstin Lang, Director for HR Group IT at TUI. She reveals how it’s global For:ward program is driving digital transformation as the travel giant works with training partner Udacity to upskill IT talent. “Our IT goals are focused on developing a structure that supports new ways of working with the right balance to innovate and grow in the future.”

How TransUnion is enabling consumer trust

Alejandro Reskala, CIO Canada, LATAM, Caribbean at TransUnion, about technology transformation at a leading consumer credit reporting agency, its dedication to people, and how it makes trust possible. “TransUnion has always blazed a trail to use technology and data to generate insights that help support financial inclusion.”

Also in this issue, we ask what the birth of ChatGPT means for businesses leveraging tech and learn from Rivery why organisations need to rethink their data strategy with robust operational analytics.

Enjoy the issue!

Dan Brightmore, Editor

Author

Dan Brightmore

Published

2 November 2022

Estimated Read time

4Mins

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John MClure, CISO at Sinclair Group – a diversified media company and America’s leading provider of local sports and news – talks about the evolution of cybersecurity and the cultural shift placing it at the forefront of business change

This month’s cover story explores how Sinclair Broadcast Group is embracing the evolution of cybersecurity and placing the role of the CISO at the forefront of business transformation.

Welcome to the latest issue of Interface magazine!

Communication, secure and at speed, is a vital component of the transformation journey for both the modern enterprise and its relationship with stakeholders, be they customers or partners. Putting the right building blocks in place to deliver successful change management is at the heart of the inspiring stories in the latest issue of Interface.

Read the latest issue here!

Sinclair Broadcast Group: a cyber transformation

Our cover star John McClure progressed from a career in the military and work as a consultant in the intelligence industry to fight a new kind of foe… As CISO for Sinclair Broadcast Group, a diversified media company and America’s leading provider of local sports and news, he talks about the evolution of cybersecurity, the battle to meet the rising velocity and sophistication of cyber-attacks and the cultural shift of the role of CISO placing it at the forefront of business change.

“Sinclair is unique in terms of its different business units and how it operates. It’s my job as CISO leading our cyber team not to be an obstacle for the business; we’re here to help it move faster to keep up with market forces, and to move safely. We’re here to engineer solutions that work for the enterprise but also help us maintain a positive security posture.”

State of Florida: digital government services

We also hear from CIO Jamie Grant who is leading the State of Florida’s Digital Service (FL[DS]) on its charge to transform and modernise the way government is accessed and consumed. He is building a team of talented, goal-oriented and customer-obsessed individuals to drive a digital transformation with innovation at its heart. “Leadership is really about developing the team and investing in the people. And it turns out that when you get their backs, they appreciate it and then you can achieve anything.”

ResultsCX: putting people first

Jamie Vernon, SVP for IT & Infrastructure at AI-powered customer experience solution specialist ResultsCX, discusses what drives customer care in the 21st century, and the part technology has to play.

“We are the custodians of our customers’ customers,” says Vernon. “In this increasingly tenuous relationship with their customers, they trust us. My leadership takes that responsibility very seriously, and charges each of us with doing everything we can to provide a perfect call, or email, or chat, every time, thousands of times a minute, around the clock and around the calendar.”

Jamie Vernon, SVP for IT & Infrastructure at AI-powered customer experience solution specialist ResultsCX, discusses what drives customer care in the 21st century, and the part technology has to play.

“We are the custodians of our customers’ customers,” says Vernon. “In this increasingly tenuous relationship with their customers, they trust us. My leadership takes that responsibility very seriously, and charges each of us with doing everything we can to provide a perfect call, or email, or chat, every time, thousands of times a minute, around the clock and around the calendar.”

Also this month, Sarita Singh, Regional Head & Managing Director for Stripe in Southeast Asia, talks about how the fast-growing payments platform is driving financial inclusion across Asia and supporting SMEs with end-to-end services putting users first, and we get expert advice for the modern CEO from the University of Oxford’s Saïd Business School.

Enjoy the issue!

Dan Brightmore, Editor

Author

Dan Brightmore

Published

15 December 2021

Estimated Read time

2Mins

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Our exclusive cover story this month explores how IAG Firemark Ventures is disrupting insurance to reimagine the customer journey today…

Our exclusive cover story this month explores how IAG Firemark Ventures is disrupting insurance to reimagine the customer journey today

Welcome to the latest issue of Interface magazine!

Technology with the capacity to enhance customer journeys and evolve in line with our changing needs is the holy grail that the companies featured in this packed issue of Interface are on a quest to deliver…

Read the latest issue here!

Our cover star Scott Gunther, General Partner at IAG Firemark Ventures, embodies that pioneer spirit. Leading the investment arm of Australia and New Zealand’s largest insurer to think like a startup and drive innovation in the FinTech & InsurTech space, Gunther’s vision is being realised… “We not only provide staple financial services but the solutions that can make the world a safer place by reacting to everything from natural disasters to life-changing events.”

Trusted by 95% of Fortune 500 companies, Microsoft Azure is delivering transformative cloud journeys for organisations at all levels. Laurent Pierre Jr, General Manager for Azure Customer Experience Engineering Support (CXP), reveals how by creating a high trust environment, the speed at which you and your team can execute and perform becomes a force multiplier.

Keeping with the theme of transformative tech, BSI talk us through the innovation behind the extraordinary world of immersive auditing, outlining its advantages and the potential for a continuous wave of disruption set to provide deeper client value and change the dynamics of assurance forever.

Also in this issue, we hear from Lockton Re on how its global reinsurance business is benefiting from the deployment of smart solutions that leverage new technologies; speak with the CIO at the Office of Inspector General (a part of the US Department of Health & Human Services); discover advances in the digital approach to identity validation with Okta and get the lowdown from Vodafone on how blockchain has the potential to disrupt telcos.

Enjoy the issue!

Dan Brightmore, Editor