Digital Strategy & Customer Centricity
Financial service companies are still strongly product focused. They still productise their services and sell their clients a series of products such as account packages, mortgages, an insurance policy or bonds just to name a few. The focus so far has been on “producing” these products at headquarters, then selling them through the distribution networks, at the lowest possible cost. However, digital technologies are remaking the financial services industry, and empowering customers who increasingly live their business and personal lives in the digital world. They want to buy more than just a product. They want to engage, be served, be recognised, and be rewarded and understood. The reality is when they choose to engage with you, they want to be able to have it their way, and seamlessly switch between digital and physical channels, or even go entirely digital.
Are Digital frontrunners also Financial frontrunners?
A recent Vlerick study on digital innovation in financial services illustrated that those companies that are further ahead in rolling out investment plans for digital technologies (mobile, social, cloud, big data and cyber security initiatives) were close to 3 times less likely to be lagging in financial performance vis-à-vis their competitors.
It's pretty clear that having a strong digital strategy pays dividends.
• How can financial service organisations formulate a digital strategy that drives their performance?
• How can financial services organisations plan digital initiatives in line with that strategy?
• Which business processes do they need to support their offer on the web?
• How do they engage users on social media services platforms?
• How do they leverage mobile applications?
• How can digital technologies support the customer journey?
• How do they evaluate the digital initiatives based on metrics derived from an organisation’s strategic priorities?
Professor of Marketing.
Steve obtained his Master’s degree and PhD in Business Engineering at Solvay Management School, Belgium, and was an ICM Doctoral Fellow and a Visiting PhD Student at the Owen Graduate School of Management, Vanderbilt University. He was also a Lecturer and Visiting Scholar at the Edwin L. Cox School of Business and the Hart eCenter at Southern Methodist University. He is now both Partner and Professor at Vlerick Business School, and chairing the Marketing Area. He is also a Professor of B2B Marketing at Ghent University and serves as an Independent Director on corporate boards.