At LendIt FinTech USA, the world’s largest FinTech conference, Vizolution had a fantastic few days, not only exhibiting but using the opportunity to officially launch in the USA.
We are already providing Customer Experience (CX) solutions to leading global banks such as BNP Paribas and Santander, and the US expansion will be supported by our team headquartered in Toronto, as well as our sales, marketing and operations presence in Boston and Santa Barbara.
Over 5000 people, 2000 companies and 600 financial institutions gathered in San Francisco to share ideas about Banking & FinTech partnerships, digital innovation and lending.
Vizolution had a strong presence at the conference, and our team of experts, including CEO Bill Safran, were on hand to give advice to banking executives looking to streamline the gaps in their customer journeys.
“We are thrilled to be exhibiting at LendIt”, said Bill. “LendIt is the world’s largest financial technology event, and it is exciting to be there alongside other leading innovators and hear about which topics are dominating Financial Services. I am very much looking forward to meeting with other FinTech organisations and clients alike.”
“We’re also delighted to expand our operations to the U.S. and Canada and help organisations streamline their customer journeys with advanced customer experience platforms. Since HSBC implemented our software in the U.K. eight months ago, they have achieved customer satisfaction scores as high as 90 percent and their average loan approval times have been cut in half. We anticipate equally strong impact for financial organisations in North America”.
LendIt Day One Round-Up
The importance of building positive customer relationships and innovating at speed was highlighted at day one of LendIt.
With over 5000 attendees present and discussions on topics ranging from digital innovation through to blockchain, one important question on the agenda was how banks can innovate to create value for customers.
In an early keynote speech, new SoFi CEO Anthony Noto emphasised the need for banks to take a relationship-building approach to customer service. Whether it be from a product development or a service delivery perspective, Noto argued that the number one strategic priority for banks should be to move away from the historically ‘cold’ reputation of FinServices towards adding real value to customers.
Citi FinLabs CEO Yolande Piazze added to this argument in a later presentation. The age of instant gratifications has transformed customer expectations within the industry and customers now not only want but demand additional functionality to support them achieve their long-term financial ambitions. In order to deliver real innovation, Piazze suggested that banks must first focus on ensuring they have a comprehensive understanding of the needs and requirements of their customers through a range of different insight gathering methods, like customer surveys and workshops.
This highlights an important strategy for banking organisations looking to implement new platforms to customers. Although it can be tempting to invest in ‘Shiny Tech’ that looks good on a press release, such ventures are always likely to fail if they do not enhance the customer’s experience. It should be customers and not banks who are the arbiters of value and Banks should look to facilitate what customers demand of them.
Although there can be challenges along the way, banks that succeed in this respect are opening a huge growth opportunity, according to the SoFi CEO Anthony Noto. The growing availability of new FinTech solutions means banks can now innovate at speed and transformed products and experiences can go live to customers within weeks rather than years.
Sales Director Peter Nicol Shares His Thoughts on Day One
“It’s been fantastic to be at the forefront of FinTech innovation and to see the range of new technologies on offer. I’ve very much enjoyed speaking with other exhibitors and meeting with banking executives to show the value of our solution, and expand on why today’s theme of adding value to customers is so important for banks.
“I think historically, banks have created journeys that have been based around what works for the banks. The conversations we have been having at LendIt show that there is a real drive to flip this on its head and put customers back at the heart of the journey. Today, the growing expectations of customers and the ease in which they can switch, mean that banks can’t afford not to offer innovative solutions (both in terms of products and service) to meet customer needs.
“Now, of course doing this can be a challenge. Often the first step is aligning strategic priorities with a position of customer centricity. But what we are seeing at LendIt is that the boom in FinTech means there are now a growing number of solutions to problems that have traditionally been difficult for banks to tackle. Take what we are doing with vScreen for example- we facilitate identity verification & document exchange, enable agents to better explain complex products and ensure compliance all within the telephony channel, thereby taking complex journeys that historically took 10 days + and reducing them to just one single interaction.
“Customers drop out of a journey or move away from a bank when processes or products don’t work for them. But by finding solutions to these problems, not only do banks improve customer satisfaction, but this also translates into improvements in KPIs. FinTech partnerships also mean banks can innovate at speed, and so the time to value is often very fast. For example our suite of omni-channel products can go live within weeks rather than months or years, and we have achieved real success alongside our clients (improving Santander’s credit card sales by 45% or reducing HSBC loan transaction times by 75%).”
LendIt Day Two Round Up
From branches to call centres, websites to apps.
The emergence of new technology has always, and will continue to change the way customers interact with banks. In the era of digital transformation, competitors have often raced to unveil the latest platform. But the recent rise of FinTech organisations, who offer new products or ways of operating, has brought a new dynamic to the Financial Services industry, challenging the norm and creating concern among established brands.
In last year’s PwC Global FinTech report, 88% of incumbents confessed to being increasingly anxious about losing revenue to disruptors. But a sense of opportunity is now also prevailing among banks, as the benefit of partnering with smaller agile organisations, who offer innovative solutions to traditional problems, emerges.
On the second day of LendIt in San Francisco, the evolution of FinTechs from disruptors to partners was the key topic on the agenda. As banks face major challenges such as increased regulation or growing customer expectations, they are increasingly looking for external solutions to help them meet their needs.
In the developing ecosystem between FinTech and Banks, customer experience remains the principle driver of transformation. Following on from day one of the conference, ease of interaction, faster delivery and customer empowerment are significant priorities for banks looking to maximise value from new technology.
To learn more about how Vizolution are helping banks and financial services organisations to improve their customer experience as well as increasing KPIs, click here.