This year’s BAI Retail Delivery conference theme was “Move Forward with Insights” and as always, it delivered. The conference is full of great opportunities not only to see old friends and colleagues, but also to meet with press, analysts and customers.
While BAI had one overarching theme for this year’s conference, there were a couple other themes running through most of the presentations, demonstrating what is top of mind with retail banking industry executives. In no particular order, here are some of the highlights from this year’s conference to stay competitive and relevant:
Channel Integration with a focus on Digital Channels:
The topic of omni-channel, or even “opti-channel” by one speaker where the customer chooses the “optimal” channel, was big. Channel integration and breaking down the silos was discussed in a number of sessions with a great focus on digital channels and the inclusion of digital as a key channel of choice, especially from competitive standpoint.
Operational Excellence and Transformation:
As today’s customers are becoming more demanding and empowered with loyalty rapidly becoming a thing of the past. Customers are demanding service and information on their terms, which is fast and frictionless. Disrupters in the market place are willing and able to offer it and unless financial services institutions start addressing these gaps and meeting the needs of the new generation, they will be faced with major issues, if they aren’t already. And this isn’t a small issue because Millennials, as noted by several speakers, are about to be the largest recipients of wealth transfer in history.
The Power of Knowing:
There was a lot of discussion on “knowing your customer”, addressing the needs of your customer and selling to them to remain competitive. I did a standing room only session in the EXPO hall entitled “How to Become a Real-Time Marketing Superhero”. In the session I discussed the how the complexities of today’s world require real-time analytics and a Next Best Action approach in order to deliver on the optimal customer experience – hence – “Moving Forward with Insights”.
In closing, I was pleased to hear a loud call to action throughout many of the sessions I attended – shift your focus and place the customer in the CENTER. Every interaction requires making a diligent move from a product sale to really taking the needs of the customer into consideration. I look forward to next year’s BAI in Chicago. Until then…
Photo note: Scott Andrick of Pegasystems accepting the FinTech 100 Award, demonstrating Pega’s commitment to providing the best technology to the financial services industry, helping banks meet their customers growing demands.