![]() ![]() Trust was at an all-time low post-Royal Commission, and industry research analysis shows that there’s been a really quick recovery on that trust piece with customers. Mim Haysom (Suncorp): The points the other panellists have made are absolutely spot on. If we can do that on a more enduring basis, it will help build trust. The basis of competition is not how we help the community and help the economy – that’s something that we all have a shared role in. And this has given us an opportunity to talk about that. Of course, we need to make sure we do that for our customers as well.įiona Hayes-St Clair (QBE): Like the banks, insurers are quite used to coming together around a community, for instance, when there’s a natural disaster and we all pile into the town or the community and we do whatever it takes to make that happen. And it’s been quite transformational for us. We had our staff satisfaction survey come back only in the last few days, and we saw probably the biggest uplift we’ve ever seen just on those metrics where people were able to say it’s not just the rhetoric, it’s also the actions being taken. But getting the opportunity to prove it is actually really powerful. Staff have always been our number one asset we always say it. Mark Sheppard (Mod): And we’ve heard that as an enduring theme over and over, that idea of taking staff on that journey.Īlan Matchet (Citi): That’s been massive and really important for us. ![]() That’s been transformational for us, in turn, to be able to demonstrate to our staff and to the broader public out there that this is a sector that’s been able to earn back trust. As an industry, hundreds of thousands of customers have needed that and we’ve been able to do it effectively and very sensitively. Looking at Citi, we had to have over 25,000 customers be able to very quickly access payment deferrals, additional hardship information and support. And, as we look through it now, it’s working really well. Everyone has understood the need to get this right: this is temporary this is a situation in a crisis where we all need to lean in to make sure we can help customers through what is a temporary situation.įrankly, it was a great opportunity for banks to be able to step up and demonstrate that they could do that. The coordination and cooperation between government regulators and the banks been very effective there’s been very, very clear alignment.Īnd, from my perspective, as we’ve been engaging, there’s been very little contention. It’s really been a transformation over this last six or eight months, as banks have needed to step up and show that they can be a critical shock absorber. And if you think back 12 months ago, the reputations and trust people had in them clearly weren’t in a great space. What impact has this had in restoring trust in financial services?Īlan Matchet (Citi): Financial services generally, and banks in particular, have obviously had a pretty rough time over the past years. There’s been a huge shift in the levels of cooperation and dialogue between financial services, the government and regulatory bodies, which has really aimed at keeping everybody afloat. Mark Sheppard (Moderator): Let’s talk about the last six months. – Nikhita Iyar, Business Strategist, Moxtra – Mim Haysom, Chief Marketing Officer/Executive General Manager Brand & Marketing, Suncorp Group ![]() – Alan Machet, Chief Executive Officer, Consumer Bank, Citi Australia – Fiona Hayes-St Clair, Chief Strategy & Transformation Officer, QBE Panellists explored the digitisation pivot and efforts to rebuild trust in the midst of the Covid and bushfire crises, trends in customer behaviour, and the future potential (and potential drawbacks) of artificial intelligence (AI) and machine learning (ML) in CX innovation. Here, we’ve taken a snapshot of the recent Digital CX Evolution Panel featured at FST’s Future of Financial Services Sydney, 2020 conference. However, FSIs cannot rest on their laurels – they face existential threats from all corners, from nimble innovators in the fintech, insurtech, and neobank world to the bigtech giants, with seemingly infinite data, tech resources, and clout to deliver customer experiences unrivalled in their sophistication and hyper-personalisation potential. ![]() Over the last year of crises and personal hardship, Australia’s financial services industry has, in large part, stood up and served its communities with care, empathy, and an understanding of the physical barriers and emotional challenges they face – and continue to face.īy doing so, banks and insurers have gone a long way to recouping the trust dividend (both from customers and employees) wiped out in the fallout of the Hayne Royal Commission. ![]()
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