Yes, we have heard it all before; technology – and specifically mobile technology – is a complete game-changer for all industries.
It is how our customers want to receive all or part of their service in the new world where technology is the critical enabler of good service. How we embrace, use and most importantly how we service clients better by using mobile technology is critical to success.
Much has been written about mobile technology, and we see and experience it constantly, but still financial service providers are lagging behind.
Over the weekend I have been amazed with the level of mobile interaction I have received while making a number of large household purchases.
The reason I was so amazed was nothing to do with the type of technology used – in most cases this was a simple text message – but rather how these text messages were used.
Not only did I receive personalised text messages to thank me for my purchase, but also to confirm my delivery date and then invite me to complete a survey to let them know how well they have meet my needs.
How often does this happen in financial services? We continue to have an obsession with paper in our industry. I instantly read a text message, whereas a letter from a provider is usually put in the bottom drawer and any call to action is completely missed.
Face-to-face service is important, and in our industry critical, but a follow-up contact lets me know that I am not forgotten the second the sale is done.
I know that by then they have my money, and hence we are both committed to the purchase, but if this is the case why would they bother with the follow-up? The reason is all about keeping the customer happy for the longer term. Do we underestimate the impact of the use of mobile technology in relation to loyalty in our market?
At 7IM we have learnt first hand from our clients that they want us to interact with them via mobile technology, which has resulted in us developing 7IMagine.
We had a client who liked what we were doing with their money and how we engaged with them face-to-face and over the phone, but felt we were letting ourselves down with our paper-based follow-up.
Luckily for us this particular client is from the world of gaming technology, and offered to help us build an online application, 7IMagine, which allows a client to see their portfolio valuation, a breakdown of holdings and soon transaction history, all via their handheld devices.
Our developers taught us that simply turning a website into a mobile application is not how to engage clients.
Firstly, being used on the go is the biggest challenge. People using apps are not sitting at a PC but rather using a smaller device, and normally will have limited time to surf a website. The information therefore needs to be streamlined, and most importantly engage the user instantly.
Having an interactive experience with your supplier, whether that is a furniture store or your financial services provider, is critical to good service. Mobile technology is the perfect way to deliver that experience.
Verona Smith is head of platform at Seven Investment Management
