Day 2 at LIF2020: Accelerating Transformation to Succeed
Economies, industries, and companies have all been impacted by an unprecedented year that has dramatically changed how we live, work, and engage. Today’s Leader Insights Forum (LIF) agenda provided a deeper look at the state of global recovery and examined transformational trends.
Paul Mackel from banking leader, HSBC, kicked off today’s session with an Economic Outlook for 2021. His prognosis is that “Although we’re seeing some signs of improvement in the economy, business and consumer confidence is less upbeat. The silver lining is that people have become more comfortable communicating during the pandemic.”
As CX professionals, this squarely puts the responsibility on us for making each customer interaction meaningful.
The second session of the day, “Digitally Transformed Operations: The New Normal”, was delivered by the Head of Retail Operations for a Leading Middle Eastern Financial Institution and moderated by Rupa Ramamurthy, Executive Vice President of Banking Operations for Teleperformance.
This session provided an enlightening perspective on the sudden shift in customer needs. This leading bank has seen a 20% increase in online transactions, with nearly 60% of customers using digital channels. In fact, they’ve experienced 65% growth in digital payments with 28% of those coming from new users.
The global crisis has driven a fundamental change in customer behavior. So, banks are investing to enhance their digital channels, offer a seamless experience, and provide the best possible services – all while over 90% of this bank’s customer experience workforce working from home.
In a digital world, banks have to transform how they operate and interact with consumer to keep up – or get ahead of -- the fast-growing FinTechs.
“It’s all about leveraging data to make things more effective for both customers and the banks.”
For our third session of the day, Bojana Bellamy, President of the Centre for Information Policy Leadership (CIPL), put the spotlight on data. She believes that "We are in the 4th industrial revolution — the digital revolution.” And, in this revolution, organizations have to transform the way they think about data – protection, privacy, collection, sharing, and governance.
With COVID-19 accelerating the digital revolution, data protection has never been more important – for organizations, governments, regulators, and people. Critical items to consider include:
- That there will be more global convergence on how organizations manage data.
- We must deliver data protection while still growing companies and economies with data-driven efficiencies.
- Data sharing, while support teams work from home, has gained significant momentum.
According to Bojana, “The crisis has led to more data sharing, and this new appetite for data applications won’t go away.”
In the closing session, Lewis Taylor, Head of Global Support at Dropbox shared that they believe customer support begins and ends with CX. They’ve established a feedback loop where customer input goes directly back to the product team, and is discussed weekly. This aids in the evolution of the product, agents are motivated and empowered because they feel they can have real impact at the company, and customers feel heard and valued.
“We’ve done some special things by combining forces with our agents and product team to make things more effective for our customers. When customers contact us, we view it as an emergency – like they’re dialing 911 here in the United States”. -- Lewis Taylor, Head of Global Support at Dropbox.
Dropbox believes it’s critical to meet customers where they live, hire passionate people that want to make a difference, and deliver empathetic interactions. I couldn’t have said it better Lewis!
Tomorrow Day 3 of LIF, we will dig deeper into this – Celebrating People. We hope to see you there!