Back to basics: why simplicity sits at the heart of consumer trust in financial services

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Highlights from the FST Media/SAP Roundtable in Sydney 2019:

At a recent SAP/FST Media roundtable session in Sydney, senior executives from Australia’s leading FSIs expressed concern over the immediate reputational hit taken in the wake of the Royal Commission and consumers’ increasing distrust of the incumbents’ motives, stressing the need for the industry to adopt a back- to-basics approach that engenders trust and rebuilds customer confidence.

Customer interaction points – from staff-led call centres to self-service banking and insurance apps – offer a vehicle for financial services to rebuild the bridge of trust with customers. The challenge for FSIs will be to make what are transactional channels into experiential services, facilitating whole-of-life interactions where customers feel valued and their interests best served throughout their financial life journeys.

It’s easier said than done, but entirely possible especially with the help of technology and innovation that puts customer experience at the centre of it all.

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