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1、The art of customer connectionHow to create memorable experiences and drive growth for retail financial institutionsTable of contentsForewordExecutive summaryWhat financial institutions must understand about their customersThe critical challenge:Aligning strategy with customer needsA roadmap for pur

2、suing a customer-centric strategyConclusionMeet the expertsDiscover more2The art of customer connectionPHOTOForewordIn the dynamic and challenging landscape of retail banking,the year 2024 presents a crucial opportunity for financial institutions to embrace customer centricity.As banks navigate infl

3、ationary pressures,potential rate cuts,and the rise of digital-native competitors,delivering personalized and seamless banking experiences becomes paramount.This report delves into the essential strategies for enhancing customer centricity,offering insights and recommendations to guide banks through

4、 this transformative journey.Capgeminis extensive industry experience underscores the significant impact of a customer-focused approach on long-term growth and success.Our comprehensive study,conducted across financial institutions in the United States,United Kingdom,and Canada,sheds light on the pe

5、rsistent challenges organizations face in their efforts to prioritize customer needs.Despite a clear recognition of the importance of customer centricity,many institutions still encounter hurdles in executing this vision effectively.Through our extensive research,including the Capgemini World Retail

6、 Banking Report 2024,and our transformation build,run and operate experience over the years,we have been able to delve deeper into the importance of crafting memorable experiences to drive customer centricity,and where retail financial institutions should prioritize their efforts.We extend our grati

7、tude to all participants in our study and hope this report serves as a valuable resource,providing actionable insights to help banks navigate the path toward a more customer-centric future.The potential benefits for both financial institutions and their customers are substantial,paving the way for a

8、 more innovative and customer-focused era in retail banking.Chandramouli VenkatesanHead of Digital Front Office Transformations,Banking and Capital MarketsPatrick BucquetHead of Capgemini Invent,Financial Services,North America Sarah HobdayGlobal Head of frog,Financial Services3The art of customer c

9、onnectionPHOTOExecutive summaryIn a business like retail banking which emphasizes on being more product oriented generally,the secret to differentiation and growth lies in building long-term customer relationships using data-driven insights that drive the deep understanding to help make the shift fr

10、om transactional to emotional.Financial institutions(FIs)increasingly recognize the value of putting customer needs at the center of strategy but often struggle to execute on that vision.In our latest research,71%of industry executives surveyed say understanding customer motivations and preferences

11、is critical to growth,but 54%acknowledge they dont understand their customers well enough to embrace a truly customer-centric strategy.In this report,we highlight key findings from our recent survey of nearly 1,000 FI customers and 100 industry executives and offer a path forward for FIs seeking to

12、enhance customer-centric strategies.The first section explores the value of understanding customer life stages,attitudes and motivations,and the pain points that keep FIs from truly putting customer needs and interests first.We also discuss how key drivers,such as personalization,accessibility and c

13、onvenience,and transparency,can be used to build the stronger bonds that lead to growth.The second section focuses on executive priorities and some of the roadblocks that prevent FIs from realizing the promise of customer centricity.For example,about 60%of executives say they do not spend enough tim

14、e with employees and customers to understand how decisions made in the boardroom play out on the frontlines.They also struggle to use customer data to drive decision-making and position themselves effectively in the marketplace.The inability of FIs to align strategies with the needs and expectations

15、 of customers is a primary challenge.The third section introduces a four-pronged framework for implementing a customer-centric strategy and provides direction on using advanced technologies like Gen AI,modular content and the market centric data layer to operationalize and accelerate the transition

16、to customer centricity.Leveraging new technologies to better understand customers and align strategy with their needs is table stakes in the battle for loyalty and growth.The ability to deliver hyper-personalized experiences at the times in a customers journey when they are most needed lies at the h

17、eart of customer centricity.It requires leveraging customer data to anticipate those critical moments,investing in new technologies to help create consistent,compelling experiences,and embracing a culture that truly puts the customers interest first in decision-making.Most FIs are not there yet.Thos

18、e that can bridge the gap and align their strategies with customer desires will be positioned for long-term success.4The art of customer connectionWhat financial institutions must understand about their customersTodays financial institutions(FIs)understand the value of putting customer needs and int

19、erests at the center of strategy.However,the pathway to growth in the digital age is often colored by a focus on delivering the right product at the right time and place along the customers journey.In an industry like retail banking,where products and services are mostly commodities,being there for

20、those moments that matter with personalized solutions,seamlessly delivered via a customers preferred channel,is recognized as critical for driving loyalty and growth.Many FIs are pursuing these kinds of customer-centric strategies,but often their efforts are hampered by a lack of insight into custom

21、ers needs and pain points.That can lead those institutions to deprioritize attributes and features that customers want most and overinvest in things that customers care relatively little about.To better understand the disconnect between what customers want and what FIs attempt to deliver,we surveyed

22、 nearly 1,000 FI customers and 100 industry executives across the United States,United Kingdom and Canada.Our findings highlight the value customers place on clear communication,quality customer service,personalization and seamless delivery,and provide financial leaders with a roadmap for creating c

23、ustomer experiences that can inspire loyalty and drive growth.Key findings include:5The art of customer connection1,000 Customers100 Executives(Mortgage lenders,fintechs,banks,credit card players)20%Canada50%US30%UKAmbiguous communications and engagementAbout 52%of customers say they are frustrated

24、by communications with their FIs.Customers want honest,transparent information that empowers them to make informed decisions about their finances,but say they often encounter hidden fees,jargon-filled terminology,unclear terms of financial incentives,poor communication about account changes and inco

25、nsistent information across channels.Many customers say they have been charged fees that were not clearly disclosed when they opened their accounts.They also express annoyance over pushy sales tactics and upselling of unnecessary products,and often believe that bank advisors market products and serv

26、ices that arent the best fit for their current situations.Such encounters can leave customers feeling deceived and suspicious of claims that the customer is more important than the banks profitability,eroding trust and confidence.1.Capgemini survey pool size52%of customers are frustrated by poor com

27、munications with their FIsPoor customer service Customers contact their FIs when they have a problem and value efficient,accessible and responsive support,and the ability to interact with someone who can address their concerns promptly.Yet at these key customer service moments,they often struggle to

28、 access the right answers.Nearly 48%of customers in our survey report having substandard customer-service experiences.A decline in branch locations and operating hours has made it more challenging for customers to obtain personalized assistance.When urgent issues arise,they often must navigate autom

29、ated systems or endure long wait times to speak with a representative,leading to feelings of neglect that can damage customer loyalty.48%of customers report having substandard customer-service experiences6The art of customer connectionInconsistent digital experiencesCustomers expect seamless,intuiti

30、ve,and personalized experiences across all digital channels,but are often met with underperforming technologies and impersonal features and interfaces.In an era dominated by digital interactions,about 44%of customers say they are frustrated by mobile applications that crash or websites that are hard

31、 to navigate and provide experiences that are neither user-friendly nor tailored to their needs.Such digital shortcomings inconvenience customers and reflect poorly on the banks ability to innovate in an environment where the quality of the experience is critical to growing profitable relationships.

32、44%are dissatisfied using FI digital channelsUnderstanding customers and what they expect Customers today are driven more by emotion and purpose than traditional factors like price or convenience.For example,the 2023 Edelman Trust Barometer1 reported that customers are five times more likely to buy

33、brands that commit to addressing climate change,and four times more likely to support brands that promote gender equality or ending racism.Younger customers are especially concerned about values:64%of Gen Z customers expect brands to make their values visible at the point of purchase.In todays envir

34、onment,customers dont merely buy products;they align with brands that resonate with their values.1 Edelman,Edelman Trust Barometer Navigating a Polarized World,2023Customer centricity is about instilling a customer-first mindset into the organizations culture and operational framework thats based on

35、 deep,intimate knowledge of individual customers likes and dislikes,financial goals and life circumstances.This understanding,built largely on customer data they already possess,is perhaps the most powerful tool in most retail FIs marketing arsenals and needs to be put to use across the organization

36、 and not just the marketing or digital teams.As customers become more empowered and enabled,an FIs ability to anticipate their changing needs and be there with personalized products,services,and interactions is table stakes in battle for customer loyalty and growth.71%of executives say understanding

37、 customer needs is important to strategy,but 54%say their FIs lack those insightsIn this context,addressing customer frustrations around subpar service,inconsistent digital experiences,and ambiguous communications often requires a deeper understanding of what drives them than most FIs possess today.

38、While 71%of executives in our survey say that understanding customer needs and preferences is critical to achieving their growth objectives,54%cite poor understanding of those expectations as their biggest roadblock to putting the customer first.“We want to become customer-centric,but we arent quite

39、 there yet:theres no customer lifecycle strategy,contact management,customer service communications or single unified customer view”Senior Marketing Leader,Leading UK Retail Bank7The art of customer connectionAligning around the moments that matterFor FIs,designing more meaningful customer experienc

40、es can require centering on key customer-facing drivers,such as personalization,accessibility or diverse offerings,combined with a data-driven understanding of customer wants and needs based where they are at their journeys.For example,while customers value financial and non-financial incentives,wha

41、t often drives long-term loyalty is an institutions ability to facilitate significant life events,such as a major purchase,or to help them achieve long-term financial goals.Our survey shows that these life events can significantly alter customer preferences and priorities in ways that can present op

42、portunities for growth.The ability to design tailored experiences that meet a customers financial needs and aspirations in those milestone moments that matter can make all the difference in building long-term relationships.Helping customers achieve goals at those key moments and addressing their nee

43、ds consistently at every touchpoint with tailored solutions can build emotional connections that last a lifetime.Using data to enhance understanding and anticipate these pivotal moments can require a change in the organizational culture and mindset that recasts the FI from a seller of products to a

44、customer partner.For example,viewing the customer journey as a series of“jobs to be done”whether the job is buying a house or saving for retirement and then tailoring solutions that help them meet those goals can be an effective way for FI marketing teams to approach driving engagement,deeper connec

45、tions and trusted,purpose-driven relationships.Below we offer three examples of how FIs that combine insights on customer emotions and attitudes at different life stages with key customer-facing drivers(as identified by Capgemini research and backed by Capgeminis client-centricity framework2)can ali

46、gn to encourage growth:Buying a carLife eventsGetting marriedRetirement2.Importance of customer-centric drivers across life eventsPersonalizationTransparency and credibilityDiverse offeringsAutonomyAccessibility and convenience 2 Capgemini,Getting Personal Five drivers to power client-centric growth

47、 in Wealth Management,2023Buying a houseHaving kidsGoing to college8The art of customer connection3 Google,Shopping tab data,2022 Buying a car:Our survey shows that 33%of customers rate accessibility and convenience as the most important drivers in the car-buying experience.The typical customer inve

48、sts more than 12 hours3 researching a cars features,price,incentives and other information before making a commitment,and often is frustrated by inconsistencies in the process.FIs that can deliver seamless tailored experiences when it comes time to execute that purchase,whether via intuitive mobile

49、or online platforms,and can provide real-time access to a variety of options,can satisfy the customer in ways that foster positive feelings and grow the relationship.For example,DBS Bank in Singapore has created a comprehensive marketplace for buying and selling cars,which includes budget calculator

50、s,evaluation forms,insurance,and accessories,positioning itself as a primary channel for facilitating the entire car-buying process.Buying a house:In our survey,customers that encounter significant life events,such as buying a house,say transparency is a critical driver.In total,nearly 38%of homebuy

51、ers say they value transparent communication.Yet at these crucial junctures,many customers say they experience poor service or misleading communications lost opportunities for FIs to strengthen relationships.Institutions that are transparent about fees,terms and conditions can build trust and credib

52、ility with current and prospective customers,fueling higher customer acquisition and retention rates.Retirement planning:In our survey,30%of respondents planning for retirement say they prioritize personalized financial guidance and advice.With reports suggesting that many individuals are falling sh

53、ort of the retirement income needed to maintain pre-retirement living standards,FIs that leverage advanced data analytics and artificial intelligence to provide advice tailored to a customers unique situation can deepen engagement levels and find new cross-selling opportunities to increase wallet sh

54、ares.Customer centricity starts with understanding what customers want and how they interact with the institutions For FIs,customer centricity starts with understanding two things:what customers want and how they perceive their interactions with the institution.Leveraging data to be there for the mo

55、ments that matter in a customers life with the right product or service is the goal,but the emotional connection and quality of service provided is equally important.Its unlikely that customers who experience poor service,misleading communications or inconsistent digital experiences will be willing

56、to enter into the sort of deep and trusting relationships that can drive growth.Pulling the pieces together is an organization-wide effort that often requires a significant cultural shift,with all departments from product designers and marketing teams to business lines,channels,and data teams workin

57、g in concert to anticipate customer needs and deliver seamless experiences.FIs that can align their drivers,enablers and offerings with customers evolving priorities can significantly improve satisfaction,fostering the loyalty needed to achieve their growth objectives.9The art of customer connection

58、The critical challenge:Aligning strategy with customer needsIn todays competitive environment,FIs are under pressure to enhance productivity and efficiency,elevate customer experiences,and accelerate time to market and value realization.While some FIs are good at creating memorable brands and experi

59、ences that can engage customers and inspire loyalty,many others struggle to identify and execute on customer-centric strategies.Our research highlights the critical challenges that keep FIs from getting the most from customer centricity and presents a path forward.In many cases,the most important fa

60、ctor and the thing that FIs struggle with the most is aligning strategy with the need to meet customer expectations.In our survey,51%of FI executives say their goals often are not aligned with customer needs.Creating one unified customer-centric vision that everyone in the organization can understan

61、d and embrace is critical to delivering consistent decision-making and customer experiences.10The art of customer connection51%of executives say their goals are not aligned with customer needsJust 60%of leaders regularly engage with front-line employees and customers 78%of FI loyalty programs fail t

62、o provide incentives that are tailored to each customers preferences 80%of FIs do not use nontraditional channels to position themselves in the market80%of FIs struggle to organize and leverage their digital media assets87%of FIs lack centralized customer view and intelligent decisioning capability8

63、5%of FIs do not use advanced behavioral targeting and customer behavior data for precise targetingPutting the customer at the center of strategy often requires changes to the organizations priorities,culture and their target operating model(TOM)steps that are sometimes difficult to execute.Our findi

64、ngs show three core areas where the struggles to align strategy with customers expectations are most acute:Customer engagement and experience,market positioning and the ability to use data to drive decision-making.3.Challenges faced by executives in meeting customer needsCustomer engagement and expe

65、rience Engaging customers with personalized experiences lies at the heart of any effort to build strong,lasting relationships.Our survey reveals several areas where organizational shortcomings often hinder FI efforts to create those experiences.They include:Customer interactions:Just 60%of executive

66、s say they regularly engage with front-line employees and customers to enhance their understanding of customer needs,while the average FI employee spends only 29%of their time interacting directly with customers.Onboarding teams devote just 9%of their time to customer interactions,while spending mos

67、t of their time on tasks like documentation,compliance and risk assessments and operational activities.Streamlining processes to free up employee time for more customer interactions can enhance customer understanding,improve customer satisfaction,and inform better decision-making.Customer rewards:78

68、%of executives say their FIs dont personalize loyalty programs to meet individual customer preferences,with 40%using tiered rewards structures.Many also have yet to integrate rewards into the broader ecosystems where customers spend much of their time,relying instead on traditional programs.Tailorin

69、g incentives to individual tastes and building the capabilities to support customers on their digital journeys can create opportunities for innovative interactions and build credibility and stronger relationships.Customer engagementand experienceKey focus areasMarketpositioningData utilizationand de

70、cision makingFindingsAddressing these priorities by focusing the organizations energy and resources on three key customer-centric drivers improved accessibility and convenience,enhanced transparency and credibility,and personalization can help banks better align their goals with customer expectation

71、s and achieve sustainable growth.11The art of customer connection“We are focusing our digital strategy on integrating with partner channels to create seamless onboarding experiences for customers acquired through those relationships.”Chief Strategist,US card services firmTechnology and AI:Nearly 70%

72、of executives say leveraging AI and generative AI is critical to delivering real-time,tailored solutions.The problem is many are moving too slowly:84%say their institutions are either still exploring or just beginning to integrate AI and generative AI into their processes and workflows.Using new tec

73、hnologies to enhance customer engagement and experiences is becoming a strategic imperative in the battle for market share.Market positioningFIs that can position themselves with digital capabilities to conveniently address a wide range of customer needs can bolster their competitiveness and gain ma

74、rket share.Many FIs have seen their growth rate suffer because they moved too slowly to adapt to customers changing preferences.Our survey shows some of those pain points where FIs are falling behind:Embracing new channels:More than 80%of executives say their FIs rely too heavily on traditional chan

75、nels to meet customers life needs.In the digital age,embracing omnichannel solutions is essential to delivering the convenience and innovative products and services that customers expect2.Managing digital technologies and content:About 80%of executives say their organizations struggle to efficiently

76、 organize and distribute their digital marketing assets,which makes it difficult to optimize content across channels.FIs that manage and coordinate their digital collateral can deliver more consistent,seamless and transparent experiences across customer touchpoints,building the trust and loyalty tha

77、t lead to long-term relationships and growth.Data utilization and decision-makingOptimizing the use of data in decision making is pivotal to delivering personalized and timely customer interactions.FIs that leverage centralized data systems and advanced analytics to create a unified view of customer

78、 information can better predict customer needs,tailor offerings and deliver transparent and relevant experiences.FIs know this but most still lack all the capabilities they need to deliver on the promise of customer centricity.To better understand the challenges FIs face,consider the following insig

79、hts from our survey:Centralizing customer data to drive decision-making:87%of executives in our survey say their FIs lack both a centralized view of the customer and intelligent decisioning capabilities.Leveraging all available data to create a unified view of the customer can allow an FI to better

80、anticipate customer needs and be there along their journeys with the right offer at the right time and place.Using good data to drive decisions,customize products and services and enhance customers trust in the institution.“Theres so much we dont understand about our customers.We dont know their val

81、ues and drivers.Without that understanding,how can we be truly customer-focused?”Senior Marketing Leader,UK Retail Bank12The art of customer connectionDeveloping data-driven strategies:70%of executives say their FIs could improve data-driven strategy development by embracing the appropriate tools an

82、d mindset.Leveraging advanced analytics and big data can significantly improve decision-making processes,while increasing transparency and credibility in the eyes of customers.FIs that can effectively design and implement data-driven strategies are better positioned to predict customer needs and del

83、iver tailored solutions.70%of executives say their FIs need to enhance the effectiveness and application of data driven strategiesEmploying precision behavioral targeting:85%of executives say their FIs dont use advanced behavioral targeting and customer behavior data to make their cross-selling and

84、upselling activities more precise and effective.Blending segmentation and personalization strategies with advanced data analytics can enable compelling customer experiences that foster deeper relationships.85%of FIs still dont use advanced behavioral targeting for precise cross-selling and upselling

85、To summarize our survey highlights the areas where FI strategies are failing to fully meet and support the expectations and needs of customers.For customer centricity to achieve its full potential,FIs need to embrace the technologies,capabilities and strategies that can help them anticipate customer

86、s needs and be there to deliver the right products and services along their journeys.Leveraging three key drivers personalization,accessibility and convenience,and transparency to build stronger customer connections can help drive long-lasting,profitable relationships and growth.FIs that focus on ad

87、dressing the gaps between their own strategies and the expectations of customers can position themselves to capitalize on the benefits of customer centricity.DriversCustomers expectation FIs current statePersonalizationUnderstand their unique needs,preferences and behavior and provide tailored produ

88、cts and services.Limited use of customer information to create the personalized experiences that can inspire loyalty.Lack of centralized view and effective decision-making.Accessibility and convenience Seamless,omnichannel access to a wide range of banking services.Focused primarily on digital chann

89、els and still in the early stages of deploying digital and omnichannel solutions.Struggling to manage digital marketing assets with effective digital asset management.Transparency and credibility Clear,consistent documentation,transparent communications and credible information to empower decision-m

90、aking.Inadequate engagement with front-line employees and customers.Aggressive selling,complex fee structures and inadequate disclosures erode transparency,credibility and customer trust.13The art of customer connectionOur research highlights the disconnect between FI strategies and the need to deli

91、ver seamless,tailored experiences that meet customer expectations.Achieving the right alignment is a two-fold process:First,define and commit to a strategy as well as the TOM that puts the customer at the center of the FIs culture and decision-making.Second,embrace advanced technologies and tools,in

92、cluding generative AI and modular content,to gain better understand what customers want and act quickly to win their trust.In this section,we explore how FIs can approach both parts of the process and find the alignment needed for success.We also discuss how the power of generative AI and other adva

93、nced technologies can help accelerate the transformation to customer centricity.A roadmap for pursuing a customer-centric strategy 14The art of customer connectionFour pillars to help define customer centricityAs noted earlier in this report,51%of executives report that their FIs strategies and ince

94、ntives arent aligned with customer expectations.An effective strategy prioritizes understanding customer needs,preferences and behaviors well enough to ensure that all business decisions are centered around delivering exceptional experiences.Forming a trusted bond with customers is the key to buildi

95、ng profitable long-term relationships and sustainable growth,and its not easy.It involves employee training and changes to processes,culture and organizational structure to reorient the FI.How best to proceed?We suggest employing a customer-centric organizational strategy framework that focuses on t

96、he following four pillars.Jobs to be doneArchetypesInteractionsPrinciplesArchetypesArchetypes:Understanding different segments Archetypes represent the fundamental personas and segments that make up an FIs customer base.The needs of each one are shaped by different desires and motivations.For exampl

97、e,a“savvy investor”customer archetype might focus on maximizing returns through diversified investments,while a“safety seeker”prioritizes stability and low-risk options.Understanding the unique traits,behaviors and needs of these archetypes can help FIs create strategies that are customized to meet

98、the needs of targeted audiences.Jobs to be doneJobs to be done(JTBDs):Understanding the customers goals Viewing the customer journey as a series of“jobs to be done,”or JTBD,shifts the focus from selling products to helping customers solve their problems.Understanding a customers underlying motivatio

99、ns and objectives at a given moment in time can help FIs design experiences that help achieve those goals,enhancing satisfaction.For example,if a customers current JTBD is to quickly increase his living space via a home renovation project,offering a home equity loan with flexible payment options or

100、fast approvals could help win the business.An FI that understands a customers underlying motivations for the project can better meet their needs and strengthen its bond with the customer.InteractionsInteractions:Building connections,optimizing encountersInteractions are the touchpoints through which

101、 customers engage with an organization,including contact centers,digital interfaces,and in-person experiences.Optimizing those interactions by creating a strategic vision based on the archetype and JTBD findings can help FIs create seamless and positive customer journeys to build trust and loyalty.1

102、5The art of customer connectionThis framework archetypes,JTBDs,interactions and principles-can be used as a starting point for addressing the disconnect between FI strategies and customer expectations.Aligning these areas is critical to building trusted relationships that can foster loyalty and driv

103、e growth.of executives say generative AI can help their Fls personalize services and offeringssay generative AI can improve content and data managementthink chatbots will be relevant to their strategies 73%of FI executives believe that generative AI will help them provide more personalized services

104、and offerings to meet client needs.61%say generative AI can help them better manage content and data to more effectively serve customers.84%believe chatbots will be relevant to their businesses in the future.Leveraging advanced technologies to executeThe most effective customer-centric strategies ar

105、e backed by cutting-edge technologies,including Generative AI,that FIs can use to improve their content and data pipelines.The objective is to drive loyalty and growth by using data to design experiences that reflect a genuine commitment to meeting the customers emotional and ethical expectations.Un

106、derstanding how to best use Generative AI and other advanced technologies to achieve those results can be challenging.We suggest leveraging a customer-centricity framework that focuses the organizations attention on strengthening two critical areas:Customer-facing drivers,such as personalized servic

107、e,consistent availability,transparent communications,diverse product offerings and customer empowerment,that are pivotal to enhancing customer satisfaction;and Backstage enablers,including strategic alignment,robust data capabilities,advanced technologies,efficient operations and organizational cult

108、ure,that customers dont see but are critical to supporting and sustaining those drivers.Generative AI,modular content and technologies that mesh internal and external data can play a pivotal role in helping FIs leveraging those enablers to accelerate the transformation to customer-centric strategies

109、 and achieve their growth objectives.Below,we address three key areas where advanced technologies can provide the accessibility,convenience and trust that are foundational to customer centricity.The promise and potential pitfalls of generative AIGenerative AI is rapidly transforming retail financial

110、 services,with new use cases and applications regularly being introduced to boost operational efficiencies or enhance the ability of FIs to understand and meet customer needs.Most executives in our survey say it is a critical tool for managing and leveraging data and content to deliver hyper-persona

111、lized experiences at key moments in the customer journey.Consider:PrinciplesPrinciples:Defining core valuesPrinciples are the North Star of the framework the core values and guidelines that drive organizational behavior and decision-making.Embedding a commitment to customer centricity,transparency,a

112、nd ethical conduct into the organizational culture can provide the internal cohesion needed to prioritize delivering exceptional customer experiences.16The art of customer connectionClient Story:Defining a generative AI strategyA leading FI aimed to prepare for generative AI adoptionCapgemini provid

113、ed data-driven insights to the Chief Data Officer and Head of AI to help define a generative AI centric vision.Developed a clear strategy and roadmap,paired with an assessment of current capability and maturity to maximize investments and beat the competition in the race to adopt generative AI for g

114、rowth.Key gains included a two-year generative AI vision,a structured 12-month roadmap,seven critical AI-to-generative AI transition recommendations,prioritized use cases,and a maturity assessment enabler.Automated campaign brief creationUnstructured campaign briefs to structured campaign objects wi

115、th associated metadataModular,creative and emerging,generative AI tools for personalized,compliant content creationContent aligned to branding and style guidelinesLeveraging generative AI to speed up review,audit and disclosure processContent personalisation for customer segmentsAI-driven smart tagg

116、ing enhances asset tracking for precise usage,performance and consumption measurementAutomated insights&reporting using text promptsWith improved measurement capabilities in place,optimize content based on real-time insightsReview acceleration through intelligent workflowsMultiple variations of cont

117、ent for rapid experimentationBelow are areas where generative AI can provide immediate and powerful results:Strengthening the content supply chainFrom ideation to optimization,integrating generative AIs ability to automate data collection and generate real-time insights into the content supply chain

118、 can lead to quick and powerful enhancements in the quality of customer experiences.Two key areas of the supply chain where FIs can leverage generative AI are content generation and predictive insights:4.OpportunitiesCampaign brief creationContent generationActivation and optimizationAnalytics and r

119、eportingReviews and approvals17The art of customer connection Content generation:Generative AI can help FIs brainstorm and tailor content to create hyper-personalized advertising campaigns or product descriptions that are aligned with what is known about a customers needs and preferences.Predictive

120、insights:Generative AIs real-time analysis and automated sentiment analysis capabilities can provide predictive insights,enabling FIs to anticipate customer needs and rapidly adjust strategies.Using those advanced data capabilities to streamline processes and ensure that every piece of content is da

121、ta-driven and strategically aligned can lead to more personalized customer experiences and improved retention rates.“Content marketing is a major area of focus and with generative AI there is a lot of opportunity pertaining to written content creation and its scalability.”Senior Marketing Leader,UK

122、Retail BankBolstering contact center effectiveness In todays experience-driven economy,contact centers are the primary touchpoint for customers seeking assistance.Generative AI can enhance agent efficiency and the quality of the customer experience by leveraging advanced analytics to predict custome

123、r needs and respond quickly.The below chart illustrates how FIs can use generative AI to transform their contact centers into growth drivers.Enhance customer engagement:Generative AI can detect and predict customer sentiment and needs across different languages and proactively advise contact centers

124、 on how to best address them in real-time.Models that can make self-service tools more conversational and accurate can help detect emerging issues and address them before they become serious.Improve operational efficiencies:Generative AIs ability to streamline customer routing,support scripting and

125、provide real-time recommendations can improve customer wait times and call center volumes while creating more opportunities for customer engagement.The challenges and risks of generative AI Generative AI can accelerate the transformation to customer centricity,but also carries unique challenges and

126、risks.FI leaders should weigh the pros and cons thoughtfully before adopting the technology as part of their strategies.Key factors to consider include:Generative AI is still a new technology,prone to mistakes.It has been known to“hallucinate”and generate biased outputs,misleading information and da

127、ta privacy leaks.Unless it is well-trained,the technology also poses risks in areas like infringing on Omnichannel customer support;SM monitoring and engagementCustomer experienceAgent efficiencyChatbots for initial customer interactionScripting and speech synthesis support for agentsQuality assuran

128、ce through AI monitoringPreemptSelf-serveSupport responseContinuousimprovementLanguage translation for global supportVirtual financial assistant for client supportKnowledge base management and suggestionsCustomer identity verificationVoice assistants for call routing18The art of customer connectioni

129、ntellectual property.Regulatory agencies are still deciding what,if anything,to do about it.Customer wariness about how generative AI collects and uses their personal data is another potential challenge.In our survey,78%of executives express no worries about generative AIs data collection practices,

130、while a staggering 84%of customers have at least some privacy concerns related to the technology.Outdated infrastructures or lack of organizational collaboration can make integrating generative AI into existing operations a challenge.FI leaders must prepare for these challenges before they start to

131、implement the technology into their workflows.IntegrityLegal ComplianceOperationsBias:Unintentional bias can filter into Gen AI predictions,which could reinforce existing inequalities and damage the organizations brand and reputation.Intellectual property:Gen AI algorithms,trained on diverse data,ma

132、y risk in infringing on intelectual property rights when generating content.Sustainability:Gen AI models require a lot of energy to train and use,raising climate change concerns.Hallucinations:Gen AI models can sometimes produce incorrect yet plausible information,which is particularly harmful in fi

133、nancial services.Data leakage and privacy:Gen AI processes sensitive customer data to deliver personalized experiences and the risk that some of that data could leak is real.Model risks:Language models are not knowledge models,and theier outputs must be constantly monitored amd validated by human ag

134、ents.Inherited risk:Gen AI models often function as“black boxes”making it challenging to understand their operations.Financial institutions must grasp these models to avoid risks in downstream applications.Regulation:Using Gen AI for personalized marketing or customer service raises legal issues,as

135、data use regulations vary by jurisdiction5.Types of risks“Crafting exceptional customer experiences requires a data-driven approach that leverages real-time insights to personalize and anticipate customer needs.”Executive Vice President,CapgeminiThe use of generative AI comes with a unique set of ch

136、allenges,but in the quest for growth its ability to help FIs hurdle organizational roadblocks and deliver the clear communications,personalization and seamless delivery that customers expect makes it too compelling to ignore.19The art of customer connectionEnhance personalization with modular conten

137、tModular content uses reusable components like text blocks,images,and videos to deliver personalized content with consistent brand messaging across channels.Its plug-and-play capabilities can enable FIs to quickly assemble hyper-personalized experiences,reducing time-to-market and operational costs,

138、and adapts seamlessly to different devices and accessibility needs,fostering trust.Using generative AI to power modular content strategies can enhance scalability,adaptability,and overall content effectiveness,helping drive sustainable growth and a competitive advantage.Boost the contact center with

139、 market-centric data layersAs FIs embrace customer-centric strategies,they can reimagine their contact centers by leveraging market-centric data layers(MCDLs)to gain a holistic view of the customer.An MCDL blends an FIs internal data with insights from external sources to help make data-driven decis

140、ions that align with customer expectations.Imagine being able to listen to what customers are saying and doing online and offline.Generative AIs ability to analyze massive amounts of data in real-time makes it a powerful tool for building and maintaining an MCDL.Heres how:Collecting customer insight

141、s:Understanding customer sentiment,preferences,and emerging trends.Standardizing data:Providing a consistent format,making it easier to analyze and use.Analyzing customer feedback:Continuous analysis of customer interactions and feedback helps build a richer picture of the customer within the MCDL.F

142、Is that are able to harness the power of an effective MCDL will have a richer,more-complete picture of the customer,allowing them to deliver the kind of personalized and responsive experiences that can drive customer satisfaction and loyalty.20The art of customer connectionConclusionIn todays connec

143、ted landscape,the most effective way for retail FIs to power growth is by providing customers with experiences that meet their needs and expectations at those critical moments that matter along their journeys.Our report findings highlight just how far FIs still must go to align their strategies with

144、 those customer needs.We know that customers crave personalized experiences,clear communication,and seamless service across all touchpoints.Key customer-facing drivers,including accessibility,transparency and personalization,are critical to delivering those features.Our report adds to that understan

145、ding by showing how different life events,such as buying a home or planning for retirement,can trigger distinct customer needs.Those are the moments that matter,and they are opportunities for customer-centric institutions to build the connections that can drive loyalty and profitable,long-term relat

146、ionships.Unfortunately,many FIs struggle to capitalize on those opportunities,hindered by poor understanding of their customer bases and technology infrastructures that remain ill-equipped to deliver on the promise of customer centricity.To bridge the gap,we propose FIs embrace a two-pronged approac

147、h:first,use data and analytics to deepen their understanding of customer needs,preferences and pain points,and then use those insights to develop targeted strategies and offerings that resonate with individual customers.Second,embrace advanced technologies like generative AI to automate tasks,improv

148、e contact center efficiency and enhance accessibility and convenience to deliver hyper-personalized experiences and build trust with their customers.The journey towards customer centricity is ongoing.FIs that prioritize customer understanding and embrace new technologies to deliver what customers tr

149、uly want not just what executives think those customers want can transform customer interactions into vehicles for fostering deeper relationships,stronger loyalty,and growth.21The art of customer connectionAalekh Bhatt Head of Digital Transformation,United Kingdom Chandramouli VenkatesanGlobal Head

150、of Digital Front Office Transformations,Financial Services Aarti KulkarniHead of Financial Services,frog United Kingdomaarti.kulkarni01frog.coPatrick BucquetHead of Capgemini Invent Financial Services,North AMeet the expertsVinay Patel Global Lead for Contact Center Transformation,Financial Services

151、 Blake DiCosolaCapgemini Invent Financial Services,North AMujesira DudicHead of Digital Transformation,North ASarah HobdayGlobal Head of frog,Financial Servicessarah.hobdayfrog.co22The art of customer connectionDiscover moreWorld Retail Banking Report 2024 World Payments Report 2025World Wealth Mana

152、gement 2024 23The art of customer connectionCopyright 2024 Capgemini.All rights reserved.About CapgeminiCapgemini is a global business and technology transformation partner,helping organizations to accelerate their dual transition to a digital and sustainable world,while creating tangible impact for

153、 enterprises and society.It is a responsible and diverse group of 340,000 team members in more than 50 countries.With its strong over 55-year heritage,Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs.It delivers end-to-end se

154、rvices and solutions leveraging strengths from strategy and design to engineering,all fueled by its market leading capabilities in AI,cloud and data,combined with its deep industry expertise and partner ecosystem.The Group reported 2023 global revenues of 22.5 billion.Get the future you want|Disclai

155、merThe information contained herein is general in nature and is not intended and should not be construed as professional advice or opinion provided to the user.Capgemini assumes no liability for errors or omissions or use of this material.This document is provided for informational purposes only;it

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