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Banks Need to Move at the Speed of Innovation
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Elliott Wilkins
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Elliott Wilkins,
User Rank: Apprentice
4/8/2015 | 11:59:45 AM
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KBurger
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KBurger,
User Rank: Author
10/24/2014 | 5:20:10 PM
Re: Speed vs research?
Voice-of-the-customer research is not new in financial services, my sense is that it probably is getting more sophisticated (not just focus groups or "man on the street" interviews in branches), especially with so many more digital-based ways to interact with customers. Once you factor in feedback (formal or otherwise) that is available to FIs via social media channels, banks and others have the opportunity to gain a lot more insight into customer attitudes and expectations. That probably creates new challenges about "weeding out the chatter" to glean the insights that matter.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/23/2014 | 5:02:20 PM
Re: Speed vs research?
Focus groups and surveys are definitely big in banking. Getting customers to fill out surveys though can be difficult. They have to be engaged. And social media is also playing a huge role in now in getting customer feedback.
Kelly22
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Kelly22,
User Rank: Author
10/23/2014 | 4:59:52 PM
Re: Speed vs research?
I've heard the same from plenty of insurers developing mobile apps. The app stores are popular for getting customer feedback. As for determining what customers want, I've heard of companies using focus groups and surveys to gain their opinions - not sure how many banks are doing that, but it seems to be effective. 
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/23/2014 | 4:33:25 PM
Re: Speed vs research?
The mobile channel can also help with getting that customer feedback. I keep hearing from a lot of banks about how they are using comments from the mobile app stores on their apps to help improve their offerings.
KBurger
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KBurger,
User Rank: Author
10/16/2014 | 12:23:56 PM
Speed vs research?
I guess another way of thinking about this shift is that stability is table stakes, a given, most customers will assume this (financial crisis notwithstanding) and that convenience is where banks can distinguish themselves and differentiate. Good insights, Mike. question about the speed/fail fast factor -- do you ever see that, in the effort to do things quickly, companies make assumptions about what their customers want, and skimp on the research/voice of the customer stuff? I could see that being a challenge.


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