Advice, but not as you know it
Many South African financial services organisations are focusing on their customer and intermediary experiences through the application of technology aimed at improving the business of today.
To truly differentiate themselves and build the winning business of tomorrow, providers need to set about:
- Defining their purpose as part of the brand, clearly outlining the measurable change they want to drive and the outcomes needed to improve.
- Developing a coherent customer and advice strategy leveraging fit for purpose distribution on top of target state architecture.
- Reshaping product propositions based on deep customer and behavioural insights and relevancy.
- Embracing more agile ways of work using new skills, new mindsets and co-creation with customers and brokers.
- Adopting a progressive approach to compliance by not only doing the right thing, but also through "being seen to do the right thing" by those they are providing a service to.
On the whole, the desired financial well-being outcomes are not being delivered at scale. There is an opportunity to provide enhanced assistance to a far greater section of the population.