Held in the heart of downtown Toronto at the Steam Whistle Brewery, Mobey Day Toronto invited professionals from top Canadian financial services, service design, and technology companies, as well as leaders from across Europe.
The two-day conference welcomed industry veterans and trailblazers to connect and learn, around the topics of open banking, technology partnerships, enhancing customer experience, and emerging technologies and methodologies.
Say Yeah had the privilege of interviewing the global group of speakers, representing top-performing companies that are driving effective transformation and emerging businesses that are disrupting markets.
Here are the topics that stood out to us during the talks and discussion panels.
Customer spending habits
Representing STACK—a new service for people to save and share money through their smartphone—Ranjit Sarai shared the importance of meeting the needs of the growing millennial market, and how data is the answer to meeting these needs.
With millennials trending towards exclusively operating across digital channels in order to manage their finances, this gives organizations more data to work with in order to make informed decisions about product, value, and experience. It’s this active, ongoing feedback loop to learn from that becomes a vital tool in order to continue serving millennials efficiently.
Sarai also highlighted how customer journey mapping and design thinking are great tools for helping organizations understand current behaviour and deliver suitable and customizable solutions to enhancing customer experience and increasing customer spending habits.
Customer Experience (Debbie Gamble, Interac)
Debbie Gamble is the VP of Digital Products and Platforms at Interac. This company is considered a B2B2C, but Gamble and her team believe that design is essential to customer experience. It’s not enough to focus on the businesses they service, and Interac takes its role in shaping the end-user experience seriously.
“Customer is at the centre of everything we do.”
When bringing products to market, Interac focuses on three key values:
- Keeping their customer first;
- Embodying a trusted relationship between the company and the client, and;
- “pivoting with ease,” which is essential in an age of disruption.
She went on to describe that although serving customers most effectively requires the right channels, that’s not enough. Channels matter, but the right strategy is what makes all the difference.
They launched the Bolt Messenger Bot on Facebook Messenger and Twitter and found they were able to more effectively deliver service across these networks.
“We wanted to be where consumers are.”
With chatbots following familiar messaging service patterns and usage across already populated networks, BMO was confident that this new channel would be welcomed by the majority of their customers, and they’ve been thrilled with the response so far.
Open banking on the rise
The dynamics of financial services is changing significantly with open banking. With the implementation of real-time money management across a variety of providers, people have more control over their data and their money. The emergence of technology has propelled the notion of open banking (the use of Open Application Programming Interfaces (APIs) that allow third party developers to construct applications and services around the financial institution) quite rapidly.
According to Christine Robson, manager in the Monitor Deloitte corporate strategy group, open banking is here to stay. Open banking legislation and the use of Open Application Programming Interfaces (APIs) that allow third party developers to construct applications and services across financial institution is opening up both consumer benefits and partnership opportunities.
“Open banking is not a new concept, it’s a movement.”
With the right application and adaptation, open banking has a potential to reshape the entire industry.
Stemming off from the topic of finance and chatbots, a panel featuring Jake Tyler from Finn.ai, Sasha Caskey from Kasisto, and Gurpreet Singh from BMO, gave insight on designing and deploying conversational AI. Participants challenges one another with thought-provoking questions for the future. With AI in banking, what will the future look like? How can one ensure bank loyalty in an age where millennials will never touch foot in a bank; is chatbot the answer to this?
With over 38 countries and 20 banks represented, Mobey Day Toronto provided a diverse outlook on the rapid transformation of the financial industry due to the increased use of AI, robotics, and the sudden change in spending habits.
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If you’re looking for support in navigating these kind of emerging new technologies and methodologies to ensure your organization is effectively serving your business and your users, we’re here to help.