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Today’s financial services firms must constantly ask themselves: Which disruptive brand will be our next competitor?
This is because today’s diverse companies are eliciting new brand permissions from their customers, allowing them to play in spaces previously out of reach. For instance, many financial services firms are exploring what to do when (not if) Amazon decides to move into their space. Similarly, when we are looking for innovation inspiration in financial services, we turn to companies like Ant Financial, who have leveraged their expansive customer experience platform to grant them brand permission to explore new business categories.
Going forward, customer experience (CX) will be the key to helping financial services clients drive growth. The path for doing so will involve developing strong customer experience platforms that in turn grant new brand permissions, which will ultimately allow for the creation of new products and services growth.
Another threat to existing financial services companies are startups, which are emerging and building brands at scale much faster than was possible before. While incumbents have been investing large sums to establish trust and reputation through brand building in the physical and digital worlds, startups have been able to build viral followings that allow them to exponentially grow their brands and compete in new spaces. If we look at the rise of the payment platform Venmo for instance, growth wasn’t triggered by viral campaigns and a band of digital influencers, but by the peer-to-peer nature of the service itself—an engagement experience that went beyond functional, tapping into the social and emotional attachments we associate with the payment moments. In this case, the CX of the viral product drove digital brand growth and resulted in rapid scale.
At frog, we help our financial services clients re-imagine their CX strategy in the face of all these rising threats in order to create new brand permissions that allow for products and services that go beyond their core.
Learn more about building a world class CX strategy at frog:
As AVP of Innovation Strategy at frog, Dr. Toshiharu (Toshi) Mogi leads the Financial Services Practice. With over 20 years of experience, Toshi leads frog engagement teams to incorporate design thinking, emerging technologies, market disruptions, and entrepreneurial methods to help clients identify opportunities, develop competitive growth strategies, and create new innovative products and experiences. Prior to frog, Toshi held positions of increasing leadership at Cisco Systems, Wipro Technologies, McKinsey & Company, Barington Capital Group, Hewlett-Packard, and AT&T Bell Labs.