Customer Experience Lessons from the Sharing Economy for Finance

The TaskUs team attended Money20/20 in November 2015 and emerged with some valuable insights into the evolution of finance and fintech -- traditional retail banking has experienced tremendous disruption over the past 2 years, parallel to the changes we've seen to brick and mortar retailers and the telecom industry. As consumer options increase with mobile lending, peer-to-peer (P2P) payments and multiple options for personal finance tools, the banking and finance industry is seeing its fair share of competition from technology companies like PayPal and BitCoin.

The sharing economy model is changing the landscape of how finance companies interact with their consumers, and with an increasing audience of Millennials who are mistrustful of the traditional banking, it's become imperative for finance to adapt their customer experience to a model that's impacting the way nearly all industries operate. This wasn't lost on the speakers at Money20/20, who are looking at the way new economy, technology and next-gen retail approach customer experience. Here are the top takeaways from this year's speaking sessions in the realm of CX:

Delighting the customer in the digital age
With the modernization of technology, it's well known that there's a wealth of data readily accessible for companies to leverage -- the trick is finding ways to streamline data channels to what's truly insightful and actionable. Uber is often called on as an expert in this field: building data assets and structuring massive amounts of data so that it can be used in ways to surprise and delight users.

Culture is both your online and physical experience
Companies like Airbnb and Warby Parker are great examples of innovative companies that utilize the mix of both an incredibly strong online presence as well a physical experience. Airbnb regularly gathers hosts in various locations around the world to share best practices, on top of consistent website redesign and monitoring of their Net Promoter Score (NPS). Similarly to Apple, Warby Parker has begun to open physical storefronts that off of NPS.

The modern customer experience is about ownership and service
Banks and other financial institutions are reapproaching culture and adopting customer experience strategies of ownership and service seen in sharing economy companies. Making the lives of both the frontline employee and customer easier is a key focus of many financial institutions trying to pivot.

From considering remodels of the employee experience to a heightened focus on customer satisfaction, it's clear that the financial industry is taking lessons from the sharing economy.

Resources

  • http://techcrunch.com/2015/01/03/the-sharing-economy-and-the-future-of-finance/
  • http://techcrunch.com/2014/08/08/what-happens-when-payment-processing-becomes-a-commodity/

Michael Buenaventura

November 05, 2015