Right now, the buzzword ‘customer experience’ is the main priority of many businesses. Amidst a world that is fuelled by technology and the genesis of the Internet, it should come as no shock that many innovative brands and savvy financial services providers are honing in on customer experiences. In doing so, they ensure customer loyalty, which is absolutely key to an organisation’s success.
As customers start to become way more tech-savvy users who are always equipped with mobile and other handheld devices on the go, it is natural for them to develop higher expectations of a company’s digitalised services and technologies. Having personalised digital interactions with potential customers is therefore a very crucial area that financial institutions are concentrating their efforts on. The challenges start to arise when businesses must thoroughly consider: a) how to make each customer experience unique and personal, and b) how to ensure that it is accessible and convenient for the customer to do business with the company.
Where in all of these things does identity and access management(IAM) fall into? With modern IAM specifically designed for financial services, financial service providers no longer have to lose sleep over brainstorming how to garner customer loyalty.
As part of a robust IAM solution, single sign-on (SSO) capabilities provides convenience for the customers, enabling them to be able to easily access any application or financial service, whether they may be located in the cloud or on-premises, or even delivered by a third party developer. Through federated SSO, customers only require a single set of login credentials to be authenticated by the IT security system once. And from there on, all the services and financial tools they may possibly require and are provided by the organisation will be at the tips of their fingers, ranging from bill payment, personal banking, insurance quotations, credit scores and so on. At the convenience of SSO, customers are guaranteed to have not only a seamless and productive user experience, but they also enjoy the security and knowledge that their highly personal and sensitive data is safeguarded.
In a similar vein, customers who are connected on the go expect intelligent experiences, beyond just convenience. Customers are more likely to come back and pledge loyalty to the financial services organisation when they feel valued. In order to make them feel valued as customers, it is necessary that their customer experiences are topped off with the feeling of being recognised and remembered. By making them feel more like a person, rather than a data point, customers are more likely to develop trust and brand loyalty to the company. This further ensures that organisations do not lose customers to other rival brands and competitors in the industry. With IAM, companies are empowered with the functions of unified customer profiles. Consisting of identity data, privacy consents and other personal data, customer profiles allow companies to better understand their customers and cater to their needs.This facilitates lightning-fast experiences that instil a personal connection between the customer and the company.
With IAM, financial services organisation are empowered to earn and keep customer loyalty.