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Courtesy of Citi's Satya Upadhyaya, below is a transcript of his speaking session on 'Customer Demand Digital Experience' to Build a Thriving Enterprise that took place at Business Transformation & Operational Excellence Summit in Financial Services Live.
Customer Demand Digital Experience
Today’s customer has become more informed and enriched and they no longer compare one banking institute or organization with another or for that matter a product they offer with another. In fact, they compare experiences. Experiences that are easy, instant, and seamless.
This change has made a paradigm shift to current day business operations, how business will get done, how to stay relevant and play an active part in the customer’s life. Traditional approaches with siloed channels with numerous repetitive workflows are doing little benefit to organizations, staff, and customers they serve.
Let’s navigate this journey putting the experience layer over the technology layer. This approach will allow organizations to orchestrate customer interactions across multiple touchpoints, generating massive savings in cost and time and delivering a CX that makes sense.
Satya Upadhyaya present of campaign optimization, marketing, capability and change with Citibank. Such a wonderful to have you with us, ..., helps deliver transformational roadmaps and program delivery pioneering optimal digital solutions and deliver CX best practices for Citibank, A practitioner Who speaks both languages off CMO and the CIO and lead conversations in strategy, execution and delivery. Satya, it's a real pleasure and privilege to have you with us. We're all very much looking forward to your presentation today.
Thank you, guys. Hopefully, people are able to see my screen.
Just a bit of housekeeping for me.
Great, looks great.
So, good morning, good afternoon, good evening, and whichever part of the world you are, it's very early morning for me here in Sydney, just past midnight. Wonderful to be here. Really delighted to talk about. The topic for discussion today is a customer's demand digital experience. So without wasting too much of time, let's really kick into it.
I guess, as leaders, within our organizations, whether we're wearing a CMO, had a CIO had basically a CXO be relatively now.
The journey and the path that we're taking to, we now, where we are aiming for, and we all are aiming for the North Star.
The challenge that we've got is, we just don't know how to get there, but when people, process, data and technology, the presentation today, I'll walk you through. OK, so, well, how do we actually aim for the North Star? What exactly is the non-stop from a digital experience perspective? And I'll give you a few pointers and teams as to how you can aim the restart, no stop at through people, process, data, technology, and system.
So, before we really go into, let's take a step backwards before we take a step forward, to really understand what the challenges are.
And these challenges are not predominantly only restricted to banking, but these challenges across all industries, whether you're a retail, whether you're in banking, whether you're in telco, or whether they and airlines.
So, let us look at 1, 1, 1 of all these challenges, 1 by 1 and navigate through.
So, the first challenge that we've got today is fractured interactions with customers and processes.
And what that basically means is that and why is that.
A problem is there hasn't been a stream focus. You know, we've always been hearing about organizations saying, exist, organizations exist in silos. So what's happened here is that this is an extreme focus on channel and product as a result of which, what we have disregarded as indeed is the integration between business processes.
And because organizations exist in silos over a period of time, different business units have added their own stack. And what that has meant is that they've got duplication of work.
Got insufficient teams which are just co-ordinated, they've got monolithic architecture that they've built across and that leaves too fragmented CX.
The second part, is, the lack of customer insights.
We are in this data world, where we become very, very, data rich, but at the same time, become very, very information poor.
We are unable to produce customized strategies to basically produce a segment of one concept. What that leads to is poor customer adoption because of primitive customer communication frameworks, that we have in place.
The third challenge that we are facing, is, we are all at the start of the automation journey.
And what that basically means is that, we are moving away in marketing terminology from mass marketing into cognitive marketing. Or we're working in the fourth Industrial Revolution, where you have parallel existence of man and machine.
Do you have new channels, like Weiss, chat box, robotic process automation, contextual commerce? They have to be implemented? And I don't think any organization could say that we've actually nailed it. We add the utopian of it to everyone who's at the start of this into intelligent automation journey, looking at artificial intelligence, virtual reality, machine learning, artificial artificial intelligence, because location based services. So, so, there's no one who has mastered. It's everyone's actually just navigating their way through what's the best way of doing it. Some are starting some amid white, but no one's actually used recently, utopian.
The last one is a challenge for all organization is navigating that CX and technology landscape.
What that means is that if you follow Scott Branchiae, there are about 8000 plus solutions available in the marketing technology, luminous Skype.
It's a spider web of inter-connected systems and capabilities.
The challenge is, how do you actually cut through the noise, select the right technology, that is best for your engagement.
So, you as an organization could be looking at a customer life cycle where you are more involved in onboarding a customer than growing a customer, retaining a customer, and winning back a customer. If you're an organization which is focused on a B2B set, that you're more interested in, basically, how do you manage your suspect and your prospects or your lead management system? So, how do you actually navigate your suspects to a prospect from a prospect to customer, and then you start looking to give them from transactional messages to behavioral messages or inflammation of the messages through rotation of messages, and how do you actually grow them through the pipeline. So, what's the technology that you need to know? Those are the challenges that you've got.
Now, that those are challenges, that when you look from an organizational lens, but really, what is driving these challenges?
at the bottom of the whole thing, what's driving is the customer?
What's happening from a customer's perspective is customer is actually getting more informed. They're getting more enriched, and they're actually very demanding.
And the paradigm shift that's happening in the customer's mind, which was not happening in many years ago, because, again, we operated in product silos is that they are not comparing a bank with a bank.
They're not comparing a product with that.
The product, they're actually comparing experiences them to get out of an organization, experiences, which are easy, experiences, which are instant, and experiences which are seamless.
So the semantics that's basically working through what the customer is driving, or what the customer wants and how organizations are playing catch up.
So the customer is saying, organizations, I need a customer, I need to enhance customer interaction, and how the banks or organizations are responding to that, they're thinking, OK, how do I find that enhance customer interaction, but truly multi or an omnichannel experience?
How do I focus just not on interaction, but on transaction, as, rather than transaction, how do I feel a face or interaction? So, it's like, we're moving away from linear, monologs to both ways dialog. And, how do I actually started looking at the new ways of interacting with customers? You have more than 20 plus channels to basically communicate with the customer and how do I make that happen?
From a customer perspective, again, the customers saying, you need to be inside lead, provide insight, lead customer experience, From an organizational perspective, what it's looking at is how do I provide a faster turnaround time?
I don't look at conversational banking, how do I provide personalization at scale?
Next point, the customer saying, how do you basically have high business processes? And what that means for an organization, is that the customer doesn't really care, that you own silos. The customer does not understand. You've got sophisticated technology, you've got legacy system, and how do you actually get to your backend your middle, and in front end to talk with each other? How do you know your customer? And how do you provide a seamless onboarding for where a customer that's all the customers interested in?
Customers talking about smart and intelligent banking, what that means is OK, organizations. How do you actually go through the path of being data driven?
You're implementing to capabilities of Artificial Intelligence Machine learning was processing ano, IVR system to manage the telephony ways of communicating and all, and many, many orchestrating that with the, with the customer.
So having that backdrop understanding, let us try to look what's happening in the banking landscape. And I'll try to be a bit more focused in Australia, what is happening in Australia, and take it from there from an Australian perspective. So I guess one thing that's happening in banking in general globally, is reputation in, banking has been tarnished customers, are feeling a bit dissatisfied.
The legacy behaviors in banking industry is currently being challenged. You brought new regulations coming into place, You've got changing preferences from a customer's perspective, and you've got emerging technology.
At the same time, trust is a big question, and trust needs to be earned. It needs to be tangible. It needs to be believable.
It needs to be measurable organization, where banking organizations globally are struggling with a crosswalk, that you will see, that, a lot of customers who say, I don't trust my bank, and there are reasons for that. So that's where the biggest challenge from a slice from, from a customer's perspective.
The other thing that I wanted to talk about before really going in more detail is about ..., and the impact of .... In 20 21, at no discussion can go ahead without actually providing a flavor of grow it.
What code has done is basically pivoted and digital, or digital transformation, or digitization, supercharged it in one way what the organization wanted to do, and he is basically now, organization had been forced to and months, but at the same time, a certain organization, it has been, kept your foundations, right?
Going back to the basics, how do we actually do more with less?
Think about your strategy first, technology second.
So, from a banking perspective, what we've seen globally is, there has been a shift in which how people want to interact with their bank.
There has been an increase of banking done through mobile or online, as compared to walking into a branch and doing through to the physical environment. That basically has provided an opportunity, and what that has provided an opportunity because of digital exploration is bringing in new connectivity from a customer's perspective, from an operations perspective, and from a technology perspective.
The other thing that has happened in the ...
banking space is Open Banking and Open Banking started in Australia. In July last year, it's still a nascent stages, it's just getting rolled out in phases. and what that allows is, through API connection, customer information can be shared across different organization.
And, that allows more, how other organization, who don't have access to customers York as a customer's data. And, leverage that customer data, and tailor make products, and offer irrelevant to the customer, so, it's an opportunity for a competitor bang to the SQL and, get the customer information, and, provide, tailor make services product to an organized, to a customer.
The third thing that is impacting in the Australian market is the big four or the main financial institution.
In Australia, 80% of the banking assets are managed by what we call is a before, which is N Zed, Westpac, CBA, and NAB.
65% of the population has a main financial institution relationship with the Big four.
As I started doing my opening statement about the Race, to stay ahead with the banking, outlaw Trust has been effective. We've had a Royal Commission, and sometimes, last year, as a result of which?
Customers are not satisfied, not happy with, with the banking institution?
This provides an opportunity for tier two banks, multinational banks, foreign banks to come in and play and provide a play King, was earlier, hada switching has become easier, because hopefully, will become easy because of open banking and it becomes provides a fair play.
So, those were the, the opportunities for banking within the Australian domain. But at the same time, we see as threats. And when I say threats, it's more from the Neil Banks and Fintech. And what that is doing is basically, they are bringing Agile way of working. They don't have a legacy organizations and they don't have legacy systems. They, they have a startup mindset in, from a startup to scale up the embassy in thinking that.
So, they are able to plan and, when to the agility and digital first capability. And they are the true, digital, digital bank, within and challenging the legacy banks, in terms of how they operate. How they maintain relationship with the customer, the seamless, straight through processing, and product and services, Which are more and more intuitive, To meet the customer's needs.
So that's a pretty much be a backdrop in the banking outlook in Australia switching flavors and trying to understand digitization and understanding the backdrop of what the challenges are. I'll try to put a CX and a marketing have on the next few slides so, Why, as an organization Should you care? What does that mean? So, I understand open banking, I understand neo banks, I understand these challenges, I understand the digitization, I understand, the experience the customer wants. What, why should we care? The reason why we should care is because end of the day, we're all moving to a focused economy, where it's all about customer centricity. So we're moving away from a channel or on a product focus to a customer focus.
So in marketing language, customer was the focal point of everything yesterday.
A customer would be the focal point today, and the customer would be the focal point tomorrow.
Things are changing in that focal point for the customer is we're trying to humanize the experience. It's all about engagement, it's about customer intimacy.
It's about being continuous, connected, and consistent across all different touchpoints. We interact with the customer.
So, why you should care as an organization, because if you wanted to succeed, a differentiator between success and failure, is, how do we actually navigate the customer landscape?
How do we build the customer experience platform?
And how do we have strategies and align with a CS CX perspective?
Having that understanding. So that's what I'm not star is our North Star is the customer humanizing that experience looking at that engagement, providing that that intimacy. So how do I get that? So, earlier I talked about, we exactly know what we're aiming for, but we don't know how to get them from a people, process, data, technology, and system. I've got 35 minutes to talk to those. I thought I'll take a two different elements and walk you through as examples of what you can do to reach that North Star. So one is the digital experience, and second is creating a future ready your organization.
So what exactly is a digital experience?
A digital experience is when you move the experience from a physical layout into a digital landscape.
And what that means is that that experience then becomes immersive.
That experience becomes personal.
That experience is when an immediate action is taken when an issues rise, that is a single point of accountability to ensure the issue is resolved to one person, and that experience is consistent experience across all different touchpoints.
And we basically go through, what does that digital experience look like? Let's try to navigate that through another lens, 1 by 1. The first thing that basically comes in that digital experience is hyper personalized marketing.
Hyper personalized marketing is nothing but the strategic use of data, to provide individual customer experiences, and what that means, again, is that organizations have collected a lot of data about the customer, But how do we actually use that?
Well, the customer's advantage. So, the customer is saying that, you've collected a lot of data about me, so you know a lot of information about me. What you need to do is, you need to reach out to me with the recommendations of what my next best product should be, what my next action should be. And once you've done that, you should be able to deliver that experience.
You should be able to deliver that at speed, at scale, and with agility, and try to get it right, The first time that you do it. So there is no opportunity to get some retakes. So that's the first digital quadrant for digital experience. Is hyper personalized marketing?
The second thing that you look at digital experience, is how do you integrate all different touchpoints?
And today, say, again, I'll take a step backwards. When we had mass marketing, we predominantly had a lot of above the line marketing.
Then, we went into an era of analytical marketing. We had about 5 or 6 different channels that you had e-mail. you had SMS, you had direct mail, you had telemarketing, Now in the age of cognitive marketing, you've got about 20 plus different channels. And what's happening is that we've always focused on an approach of multichannel, whereas we now need to focus on if we are looking at digital experience in an omnichannel way. And what exactly is omnichannel, is any Orchestrator, connected CX by creating a view of the customer as an individual, which draws from the past and present data in real time?
So, if I could simplify that in very simple language, what that means is, that the output from one channel becomes the input of consumption into another channel.
And when an offer or any service is performed or taken in one channel, all the other channels come to know about that in real time. And accordingly, the always either withdrawn from the other channels, we've had it if it has been consumed in the other channel. So how technology plays an important role in that and how you can actually accelerate that. Digital experience is paramount to get that. Right.
The next quadrant in trying to get that experience a digital experience aiming for the North Star is focusing on the E rather than the P Again I'll draw your attention back to Philip Kotler, a well-known also in marketing.
And when they are talking about marketing, they were talking about product, place, price, and promotion. Whereas now, the shift has gone on the E And the E is all about the engagement, The experience, emotion, and the exclusivity.
And what is shifting is that, rather than focusing on price, you, start focusing on value.
The focus now is not on the brand, but it's more on a customer gen customer journey led narrative.
Rather than having fragmented physical premises, you are looking at an integrated digital presence.
The fourth thing that you look at digital experiences, accessibility, and accessibility is more around collaboration with the customer share ability.
What that means is a customer should have the ability to search for our products anywhere, buy a product in any other channel, return a product, another channel, or fulfill that consumption in other channels. So, how do you actually might manage the by return and fulfill across different channels? And, again, bring that through hyper personalized marketing, integrated touchpoints of omnichannel and focus on the experience, engagement, emotion, and exclusivity. Last, but not the least, to really provide and succeed in providing digital experiences, is security and trust.
So earlier, 5, 10 years ago, when we were talking about security, we meant about physical security of data on servers, security of data between the four walls of an organization. Now, what we're looking at is, once you've got the information, it's about how data is collected. How data is stored, and how data is used for marketing and communication perspective. How are we sharing that information with third parties? How do we manage that? That's very important. GDPR, California Act, the the rules, and in Australia around acma anathema to prevent that.
that is, is fundamental to provide that digital experience.
So now that we've navigated through the digital experience, we should be looking at how do we actually create a future ready your organization. And this is more around digital transformation and when I say this is more around digital transformation, so digital transformation is basically collaboration of different technologies. It's look, it's re-examining the current way of doing business at the same time, looking forward for new frontiers of doing Business and generating revenue.
So, how do you actually do your collaboration? How do you do your frustration for processes, and how do you actually look at integration of different technologies?
So, when you're looking at collaboration, that wasn't what that means is, How do different teams come together in decision making, requirement, gathering, assessment, and into an estimation? Is that done by one person? Is that done by one team, or is that done by multiple 10 and you have an internal buy in to do that?
and that exactly is a flavor of collaborations when you're looking at orchestration. It's, what's the problem that we're looking at solving and how are we solving it?
What's providing value? What's the value add and what's the non value add? I'll be embracing the value as and eliminating the non value add and when you're looking at Integrated technology, you're looking at, Why am I exploiting my existing technology?
Am I enhancing my existing technology? Am I looking at, I've got multiple technologies trying to do the same thing, they're looking at duplication.
Am I able to re-examine that function on overlap and how am I looking at the real-time convergence of data? Now, the challenge that we've got in that space is that.
We've got home-grown solutions, there's inherent limitations of in the structure, and the capability of home-grown solutions.
They are unable to handle newer, and even increasing, complex data formats, unable to integrate with various other systems and tools that we've got. So, we have to have a new approach to CX, and if I could describe what that new approach to CX would look like.
So, traditionally, what we have focused on is always on the technology layer, and when I say about the technology layer, the focus for organizations. Bigger organizations has been on the data layer on the analytics layer, which is all about centralizing data and decisioning.
What we're trying to approach from a CX Lens is, that you also need to have a business lens. And, the business layer talks about process and planning, and about activation through the different channels. And what does that do, is, that, it enables your people and process. In digital transformation, there's a lot of focus on technology and data. Whereas in, the CX focus in digital transformation, the focus has to be on people and processes, and what that allows to do, is, that it pulls data in, motion across any channel. For N number of customer journeys that allows you to do is, how are you able to deliver the capabilities and the speed of the customer? So, it's not only about data and analytics, but it's about the planning process that goes behind the scene, look at customers needs, and meet those needs at rapid speed.
So, we're coming to the close of my presentation, so again, aiming for the North Star.
So now will be now what our challenges are, But if you are not only a banking organization, but if you are any organization, if you're looking for the North Star, how do you get that?
So if you're an organization or a bank, how do you distinguish yourself from the alternatives that are available for our customer?
So the question that you need to ask yourself is, as an digital savvy customer, why would that customer choose to do business with you?
Once they decide to do business with you, what are the key digital capabilities you need to achieve to serve them?
And then, once you, once you've identified the digital capabilities, you need to serve them with capability is do you need to develop? And which kind of capabilities you need to outsource or partner with that is something as an organization, as a CXO needs to start thinking.
The next layer is you need to be customer focus.
What that means is, how well, as an a bank, or how well as an organization, you really understand the customers need it, and are you measuring that?
And again, when you're measuring that, and you know the customer's needs, you can't do everything at once. You have to have staggered approach. You need to have a phased approach. You need to have a roadmap and one of those experiences that you need to prioritize.
Then you're having a challenge with Neo banks and fintechs.
So, how do we actually have a startup mentality and from a startup, do you go on a scale up?
And what that means is, how quickly can you update your business processes that impact your customers? And you're able to measure the impact.
How quickly. Because you're a legacy organization, you you just can't switch off thickness things very, very quickly. So, how easily, well, how are you able to integrate your best in class, third party solutions, that meet that wants to meet the agility and demands of the customer's needs?
And last, but not the least, sustain yourself on that journey.
Change management process is fundamentally very important within the organization.
How hard it is to change is the culture around built around the future of constant change. So effectively, you're looking at change, and you're looking at the culture within the organization, Adaptable to change.
And then tipping it off is the talent gap.
You have the right resources within the team. You have the right people.
What do you need to upskill, and who do you need to cross cross skill, physically take on this path for digital transformation?
So, before I close off, one must advise the providers we experience of, really, how to get there.
And I'll take a pause here, to go through a notion to make you explain, a key differentiator between what is defined as change, and what is defined as transformation, and how do you actually differentiate between change and transformation?
So the analogy that I want to give you today and take for you to take away is change a snake changing its skin.
It's called Change. It's just, basically, changing old clothes and getting new clients.
Where's a lava? What are you flying into a butterfly?
Are morphing into a butterfly, is called transformation? And why is that transformation? The state of the present state of the Lama and the future state of the butterfly, it's totally different in the anatomy, morphology, and physiology.
When you're looking at transformation, the way you operate today, and the way you're going to operate tomorrow from a people, process, data, technology, system, and capability perspective, is fundamentally going to be different. And that exactly is, what is transformation.
If you're not doing it that way, you're actually doing change.
We need to be very, very careful of the solutions that we're trying to implement across people, nanotechnology and system. Is that a change initiative, or is that a chat? Is that a transformation initiative? Because a transformation initiative is a different dialog. It's a different conversation. It's a different skill set. And it's a different mindset.
So again, just to recap, if you want to get ahead, what are the things that you should consider.
The first one is people and training.
If you don't have the right people in the organization, how do you actually get a talent from adjacent industries or digital disruptors? Again, I said, startup. You want to get people from startup to you. If, if you think retail is relatively doing well, do you want to basically get people from banking from retail? And they are nuances, and advantages and disadvantages of making that happen. You need to have an investment budget. You need to basically have a training roadmap for your people that are able to identify the mega trends that enable the tick of the future, you need to invest in power users. So that's around people and training.
Then there has to be a change in the culture of the organization.
You started off by saying that we are a product lead organization for us to succeed in the future. We need to be a customer led organization customer. Centricity shouldn't be within our genome. We should be looking up if you are looking for banking. If you'd like to be a digital bank, you need to really embrace digital, data driven business model.
How does this business model look like in the future? And what that means is, what's your risk taking appetite and then fail fast approach. If you don't get it right, how do you see, do you want to get back? How do you have a methodology? You have employee empowerment in your tech programs? What's your offense and defense mindset philosophy that you've got? And how what's your end to end adoption?
Those two together are more around people capability.
For you to aim for the North star to get it right, you really need to have Windows support.
As I said, if you want to achieve something, there's two parts. one is, you can do it yourself. Second, you need to partner with organizations or vendors to basically take you to your north star.
Do you want to basically, invest in technology, which is best of breed, or you want to invest in a technology, which is all in one? How do you actually drive value? for me and investment?
You've worked with your vendors to understand the vision and the roadmap.
How does product adoption utilization best practices and offer support look like? Are you working on that? A lot of organizations don't focus on that element as a result of which they don't succeed.
Then the last quadrant to talk about and consider is process and feature level adoption.
And that can be classified, that's the tech part in terms of integration, configuration, and installation, And when I talk about processes, again, we started off by saying, the whole idea about CX was moving from a technology lens, will process the excellence, and what, the whole thing while you were talking about is process and workflows become the backbone of an organization. If you don't really have the right processes in place. All your system capabilities actually fail.
Need to identify processes that need to change with new technology and implementation. This is a big one.
What is happening is, we look at, in implementing new technology, but we still want to practice the previous processes that we had, we don't want to change. And that's very much related with the change culture that we've got. How much straight through processing that we basically want to bringing, how much of RPA, robotic process automation, How much of stray Hadoop. How do we basically get them without 0, 0, M N, will touch? And then, that basically allows to do a frictionless data movement across across the different silos. So, how does data move from one system to the other insight? Not looking at the silos, but be being preciousness.
The challenge is that, if you look at failure, right?
Organizations, not investing in people, training, and cultural change, account for about 29% fairly in their digital transformation initiative.
Organizations, not focusing on integration, configuration, and installation of technology stack, and how do they actually merge their existing stack with New Stack account for a massive 27 failure, right? Then, digital transformation.
So, for us to really succeed on the part of digital transformation to really provide an exponential CX, looking from a customer's mindset, we really need to change the way we currently operate. From a people and training perspective, from a cultural and chain, from process, Looking at facial level adoption, and then, actually working with your vendors to get to get it right.
So, those were my thoughts today, to try to take you through of how you, basically, bring about digital transformation, understand the natives of what exactly is digital, and how you can embrace that. From a people, process, data, technology, and system, and hopefully, they'll provide you some insights in terms of, if you're aiming for the North Star. What the challenges are, and how do you actually mitigate and overcome those challenges.
Thank you. I'll pause here and take some questions.
Satya, thank you very much. Excellent presentation. We appreciate that. I'm gonna ask you to just stop sharing the presentation so that the audience can see as both on-screen. Perfect. Thank you very much for that presentation. For the audience, some terrific questions that have come through. I'm gonna relate as many of them as possible to Satya here in the time that we have allotted. And, but keep asking them, because I will look for main themes, and I will relay those themes to saatchi and saatchi at the first question is a very tactical question. Art Drake asked if you could go explain again, the NDP that you had before, what's on the, and what's on the P that you mentioned early on because he was taking notes, but he missed some of the items. So, if you could identify what's in the Watson, the P for him. Sure, sure.
So, in the P, you've got a product, price, place, and promotion, which is way way traditional marketing Yeah. On the day, it's all about the experience, exclusivity, emotions, and engagement.
That's excellent. That's a very, very interesting insight and a great way that you frame the different approach here. We have a question from coming in here from, let me scroll to the right level here.
In a bank like city, where you have, you know, it's such a large organization, there's so many different branches and parts of the business itself.
How do you ensure that there is a unified approach, that there is communication, collaboration, about how you're going to market, and, and how you approaching your customers? You know, on a global scale, how is that done?
That's a good question, I guess, a lot of organizations struggle. And the reason why organizations struggle is, because they all work on product silos.
So what happens is that the product manager thinks about their product, and that's the way they think about, is that, I've got, I've got a budget, I want to target a customer, I've gotta meet. I want to medium KPI and they come up with a marketing idea and a Communication stream. I want to talk to this customer through an e-mail and they blasted out the way and everyone does that in a silo, so what happens from a customer perspective is that I don't know if the credit card, product managers targeting me as a customer, and the retail guy from wealth managers also targeting me as a customer. And on a given day, I can receive to communications from the organization. and the organization is not aware that they're talking at the same customer, so how do you optimize that? And how do you orchestrate that?
And basically, when you look at competing campaigns, So if I'm actually at a point of threat, which means that I'm a customer who was equally has made a complaint, or I'm not happy with the organization. Should I be quarantined? How do you manage that? So that how do you actually manage competing campaigns going out? How do you ensure you have contact policy and contact rules in place? It means that I don't want to send out to many communication on a given day to a customer, had and manage that. So you need to look at prioritization. You look, you need to look at optimization and that this could be done by a system based rule, system based capability, or a rule based capability to drive that.
Farewell, such a 1. 1 additional question we have is related to, how do you see in banking who are the customers? If there is a segment of customers that may be leading the charge, if you will, that they are, they are pushing the envelope for the development of this approach. Is that, you described. Is it being driven by by the customer, by the consumer customers, the business customers, or the investment banking customers? Is there a specific segment that's driving the charge?
It's actually the consumers and consumer sentiment and B2C. And, again, if you look at the demographic that is actually trying to drive, a lot of that is physically generation Zen. And generation Zed, I guess, is people who are going off of the millennials is 996 onwards, so they will be around in the early twenties now because they are the disruptors, they have actually embrace digital very well so they, when they were born, they had an iPad, or an or a smartphone in the hand already.
So as a result of which, they are leading the charge in, in digital revolution. And they are basically forcing customers to really look at it. And if you look at and how that's actually been talked about is that because they are digital natives.
They don't want to do physical banking, or they don't have a physical interaction, they are forcing organization to take this digital pathway.
Very good, very good. Gabriele Pereira says Amazing presentation. Thank you. What would you say has been, the biggest challenge you faced in transformation from the people point of view?
Is people's ability to change, I guess The, There's two ways of looking at it. And it's, it's not that people don't want to change.
But the fear of failure. So these are These transformations are very quiet, a lot of technology investment. They look a lot of the require a lot of brainpower investment, and if sometimes they don't realize the time to basically realize the investment that the value of the investment is, could be from 12 months or 24 months. So from a people perspective, the fear of failure and people start thinking, If I tried to do this and if it failed, what happens?
They don't want to invest their time. So I guess that's the biggest challenge I see in people's, but it's the mindset. So people really need to have a growth mindset. People need to really start embracing failure and fail fast and come back and re and rebound. So if you have that mentality and that approach, I think you should be able to succeed.
And the and the follow up, question from Mazda Hockey, is that asking about how city is managing this global transformation at a local and regional customer experience level Iowa point?
Do you go from global experience to a more, you know, customize local or regional experience and and how do you make that happen?
So from a city perspective, I think what they try to do is that if you're a CD customer globally, Sophia, you try you have a similar experience in every country that you guys are. So For example We have CPU built management in Australia. Recently been launched, say if you have, if you are the high-end custom, any auxiliary interacting in a regional levels, in Hong Kong and Singapore, and you walk into a city branch, will feed the look and feel is exactly going to be the same as you find the Australian Office. And and that is, you know, when you look at that experiencing, when you talk about exclusively, again, consistent experience. So that one organization needs to take an embrace that you should be able to provide that experience consistently across, not only all channels all touchpoints and also across all geographical locations.
That's excellent. Tell me a little bit more if you could. Just talk about how, how you customize that locally. Is there, is there an example that you can provide maybe in Australia compared to how is it different in Australia from how do you do in Brazil or the United States these are some examples on that.
Yeah, so one very good example is that from a city perspective in Australia, we we are white label partner for about nine different brands. And if you look at city Singapore, for example, a city Hong Kong, they would actually only be marketing city credit cards. Whereas in Australia, you got you got the airlines company.
For example, quantities, we ought to White Label partner for quantities, for calls for Virgin for Kogan. So, although you look at the Carbene Cogan, the white label partner behind the scenes is city. So that's how we, from a credit card market perspective, we not only for city, and we're also a white label for other organization, then we basically manage that.
A card business for them.
Very good, That's a great example. Just for the sake of time, I'm going to ask one final question here. There's this concept today of liquid customer expectations. And, ah ha ha! Can you talk a little bit more about that, what this liquid customer expectations are, and how, how you're adapting to this to do what seems like very fast changing preferences?
Absolutely! So again, you know, we're talking about the pace and the E, So the liquid customer expectation basically just revolves around the ease, in terms of the experience. And what that means is that, let's take ourselves back with 20 years ago. If you walk into a banking organization, the experience that you receive in the banking organization is what do you basically want to basically? Whether it's good or bad, you would, You expect that all, that type of experience in every bank that you walk in.
Now, if you look at what Netflix is trying to do, what Amazon is trying to do, what's Uber is trying to do, that basically providing you exponential experience.
You know, it's, it's, it's world-class.
So, what that means, the liquid customer expectation means, is that now and again with the, with the growth of the millennium, sorry, the generation Zed, that experience that Netflix, Uber, and Amazon are providing, customers, are expecting every organization that they actually interact with.
Provides a similar type of experience. So it's not actually on vertical silos, specifically now, moving across vertical.
So in hospitality, if I get a five star treatment, I walk into my telco, I walk into my bank, I want that five star treatment. I want people to know me by name, address my needs so they know the nomi Reach me and deliver that experience. So don't ask me a question of what you've already collected a lot of data about, Me. Know a lot about me. So don't ask representative questions.
Have informed decision have informed conversation before they actually come up. That exactly, that's what exactly liquid customization expected expectation is all about.
Satya, thank you so much for sharing your expertise. I know it's a different time. They're in Sydney right now, so thanks.
With us, tremendous insights. A great delivery, on behalf of over 2000 Global participants. It's a real honor and privilege to have you here, from Sydney, Australia, to the world. Thank you again.
Thank you very much. Have a good night.
Ladies and gentlemen, that is, uh, liter, four, Transformation at Citibank, Satya, ..., and what, a pleasure to have you with you with Satya. And for those of you who may be a little confused, because you look at the agenda. We had Doha Bank coming in first, and then we will have Citibank second. We had to flip flop that, because with global schedules they were dealing with, it was more convenient to have said to you go first with Citibank and now, at the top of the hour, we're going to bring a leader for transformation at Doha Bank. And, directly from Doha, will have Dariush ... with us. He is the Executive Vice President of Digital Transformation for Doha Bank, and he's going to be joining us to discuss digital transformation and operational excellence in financial services and banking.
So, again, another world-class expert, share, and practitioner, sharing what's happening in the, in the financial services industry, from a global perspective. So we're going to meet you back, at the top of the hour, closing the session, right now. If you'd like to fill out a survey and providing feedback, there is a little popup that comes up of a survey. You can always do that after every session. And you have provided terrific questions. I was only able to get to to most of them, but not all of them. So keep asking the questions. This is this interaction is incredibly important so that you get the most value out of the sessions with our world-class experts.
Now, you can always go and LinkedIn undermine angels that Paris and ask questions there as well will provide updates at the end of the day on what today was all about, and that's another way you can interact post conference. So, for now closing this session, I'll see you back at the top of the hour.
Vice President - Campaign Optimization, Marketing Capability & Change,
Satya is an experienced people leader and practioner strategically optimising and managing marketing process, marketing automation capability and governance. Currently he is the Vice President at Citibank Australia and has over the past 15 years and held Marketing Capability & Optimisation roles with Accenture Australia, The Star Entertainment Group, TABCORP, NRMA, Bankwest, and HSBC.
He has championed taking businesses on the journey from the present state to the future state through providing support, guidance and leadership with the understanding of business problem and connecting the dots across people, process and technology. campaign orchestration and decisioning engines - development and implementation of a data driven marketing culture with a shift from product siloed to customer first.
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