By Peter Goodman – Co-Founder and CEO at Homelyfe
Many large financial services companies, from banks to insurance companies are currently investing in digital transformation. Of course, nimble, more flexible start-ups will build cool feature led approaches which the larger incumbents would love to have, yet it’s amazing how improvements could be made with small, thoughtful changes.
The biggest frustration (this week) for me is that when I am in my banking app (they are all the same) and click on Get Home Insurance Quote, I am asked to enter my name. My bank; whilst logged into their app, are asking me their customer for something as basic as a name. This is followed by a number of empty boxes and ultimately finished with a question – What type of banking relationship do you already have?…I am your customer.
In the interests of a good customer journey and digital transformation, why am I asked details already held by my bank? I’m transitioned from my current account into the home insurance buy flow without any of my data following with me.
Perhaps passing this data is not technologically possible for my bank, but it doesn’t change the fact this is a poor experience for me as a customer and I dread to imagine the drop off rates. I know that with GDPR and ePrivacy on the horizon, data safety is a high priority, but it is possible to be compliant and offer a service which is not frustrating.
At Homelyfe, I can be proud that we make insurance simple, for partners. We can take these data points and create a more connected experience, one that customers are expecting. Given that more consumers are now managing personal, professional and financial lives both online and on mobiles, brands need to ensure that there is a seamless experience between both, something that is front of mind at Homelyfe.
We pre-populate the answers we already have, but more importantly no longer ask irrelevant questions. The buy flow has been reduced to under 4 minutes versus the long list of questions a customer currently faces when trying to get an insurance quote.
As large brands start to invest hundreds of millions on improving the customer journey and connected experiences across products, the first improvement has to be a better, more cohesive experience.