Interview | Michel van Woudenberg Vice President Customer Experience for FSI, at Oracle Product Development

Michel is Oracle’s Vice President Customer Experience for FSI, at Oracle Product Development shared his thoughts on Oracle customers changing expectations in the current economy and landscape, how banks can adapt to remain competitive with Fintech led challenger banks and his advice for banks building a future-proof digital transformation strategy.

What have you been hearing from customers about their changing expectations in the current economy and landscape?

Customers report rapidly changing market conditions and massive pressure to adapt- in addition to the increasing customer expectations they deal with on a daily basis. The modern financial services customer is mobile, tech savvy, socially connected and empowered with higher expectations of their customer experience, and if financial services institutions are unable to deliver the experience they want, their customers have more options now than ever to switch to or engage with new companies who can satisfy their needs. As digital disruptors and economic uncertainty reshape the business landscape, customers demand increasing digital services that meet them wherever they choose to engage.

To what extent has customer data played a role in influencing digital transformation strategies for leading banks?

Banks have so much data that usage of a CDP is paramount to success- and leading banks understand that a CDP makes it possible to ingest and stitch customer and prospect data and all its detail from virtually any source in real time – including third-party sources. When siloed data is connected and unified around a customer view and banks have all knowable data about their customers, the true digital transformation strategy becomes possible.

How can banks adapt to ensure they remain competitive with FinTech-led challenger banks?

Banks can reinvent the customer experience by providing the options that customers need and adapt to coexist with fintechs. They have to avoid silos at all cost- deeper digital transformation in the form of seamless integrations with other channels and processes will allow banks to anticipate customer needs in the moment, drive efficiency, and increase financial value as well as customer lifetime value.

What advice would you give to banks in building a resilient, future-proof digital transformation strategy?

I would advise banks to utilize a data-first approach, where technology is leveraged to provide hyper personalization, real-time communication and intelligent advice to provide banking customers an exceptional customer experience. When banks find the proper balance between digital innovation and human engagement they are well-positioned to build trust and improve customer lifetime value. And again, data is the key to the unified customer profile and a connected front and back office that brings customers from unknown to known, and delivers that real-time customer experience they want.