Customer engagement in banking is shifting from passive loyalty to active engagement, driven by innovation and increasing customer expectations. Today’s customers want banks that understand their unique needs, offer quick and simple account setups, and provide a personalised experience.

But what is the difference between a fabulous relationship and being intrusive?

Banking Uncovered host Chloe James, speaks to Jim Marous, a top 5 retail banking influencer, global speaker, podcast host and co-publisher at The Financial Brand about the evolving landscape of customer experience (CX) and engagement in financial services. They explore how banks must prioritise personalisation beyond broad segmentation and embrace partnerships with fintech’s to offer streamlined, intuitive experiences that build trust and loyalty.

They discuss how traditional banks and fintechs should take advantage of the data they have on their customers, what’s next for innovation in banking, and much more.

In the second of two podcasts, Jim and Chloe dive into the challenges financial institutions face with the rising pressure to embrace personalised, customer-driven experiences in a tech-driven world.

Topics discussed include:

• What customer engagement means today and how to excel
• The importance of personalised engagement and how customers expect banks to understand their unique goals, preferences and financial patterns
• The huge and under-utilised value that data and customer insight bring
• What financial institutions can learn from GPS systems, Amazon Prime and Disney
• The next level of innovation in banking and how to deliver meaningful innovation
• The imperative for convenience and speed

Intention to switch main bank accounts around the world is at an all-time high. In the world’s largest markets, up to 34% of consumers are considering changing their main bank provider. In the US it has never been higher at 25%.

Banking Uncovered host Charles Green talks to Jim Marous, a top 5 retail Banking Influencer, global speaker, podcast host and co-publisher at The Financial Brand, about the market dynamic causing this trend, the proliferation of digital, AI and fintechs. And much more.

In the first of two podcasts Jim and Charles dive into the challenges traditional banks face in keeping up with digital platforms, and the opportunity the data they hold on customers represents.

Topics discussed include:

• Redefining switching: The dynamics behind switching behaviour today and how the definition of switching has changed
• Banking relationships: Why the main bank account is no longer the primary banking relationship
• The rise of PayPal and super apps: How companies like PayPal and other transactional apps have become dominant, and the value of the insights they hold on consumers
• Lessons outside of finance: What financial institutions can learn from the likes of Uber and Airbnb
• The role of AI and Gen AI: How AI is reshaping everything from personalisation to fraud prevention, setting the pace for finance’s future.
• The dawn of fintechs: The growth of fintechs and the importance of personalisation and convenience

Don’t miss part 2, subscribe on your podcast app today.

RAA Insurance won three prestigious awards in the Australian Banking & Finance Awards 2024, Most Recommended General Insurer, Best Motor Insurer and Best Home Insurer. The Awards celebrate the financial service providers who have outperformed their peers, and often exceeded the expectations of their customers. Unlike other awards programmes, winners are determined by customers and are backed by data.

In this engaging episode of the Banking Uncovered Podcast, Chloe James, Banking Uncovered Co-host at RFI Global, speaks to Tara Page, Chief Executive at RAA Insurance about how they achieved customer excellence and how they are addressing many of the challenges the insurance industry is facing worldwide, including the impacts of climate change and cost of living crisis.

By keeping their members' needs at the forefront, RAA Insurance ensures its products offer value for money while addressing affordability and providing quality service.

Topics discussed include:

• The challenges facing the industry including climate change, the cost-of-living crisis and the aftermath of the pandemic
• The impact of economic stress on consumers and the protection gap
• How insurers around the world can learn from each other
• The importance of customer-centricity and designing products that meet consumers’ evolving needs and the importance of membership benefits
• How to offer value-for-money insurance products
• Best practice and innovation in the insurance sector
• Representing the voice of the consumer with government initiatives
• Introducing flexible motor insurance options
• Managing late payments with flexible payment plans
• Enhancing customer experience during claims
• Strategies for maintaining affordable insurance premiums