Customers with an ‘SI' mindset

A survey had revealed the need for a uniquely designed and personalised software package for wealth management targeted at high networth individuals.

Although the product was hailed as being revolutionary in its features and design, it failed to take off as expected.

When the users were surveyed on the utility value of the product, they appreciated none of the technical features offered.

Instead the singular complaint was that the sales representatives could never demonstrate the user features promised at the time of sale.

Data points

A survey of the shortfall in unmet expectations pointed to the six features that failed to perform. They were

Query : Timely updates

Auto alerts: Cap the risk at preset cut-off points?

Transaction: Auto execution at the price band set

Aggregation: Consolidation of transactions

Analysis: Segregation and segmentation

Decision: Stack ranked sequential options for evaluation.

How the data connects

The sales representatives had merely assumed the users to be satisfied with ‘point and click' features.

Point and click meant that the customer will move the cursor to a pre-set option and click to get the answer.

Instead, it now appeared that the customers were far more sophisticated in their expectations from the product offered.

Thanks to the Play Station era and video gaming products, they expected the ‘software package' to anticipate, think and provide automated responses and obviate the need for customer to keep issuing ‘elementary' commands.

The high networth customers were also that much more tech savvy; an aspect the bank had overlooked while training their sales representatives.

The customers demonstrated what is known as a ‘SI (System Integrated) mindset.'

Question for the Directors

Was it that the customers were far ahead of the times or the bank too slow to read the way its customers' minds worked?

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