7: The Evolution of Product Strategy in FS and the Impact AI Will Have on the Future of It

This episode explores product strategy evolution and AI's future impact in financial services. Hosted by Gemma Livermore, International FS Marketing Lead at Seismic and Rachael Rowe, RVP at Seismic, along with guests Conrad Ford, Chief Product & Strategy Officer at Allica Bank, and Kerry Ryan, Senior Director, Financial Services Industry Strategy & Marketing at Seismic, the discussion highlights the importance of creating personalised content, understanding client needs, and the vital role of humanising sales experiences in sales technology adoption. 

Show notes

• Evolving Strategy in Financial Services: The conversation highlights a pivot in the financial services  sector towards a technology-driven, product-centric model that values client enablement. Emphasising the convergence of digital innovation and tailored services, the discussion navigates the landscape wherein customer enablement becomes synonymous with intuitive digital solutions. The pivot demands a symbiotic combination of FinTech creativity and the solid acumen of traditional financial services, with AI deployment being a critical, yet cautiously explored component in augmenting client experiences and streamlining operations.

• Human Touch Amidst Digital Advancements: Amidst the wave of digital transformation and automation within financial services, the essence of human interaction persists as a cornerstone of customer satisfaction. The discussion stresses that while self-service is facilitated by seamless digital interfaces, the gravity of personal interaction, especially for consequential decision-making, remains intact. Striking a delicate balance between incorporating cutting-edge technology and preserving the human element is paramount in a hybrid work environment in order to fulfil customer demands for personalised services.

• Agility in Response to Regulation and Customer Needs: When confronting stringent regulations and evolving customer expectations, the financial services industry is urged to embrace agile methodologies. Speakers discuss the adoption of incremental improvement strategies that pivots towards customer-oriented solutions and the considered integration of AI, not just to serve compliance, but to advance growth and cement trust. When put into practice, this kind of business agility enables financial services to smoothly transition through regulatory landscapes and consumer demands, mitigating risk and ensuring a responsive, forward-looking stance.
  
  

Jump into the conversation:

[00:04:41] Evolution of product strategies.
[00:08:31] Balancing technology and finance.
[00:18:43] AI in financial institutions.
[00:20:57] Personalising customer experience.
[00:27:06] Impact of hybrid working model.
[00:30:12] Customer-focused mindset and regulation.
[00:35:20] Leveraging tech in the banking industry.
[00:40:19] Encouraging adoption of new technologies
[00:43:22] Peer-to-peer learning and sharing.
[00:48:29] Customer centricity.