Spark Grove’s Elizabeth Searcy and North Highland’s Peter Lammers presented at the 12th annual eyeforpharma Philadelphia summit on the topic of accelerating multichannel maturity within the Life Sciences industry and the implications to optimize customer engagement through pharma and banking.
Infographic: What can pharma learn from banking to create a multichannel experience?
1. DO YOU
KNOW YOUR
CUSTOMER’S
WISH LIST?
This is what
FS discovered.
The ideal customer experience takes a village:
Develop a service model where a relationship
manager is clearly identified and works with a team
of experts to deliver superior service and client
offerings customized to that specific client’s needs
They must be armed with the tools and technology
to be successful.
Too often the customer experience
is clunky, disjointed and lacks a
compelling value proposition.
As a result, assets in motion from
current clients transfer to
competitors.
WHAT CAN PHARMA LEARN FROM BANKING
TO CREATE A MULTICHANNEL EXPERIENCE?
1. 2.
3.
4.
MAKING THE MOST OF INTEGRATION
Frictionless Financial Service — update outdated legacy systems that interfere or
make the customer experience clumsy and awkward — fluid money movement
between accounts, and ease in opening new accounts is critical.
Money Movement — instant transfers with internal and external accounts
Single Sign-On — one client = one customer identity across products
Single View — a panoramic view of the client’s financial life with full transactional
capabilities; when, where, and how they want to engage
Time for play — provide useful modeling tools that allow customers to consider the
possibilities of their financial health
Cash Management capabilities — provide automated and enhanced sweep capabilities that
allow consumers to move money to interest-bearing deposit accounts – and help customers
benefit from FDIC insurance by sweeping funds to different banks to extend protection limits
Painless payments — comprehensive electronic payments and invoicing capabilities, including
bill pay, account-to-account, and peer-to-peer transfer capabilities; direct deposits;
ATM/debit access; check writing; and over overdraft protection
Remove the clutter — create a green, paperless environment with communication,
statements, and messages from the advisor—all online
Make it easy to say yes — simple online account set-up and funding capabilities
Unlock profitable growth: Segment appropriately
and create offers that meet short-term and long-term
needs. Develop win/win scenarios for the firm and
its customers to thrive. Take what you already know
about your clients’ needs and preferences, offer
them solutions to solve for those need, improving
the level of service and product offers is a way to
show clients you’re continuing to add value.
Integrate from the Inside Out: Where are there
redundant processes? Where can you identify
capacity to allow for expanded service offerings?
What will it take to integrate?
Understand your Customers:
Go beyond simply knowing your customer,
understand them so you can anticipate
their needs before they express them.
This is more fundamental than customer
experience. Understanding these will help
direct your next advertising dollar.
Develop Compelling Products & Services:
Treat customers the way that they want to be
treated – how, when and where they want to be
engaged. Develop a service model that breaks
down the internal silos.