Content, Creativity and the Core of Innovation!
‘…of glitz and glam!’
It wasn’t unusual when I entered to attend the 27th Private Banker International Global Wealth Summit event last Friday. The Fullerton Hotel, Singapore known for its glitz and glam did give a warm welcome.
I was expecting to hear a day-long monotone in terms of industry figures and statistics about the wealth management industry which did happen, and to my surprise I also had a moment of enlightenment.
‘Creativity’ at the core of innovation:
Everything around us is being digitized as we speak (home, office, entertainment, money, health education etc.)
By now, we’ve been acclimatized to the talks around digitizing customer journey, providing new fancy tools for interaction etc. to improve efficiency and reduce cost.
If we look closely, these additional tools have resulted in a multi-fold capital investment to large institutions and also have stretched the cost to income ratios. Margins have been squeezed due to commoditized product offering, and questionable product value even though the scale is expected through democratization of services (available to everyone).
‘Content’ is more important than the channel:
One may argue saying these investments are worth making now to be competitive in the market.
But, how often do we spend time analyzing our product offering?
How often do we create something new?
The nub is this; at the core of innovation, focus should be on the ‘content’ that we provide to customers, more than the channel.
“Looking back, who’s going to be the Mozart of the industry? Who’s going to be remembered?!
These words were truly enlightening, when it translates to more than just making channel enhancements (read digital features), which is necessary but in terms of impact it’s the content/ product offering that needs to be revisited or disrupted.
At the core of innovation, valuable content packaged in an affordable, accessible channel will create the true enhanced experience thereby increasing customer engagement with enhanced revenues.
Definition of trust over ages:
The way the meaning of ‘trust’ evolves over a period of time in one’s own life is fascinating.
As a teenager, one might be easy going sharing their personal information online, because of the factors that come into play like social acceptance, need to appear cool, financial planning ignorance, too much time at ones disposal etc.
At the same time, the ones in their early 30’s will have a different approach towards trusting social media or managing their money for that matter. The word ‘trust’ will have a completely different meaning amongst the 40+ category and beyond as there are multiple factors like family, status, mortgage, future ambitions etc. in play.
This interestingly leads us to the view point of approaching innovation with a core focus on the ‘product offering’ or content according to the persona of the customer rather than the channel.
New channels might help in reducing the cost of interaction but would stretch cost to income ratios over a period of time if due attention is not given to the content provided to customer.