Service innovation - Supporting and amplifying your offer

This category of innovation talks about how the business provides “customer service” to its clients to help them better use and understand the product or service, and providing any other kind of assistance making the overall experience a good one. This sort of innovation can be critical in reputation building for any company, big or small.  It is often the difference between one business and another, motivating a person to try a product or service for the first time or advocate it among their social circle.

Digital banking has become a hot topic in 2019, with several new tech startups in the field achieving a ‘unicorn’ status valuation above $1 billion. But the question becomes, how can a business distinguish itself in such a competitive market, particularly when, with digital services, the customer experience is much less tangible?

EQIBank, established in 2015, provides global digital banking for corporations and High Net Worth clients – such as entrepreneurs and disruptive industries. They distinguish themselves from other digital only banks (such as global players Revolut and Monzo) through their highly tailored support services. They provide a highly personal and discreet service that goes well beyond simply financial needs. Services include a private banker that can help with complex banking needs and a global concierge service that is available globally (in more than 180 countries) 24 hours a day.

In the highly competitive super and investment platform industry in Australia, Netwealth has taken a leadership position on customer service.  It recognises that although it builds software, that alone will not drive increased market share.  It has developed a 4-tier customer service program for its wealth professional clients.  Tier 1 is a dedicated sales manager, Tier 2 is a team of training and education staff, Tier 3 is a phone-based Q&A team and Tier 4 is a technical advice team.  By understanding that you need to underpin a good technology offer with people and the service they provide, Netwealth has been able to achieve the highest level of customer satisfaction amongst platform users, 7 years in a row (as measured by research firm Investment Trends).

Learn how advisers can use this innovation