The key to good customer journey, which is the complete sum of experiences that customers go through when interacting with your company, in this digital era, is a data driven Know Your Customer (KYC) programme.
This was a key take away during a panel session, at the Africa BFSI Summit being held at the Mövenpick Hotel & Residences Nairobi, Kenya, which featured Steve Njenga, CIO, Barclays Bank, who said: “In order to bridge the gap in a customer journey in the digital era a company will require to know their customers through data,”
“The event aligns with the needs of the BFSI industry and therefore relevant, resourceful
persons will be available. The event is a platform to learn more about the specific digital
transformation initiatives in the Banking and Insurance sectors”, said Stanley M. Chege, CIO, Madison Group Limited.
KYC programmes enable businesses to verify the identity of clients and to assess potential risks of illegal intentions for the business relationship. KYC has been made easier in the digital age as client information is readily available thanks to platforms such as social media. This was a sentiment which was echoed by Linda Were, head of customer experience Sanlam Life Insurance, who stated that collecting customer data is just the first step.
The big question, according to Were, then becomes: “what are you doing with the data to improve the customer’s journey?”
“Through analytics companies can customise products to fit their customer needs,” Were pointed this out as a clear example of what data can be used for in the customer journey.
Even though KYC data can be helpful in crafting a good customer journey, Thompson Reuters released an info-graphic that points to the biggest challenges of KYC data to be:
- Gathering data
- Rinsing the data
- Repeating the process
Tradepass organizes the BFSI Innovation Summit 2019; aligns 300 professionals
Over 300 BFSI industry professionals showed up for the Africa BFSI Innovation
Summit 2019 on 19 – 20 February 2019 at the Mövenpick Hotel & Residences Nairobi, Kenya.
The two-day event will serve as a key meeting and networking platform for the top CIOs,
CISOs, CTOs, Heads of IT, ICT, Risk, Compliance, Retail Banking, Customer Experience,
Analytics etc. from Banks, Micro-Finance, Credit Unions & Insurance companies across East Africa.