The New Customer Experience
Singapore Bayfront. It’s here I counted 17 banks jammed in next to each other: UOB, DBS, ANZ, OCBC, CITI, UBS… and a few others whose names sound the same.
DBS wins an award for the best Digital Bank in Asia.
Congratulations! DBS wins the hearts and minds of customers and industry peers… in normal competition. In normal competition, banks compete with banks, and customers compare banks against each other.
But today, “Being better than other banks,” is no longer good enough.
PingAn, for example, was once a bank. Now it’s also a leading healthcare provider. PingAn didn’t set out to disrupt healthcare, it set out to find a better way for patients to connect with doctors.
PingAn Good Doctor offers patients a 1 minute walk-in clinic.
PingAn began offering health insurance, then using the data it gathered from customers, learned there were some real pain points that needed fixing. To do this, they needed a different mindset about patient-doctor interaction – from being hierarchical, slow and centralized around hospitals to flat, fast and decentralized.
Leadership in the Exponential Era Book
PingAn Good Doctor was Awarded “Listed Enterprise of the Year 2019” by Bloomberg. The CEO Jessica Tan was also listed in Bloomberg’s “World’s 100 Most Powerful Women 2019.”
Ride Sharing platform GoJek from Indonesia also helps pay bills, hire a maid or watch movies. Founder Nadiem Makarim’s only experience of taxis was taking an Ojek motorbike every day to work.
TransferWise wants to be profitable offering international payments with zero fees (it will make money on the currency spread). While it’s not there yet, TransferWise reduced its fees 27 times in the last year. TransferWise wasn’t started by a banker, it was started by one of the first employees of Skype.
If you live within range of an Alibaba Hema store in Shanghai, you can walk into the store, pick out your lunch and have it delivered to your home, in 30 minutes. That’s at least 1300 times faster than 40 years ago. Alibaba started as an e-commerce platform.
Jack Ma wasn’t a tech guy or a retailer, he was a teacher.
AirAsia has a payment card and wants to get into banking. AirAsia wasn’t started by an airline exec.
Tony Fernandes worked in the music industry.
Apple has a payment app and a card.
Amazon runs the backend of the Internet and Alibaba does all the above.
We need to stop Benchmarking.
Benchmarking is an Incremental response inappropriate for the Exponential Era.
In the Exponential Era, people are no longer comparing you to the next product in your category; they are comparing you to Amazon, Apple, Google, Alibaba. And that comparison stretches to ride sharing platforms like Grab and GoJek, or digital travel platforms like AirAsia.
Customer expectations are growing Exponentially.
Think Incremental and the Experience will be nothing but disappointment. The New Customer Experience is also the end of Benchmarking and the “Waterfall” thinking that encourages us to do “more of the same but better.”
Netflix did not kill Blockbuster.
Late fees did.
Uber did not kill taxi companies.
Fare monopolies and unreliable service did.
Apple and Spotify did not kill the record labels.
The inability to find and talk about the music we loved did.
Digital didn’t kill Kodak
Not being able to share the photos we loved did.
Amazon did not kill bookstores.
Poor customer service and 28 days for delivery did.