Innovating customer experience for long-term financial contracts
Building societies offer their customers long-term financial services such as Home-loan-savings or mortgage contracts. However, the relationship with customers often weakens over time. BHW is therefore looking for solutions to build more resilient structures and create closer, lasting relationships with customers so that they can remain a reliable partner throughout many years.
#InnovateFinance #CustomerEngagement #FinancialRelationships
✅ Completed 🏁 Winner Congratulations to Modulr Design & Unicorn Makers!
🏆 Prize EUR 5,000 prize pool + collaboration after the challenge
🌎 Scope 🇩🇪 The solutions should be explicitly tailored to the special requirements of the german market.
🪙 Future Finance This challenge is part of the Future Finance Innovation Program
The following opportunity areas have been identified as promising for developing innovative solutions. While these areas are intended to inspire participants, you can also go with alternative approaches that meet the criteria and guidelines provided.
EDUCATION & EXPERIENCE
Solutions that help customers to better understand how building savings contracts and mortgages work and how they can best benefit from them can be developed. These include interactive tools, gamification, financial education or a simplified process for loans & savings management, as well as innovative technologies such as AI, blockchain or augmented reality to improve the customer experience and increase customer loyalty.
- How can customer experience be improved through new digital technologies & gamification concepts as well as through ideas for regular trainings or webinars?
- Which (digital) solutions can be used to enable customers to manage their savings & mortgage in a transparent and easy way and to create a better interaction between customers and building societies?
CROSS SELLING & SUSTAINABILITY
Here, various solutions can be developed to help customers better understand and gain experience with the various products of the building societies and to develop new sustainability-related product features. Thereby, the matching offers can be selected in order to complement the existing agreements. Additional benefits and services may be considered to support customers beyond the actual building savings contract or mortgage and provide further added value.
- How can we strengthen transparency and clarity about existing offerings while making customer engagement more interactive?
- How can the existing offers and product portfolio be linked to long-term customer engagement?
- How can sustainability related offers be created in this context?
- How could personalized advice and support be designed into these frameworks?
ECOSYSTEM DEVELOPMENT
Building societies have a broad network of partners and customers. Through community building measures, new frameworks can be created to bring together the different stakeholders - the partners and the customers - in order to create added value for all involved.
- How can the existing networks and partnerships of the building society be engaged to support their customers over multiple contract years?
- What opportunities are there for creating exciting sustainability or personalized offers for customers?