According to a recent Forrester Research report, Singapore has a lot of technology optimists. The company’s survey, carried out among 502 online adults, found that 63% and 61% respectively believe that AI and smart speakers will have a positive impact on their lives and 54% see robotics in the workplace having the same effect.
The downside is that over half of the technology optimists (53%) are bored.
They feel that companies that innovate are more valuable than traditional companies and this provides a lesson for everyone. Fully 43% of respondents to the Singapore survey believe that it is rare to find companies that truly innovate and this figure increases among younger adults (not surprisingly).
The biggest let downs, for these Singapore online adults – and this feeling is reflected across the world – are banks and insurance companies. These companies have just bolted on digital solutions and in so doing have lost the art of customer experience and creativity. Consumers are, according to the Forrester blog: ‘lost in the sea of sameness due to an over saturation of digital experiences and a shortage of creativity’.
‘lost in the sea of sameness due to an over saturation of digital experiences and a shortage of creativity’.
The result is that brand awareness is waning, trust is waning and empowerment is, yes, waning.
We have discussed before, and at length, the importance of maintaining trust amongst customers. We have even dared to suggest that it is one of the most important assets for telcos and banks.
This is borne out by the inconvenient truth that trust, both keeping it and losing it have an impact on the bottom line. Consumers who find a brand they like are likely to recommend that brand to family and friends and they are more likely to find new services and lines of business offered by those brands. The reverse is also true.
The bottom line is that customer experience must be the main focus of any business. It must not allow technology or digital transformation to overshadow its importance. And many companies, particularly in – ironically – technology sectors such as telecoms, believe that cool new technology is the same thing as a cool and compelling customer experience.
It just isn’t.
While Singapore is not the most innovative economy, this survey certainly proves that happens in Singapore is a great barometer into what the rest of us are thinking.