In a world filled with uncertainty, helping everyday Americans gain financial security has never been more important. That’s been the goal of Prudential Financial since it was founded in 1875, but the company has changed its methods with the times and is now leading the charge for innovation.
One of the big players in that charge is Chief Customer Officer Naveen Agarwal, who views his role as connecting the dots of every customer interaction. Agarwal says the biggest challenge in customer experience, especially in the financial services industry, is that it is often organized by product because of how the business is managed internally. This creates a fractured experience for customers, who often have completely different interactions depending on if they are talking to someone in banking versus someone in the credit card department. Agarwal’s goal is to connect the entire ecosystem and not let management silos define the customer experience.
Technology and data play a huge role in breaking down those silos. Before Agarwal could create a customer-focused strategy, he had to look at the data to understand customers. Prudential’s more than 300 websites and 40 call centers provided plenty of data about why customers were connecting with the brand and where they were in the customer journey. With a base understanding, the team could then improve those interactions with technology.
In the financial world, customers work with either fast money or slow money. Fast money includes things that are done quickly, like account maintenance and credit card applications. Prudential is good at helping customers pay their money faster. On the other hand, slow money involves long-term things like investments and retirement. In these areas, people tend to be very uninformed and overwhelmed. Prudential saw a gap in the customer journey where people were avoiding these big decisions because they simply didn’t know enough. As a result, it created an online content library with resources broken down by subject to help people learn how to manage their money.
This is especially important for people who are left as beneficiaries of their loved ones’ accounts. Prudential’s goal is to educate customers in their times of need, and it does that with an innovative survivor center with content specifically tailored to people dealing with the financial aftermath of the loss of a loved one.
Even with more than 20 million customers across the globe, Prudential still aims to create personalized experiences. By tracking customer behavior, the company can understand each customer’s preferences and stage of life. The goal is that no matter how a customer interacts with the brand, Prudential employees always discuss each customer’s individual needs. In many cases it opens up needs and questions customers didn’t even know they had.
AI and machine learning have played a large role in transforming Prudential’s core values for modern customers. Prudential is one of the best examples of putting AI into action in a way that truly transforms the customer experience. It used to be that applying for life insurance required multiple meetings, tons of paperwork, and invasive tests, which was a drain on the company and its customers. The entire process could take up to 10 weeks before customers were properly assessed for their risk. Prudential moved to AI to turn the basic information provided by customers on their initial life insurance applications into an algorithm to predict risk. The model is 93% accurate and can produce a policy in two days instead of two months. As a result, the number of customers buying life insurance has shifted.
As Prudential moves towards the future, it will continue to put customers first and use the best data-driven technology. Customer-focused executives and team members should understand technology and customer needs because everything they do has a deep layer of technology. Prudential shows that even a long-standing brand can transform itself to serve customers with innovative data and technology.
Blake Morgan is a customer experience futurist, author of More Is More, and keynote speaker. Sign up for her weekly newsletter here. Go farther and create knock your socks-off customer experiences in your organization by enrolling in her new Customer Experience School.