Feature
The Gist
- Digital finance meets humans. TIAA's transformation goes beyond tech adoption, focusing on a blend of digital innovation and human insight for deeper client relationships.
- AI ... cautiously. Strategic integration of communication channels and cautious AI application in sensitive areas like financial advice set industry benchmarks.
- Empathetic path. TIAA's roadmap for the future centers on enhancing client experiences, committing to both technological innovation and empathetic engagement.
Digital transformation in the financial sector is not merely about adopting new technologies; it's about a fundamental shift in how financial institutions engage with their clients. At the forefront of this shift is the strategic integration of digital capabilities, omnichannel approaches and a deep understanding of the human element in customer service.
Jessica Austin Barker, chief digital and client experience officer at TIAA, lives this reality day to day. In our latest CX Decoded podcast, Austin Barker takes us into the changing landscape of client experience in the financial sector through a lens of innovative adaptation, strategic integration and a relentless focus on client-centricity.
Journey From Consulting to Client Experience Mastery
Austin Barker in the podcast discusses her initial foray into consulting, a path chosen by many who are still exploring their career options. Her transition from marketing to product management at Intuit demonstrates a keen interest in directly addressing customer needs. This evolution in her career underpins her current role at TIAA, focusing on enhancing the holistic client experience in the financial sector.
Reflecting on this transition, Jessica shares, "I began after college and consulting, which I likened to what people do when they're not sure what they want to do. And so it was a great experience for a few years of management consulting. And then I decided it was time to ... go to industry and start doing work with a company. I landed at Intuit, the makers of TurboTax and QuickBooks. And I started off actually in marketing, but it only took me about a year in working with all of the product folks to realize that I really loved solving problems."
She was fortunate, she said, to be able to transition into product management "without really having much craft skill at the time." Effectively, she grew up in product management. Larger cross functional roles came into the mix, and "that's how I ended up falling in love with my client experience element."
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Revolutionizing TIAA’s Digital Landscape With Strategic Omnichannel Integration
TIAA, under Austin Barker's leadership, is rapidly advancing its digital capabilities, focusing on closing existing operational gaps and spearheading innovative digital initiatives.
"When I joined, certainly the company had started to invest already in digital experience, but admittedly probably a bit behind of where we would have liked to have been," she said.
Her focus has been primarily on two key areas: firstly, expediting the shift toward a digital-first approach, bridging existing gaps and actively seeking avenues to pioneer new innovations in this domain. Additionally, another vital aspect, as reflected in her role's title of digital and client experience, is the comprehensive oversight of the entire client experience.
Previously, TIAA's approach was highly segmented by communication channels, which often resulted in clients perceiving and experiencing internal organizational structure. To address this, her team is now pivoting to a more holistic approach. Instead of solely concentrating on digital channels, it is now prioritizing the broader perspective of clients, orchestrating an integrated omnichannel experience that aligns with their journey and needs.
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Cautious and Calculated Adoption of AI
While exploring AI in customer service, TIAA is cautious, especially in areas requiring high accuracy, like financial advice. Austin Barker explains the careful approach, "That's something that's still under development. And for us as well, when you think about a lot of what we do, which is giving advice around someone's retirement plan, that's an area that we are very conservative with respect to how we're going to apply AI."
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Austin Barker's team has indeed implemented AI, although it's still at a nascent stage. Currently, it's not the primary focus. TIAA has utilized AI mainly for enhancing the Frequently Asked Questions (FAQ) section, improving the quality of responses and search functionality in this area.
However, the development of AI in the form of chatbots is an ongoing process. Particularly in her field, where she provides advice on retirement plans, she approaches the application of AI with a high degree of caution.
Humanizing the Digital Experience in Finance
But how do you humanize all these experiences in the digital world of finance? A significant part of TIAA's strategy involves ensuring human interaction in customer service. Austin Barker asserts the necessity of this approach: "We will always have a human component," she said.
Austin Barker acknowledges the necessity of maintaining a human element in financial services, especially for those who may not be knowledgeable about finance or retirement. She asserts the importance of having human guidance in the process. Although there might be a debate on the extent of human involvement needed in the future, she believes that certain aspects of financial services will always benefit from the reassurance and advice provided by human experts.
For simpler tasks like updating beneficiary details or personal information, clients can manage independently. However, for more complex decisions involving investment choices, retirement savings contributions, or converting savings into a lifetime income (annuitization), many clients prefer the confidence that comes with expert advice. Her team focuses on making the language in their content more relatable and human-centric. While they are enhancing their digital offerings, Barker emphasizes the continued need for direct, human conversations in many aspects of their service, facilitated through various communication channels.
Related Article: How AI Integration Can Power Better Human Experiences
Leveraging Adviser Insights for Digital Service Enhancement
TIAA actively works on integrating insights from customer interactions and wealth advisers into their digital platforms. They want to extract and better incorporate these insights into digital experiences for scale and are leveraging AI to make it scale more broadly.
Austin Barker emphasizes the importance of engaging closely with those who directly interact with customers to build empathy and a deeper understanding of client needs. She advocates for direct engagement and learning from frontline personnel, such as field consultants, institutional staff or call center groups, to gain real insights. This approach involves product teams actively observing and listening to these interactions, akin to a "follow me to the office" practice with wealth advisers.
By witnessing firsthand how advisers interact with clients and use tools, the teams can uncover unexpected insights and questions they hadn't considered before. This process of direct observation and learning is crucial for breaking down internal silos, according to Austin Barker. With these insights, Austin Barker's teams aim to distill best practices and scale them up, using them to train and elevate the skills of other consultants and advisers. Part of this strategy involves leveraging AI to enhance the scalability and reach of these best practices.
Moreover, Austin Barker highlights the importance of integrating these learnings into digital platforms. This involves translating the insights gained from direct interactions into digital content, workflows, and overall client experiences, aiming to replicate the level of confidence and personalization found in human interactions. While acknowledging the complexity of this task, Austin Barker views it as a critical step in their ongoing journey to enhance client experience.
TIAA's Blueprint for Future-Proofing Client Experience in Finance
The journey of TIAA in reshaping its digital and client experience landscape offers a compelling narrative of transformation in the financial industry. It's a story that goes beyond the mere adoption of new technologies. Instead, it's about harmoniously blending digital prowess with human insight, ensuring that every client interaction is both technologically advanced and deeply personal.
The strategic moves made by TIAA, from integrating various communication channels to cautiously implementing AI in sensitive areas like financial advice, set a path toward customer-centricity. It's an era where technology serves not just to automate but to elevate the human experience, fostering stronger, more transparent and more meaningful client relationships.
