FIs Hiring Customer Experience Teams, But What Are They?

Demand for a combination of speed, simplicity, security and convenience in banking services has financial institutions thinking more about customer experience, particularly in a digital sense, and hiring people to design that experience.

JPMorgan Chase, for one, is in the market for numerous “digital consumer experience” heads, as searches on the jobs site Indeed for “Chief Experience Officer” and “CXO” show. Such listings for the bank’s consumer banking and platforms, home lending and auto lending divisions have cropped up over the past two weeks.

The bank’s Digital Consumer Experience team is responsible for creating “a simple, cohesive, indispensable, personalized digital experience” for over 70 million customers, according to the listings.

The listings continue:

“We work across every possible channel; from our rich web application to our increasingly popular mobile applications; to state-of-the-art ATMs; to voice or chatbot virtual assistant experiences. Our multi-disciplinary creative team partners directly with diverse Lines of Businesses and Technology groups to innovate and launch digital financial products and services.”

These positions all report to the bank’s chief experience officer and “partner closely” with the lead digital product managers and CTOs for one or more lines of business.

“This is a very important executive role within our three-part ‘tribe’ product ownership model that comprises of Design, Business and Technology in full collaboration,” each listing reads. “This leader will also have full accountability of multi-disciplinary experience design teams supporting each product tribe.”

The bank is seeking candidates with 15-plus years of relevant experience in design and/or consumer-facing digital product development.

JPMorgan’s Digital CXO is Meng Lee. According to his LinkedIn, Lee is based in the San Francisco Bay Area and has been with the bank since the summer of 2017.

Other institutions are making moves in this space as well.

Mastercard announced this month it created a chief experience officer position to become part of its executive team. The payments company hired Donald Chesnut, a former global CXO for interactive agency SapientRazorfish, to take on the new role.

As Bank Innovation previously reported, Chesnut’s team has a mandate to improve Mastercard’s consumer payment experience, while providing merchants, issuers and other partners “a more holistic way” to work with the company’s products and services.

Michael Miebach, chief product officer at Mastercard, told Bank Innovation in an email that one of the key drivers in defining the CXO role at was that it “was not and could not only be a marketing exercise.”

“If you’re not going to give customers the right products and the right interactions along the journey to get to them, they’ll find someone else who will,” he wrote. “There’s another company or another service who will try to deliver on that promise.”

Miebach said Mastercard needed someone to help the company, and push it, even, “to see things across segments and across business lines.” That entails creating a complete picture of the company’s customer base, as well as its employees and partners.

“Each of these audiences has distinct needs, and our ability to anticipate those needs, understand how they interact and are intertwined will help us exceed their expectations,” he wrote.

But understanding the customer is one thing, then comes the translation of those findings into the design of all products, services and interactions along the customer journey.

“Great experience comes down to a few key elements – purpose, decency, prioritization and urgency,” Miebach wrote. He said communicating a purpose and treating people with decency can win hearts and minds, while prioritization and urgency are really “table stakes in today’s fast-paced, highly digital world.”

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