Jun 30, 2021
Welcome to this episode of The Experience Strategy
Podcast! Aransas and Dave are joined today by tech executive Liz
Grausam, who shares her personal experience consolidating her
finances. Managing personal finances has become an epic chore for
many consumers. Big banks, burdened by outdated technology, aren’t
making it easier for consumers to choose them in an increasingly
competitive market. In this episode we look at the cost of tech
debt on the customer experience, and ways businesses can use
omni-channel experience strategies to create lasting loyalty.
In This Episode:
- [03:00] After Liz left her job, she felt it was
imperative to investigate her own financial situation. Examining
the variety of bank accounts she was using and consolidating those
accounts to ensure efficiency, convenience and satisfaction.
- [05:11] When Liz had to navigate the digital
experience with Merrill Lynch, she felt it was like travelling back
in time, reflecting an archaic and arduous software.
- [08:34] What are robo-advisors? Liz explains what
they were doing for her when she tried to consolidate all of her
accounts into Merrill.
- [10:25] Which financial companies have the best
- [11:06] Liz’s positive digital experience
consolidating her accounts with Fidelity. The overall usability and
user-friendliness Fidelity provided to her.
- [18:39] Navigating Merrill Lynch’s systems between
the lack of intuitive response from robo-advisors, to the
challenges of speaking to an experienced advisor.
- [23:00] Competitiveness between banks is
contributing to providing customers with the highest level of
- [25:00] The importance of channel strategy to
building consumer relationships.
- [26:03] Another issue with regards to Merrill Lynch
and Bank of America’s poor customer experience is that they are
most likely not using experience strategy to define their
- [28:11] The grade Dave gives Merrill Lynch based on
- Many well established companies are bogged down by
- The antiquated systems and poor digital customer
experiences of these companies are pushing customers to pursue
- Competitiveness between banks is higher than it
ever has been before. It’s crucial for those companies to learn how
to keep customers and how to deepen their relationships. Banks have
to be agile and customer focused in order to create
- It’s paramount that businesses use experience
strategy to define their audiences, not just rely on marketing
- Overall, online banks and financial institutions
need to have a user centered and friendly experience that you can
trust and feel confident using in order to be successful. Having
good human interactions available as needed and the best technology
is key to a great consumer experience.
Liz Grausam has spent her career analyzing and
participating in the technology sector in a variety of ways.
She spent almost the first decade of her career on Wall Street as
an equity research analyst, covering software and services stocks
at Goldman Sachs. In 2008, her love of innovation and strategic
problem solving drew her to work at Amdocs, one of the software
firms she covered as an analyst. At Amdocs, Liz managed the
Strategic Planning process for the company along with the Investor
Relations program. With an itch to run a P&L, in 2015 Liz
joined GLG, an early innovator in the expert network sector, to
incubate their entry into the Tech Vertical after utilizing GLG’s
service as a client. During her tenure at GLG, she helped the
company reinvent its service offerings for F500 companies,
expanding the legacy offering tailored to the investment community
into a robust B2B insights platform supporting strategic planning,
innovation, and go-to-market activities at large companies. At GLG,
she eventually became General Manager of the Corporate Markets
business unit comprising the Tech, Consumer, Industrials and Life
Sciences verticals. Liz is currently on a professional
sabbatical taking the spring and summer away from the grind and
will be planning her next moves in the Fall of 2021.