USAA, the Texas-based diversified financial-services player, whose products and services span across banking, financial planning and the insurance domain, has consistently won accolades for superior customer service. A critical factor behind USAA’s success on customer-centricity has been its early bets on digital insurance and specifically, the mobile channel.
USAA’s early emphasis on embracing predictive modelling has also helped in proactively identifying clients’ needs to deliver automated yet personalised services. For example, USAA has recently entered into a partnership with Saffron – a California-based start up – to design an algorithm that will anticipate members’ upcoming needs for financial products. According to USAA, Saffron’s product recommendations resulted in over a 50% rise in predictive performance over other methods previously applied. Apart from Saffron, USAA’s other notable startup collaborations include Expect Labs (a pioneer in conversational UI), Narrative Science (creates Software to Enhance Human Productivity), CafeX (creates Video collaboration and streaming software) and MX (Digital Money Management).
USAA is also prioritising mobility and using smartphones to deliver solutions that are differentiated. For example with USAA’s Virtual Mobile Assistant, members can search for and group together transactions simply by giving voice instructions like “pay my car insurance next Wednesday using my Visa card”.