Are you meeting your customers’ growing expectations? Technology has changed the way we function in everyday life, a change that translates into the way we do business as well. They want more and they want it now.
The demand-driven changes in today’s financial industry pose a risk to those that fall behind. But if you’re ready to adapt, those threats become prime opportunities.
In this blog, we’ve identified some of the key trends that are shaping customer experience in the financial services industry.
1. Investment in customer experience (CX)
The quality of customer experience in financial services has become a key differentiator between competitors. Gone are the days when you could rely on brand loyalty to do the heavy lifting for your retention rates. To respond to this, financial services firms need to invest more in CX.
How can you give more value to your customers? Your teams have a wealth of training and experience that your customers don’t. If you’re in sales and marketing, you can start with education. We don’t just mean education on your products and services either. Give your customers answers to their pain points and make those answers accessible, in plain English and then relate them to your solutions.
New customers raised in the digital age expect access anywhere, anytime - not just to your services, but to information as well. When buying, they’ll look for solutions online before they make their final decision. That means, if your competitor is engaging with the right people at the right time with the right message, you're already behind.
As much as they expect those mobile technologies, customers are now used to engaging with self-service technologies. So again, if your competitor has the right information readily available, your customer can switch at the tap of a button. Having mobile accessibility to your services means you could be on the winning end of that demand.
2. Regulators are turning to technology
The 2008 Financial Crisis caused banks and financial institutions of all sizes to stop and think about how to tackle the increasingly-important risk and compliance management. Outdated, fragmented systems can easily leave the door open to human error and security breaches.
Your applications and infrastructure therefore need to enable seamless compliance across the business. To do so, financial services firms should think about implementing comprehensive platforms that cover:
- Data privacy
- Systems security
- Auditing across interactions
3. Customer intelligence powers customer experience
You can’t deliver excellent service to your customers if you don’t know them. Using customer intelligence tools allows you to deliver a more personalised experience. This goes back to delivering the right messages to the right people. When you get this right, you’ll see a boost in engagement and increased sales.
Having this much data about your customers at your fingertips means you don’t have to rely on those relatively small datasets from customer surveys and focus groups. You can access real data in real-time. The question is, do you have the tools to make that data work for you? Deep learning algorithms and AI will contextualise, analyse and predict customer behaviours and campaign outcomes, better streamlining your experience.
4. The connected customer service ecosystem
Customer service has transitioned to an omnichannel approach. Access to customer service teams over a phone call, web chat or application are standard practice for all modern businesses.
While it might seem like a big investment to improve your communications channels, a unified CRM system will:
- Make it easier for your customers to engage with you the way they want to
- Improve employee productivity and reduce operating costs
- Empower employee collaboration
- Gain a better understanding of your customers
Since all communications can be tracked securely, you can collect more information on your customers' needs to feed your algorithms and make better business decisions that are tailored to your customers.
5. Digital disruption is the new normal
It’s no longer special to be digital. Customer intelligence has to be combined with customer experience in order to truly drive innovation.
These days, many customers don’t want to pick up the phone to make a transaction or get an update anymore. They'd rather jump on online chat (via chatbots) for answers. While this digital demographic demands exceptional service, you don't need to sacrifice your bottom line to provide it.
Artificial intelligence in the form of prebuilt chatbots in Microsoft Dynamics 365 system can help to support your omnichannel customer experience.
To remain competitive, all service-led industries must embrace technology to deliver the fast, efficient and tailored experiences that customers have come to expect.