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Rising above the average: Modernising CX in Financial Services

The Financial Services industry is a highly dynamic and challenging environment. The growing surge in Fintech plays a significant role here with FinServ companies under increasing pressure to adopt the latest digital technologies and ways of working. However, a key differentiator is delivering excellent customer experience (CX). And ultimately, better customer service means better outcomes for businesses.

By Michael Schweidler, Senior Content Marketing Manager, EMEA

Published November 25, 2021
Last updated March 17, 2022

The Financial Services industry is a highly dynamic and challenging environment, as seen in part 1. The growing surge in Fintech plays a significant role here with FinServ companies under increasing pressure to adopt the latest digital technologies and ways of working.

However, a key differentiator is delivering excellent customer experience (CX). Ultimately, better customer service means better outcomes for businesses. CX Champions are investing in CX despite business and industry uncertainty and are reaping the benefits. Zendesk has built a framework around CX maturity, identifying key characteristics of CX Champions. Here are some of the main ones to take onboard when evolving your own CX program:

Understanding the essential capabilities required to derive value from your CX program

Fintech is disrupting traditional banking systems. Adopting an agile approach, Fintech companies offer digitally enabled banking that is based on simplicity, flexibility, speed and convenience. Fintechs also offer anytime-anywhere access, remote account opening, quick consultations and better communication with customers overall. For them the customer is key and the focus is on offering the best possible CX, which is where traditional banks often fall behind. Indeed, according to a report from PWC, only half of the respondents from the banking sector (53%) believe they are consumer-centric, compared with over 80% for Fintech survey participants.

FinServ brands are held to the same high standards for omni-channel support

A study from McKinsey into the future of private banking in Europe reveals that customers are demanding a more flexible journey from digital banking. 71% prefer multichannel interaction and 25% want a fully digitally enabled private banking journey with remote human assistance when needed. High performers in finance are taking an omni-channel approach. Prioritising 24/7 access, these firms offer customer support via a range of channels including non-traditional ones, such as social media, WhatsApp and Slack. This omni-channel CX empowers customers, which helps garner loyalty.

Advanced analytics and the emergence of artificial intelligence (AI)

Central to enhancing CX is data. Through applying data analytics to customers’ personal and financial data, FinServ firms are better able to understand customer needs, provide data-driven recommendations and increase personalisation. Advanced analytics and the ongoing improvements in AI will not only transform how customers experience finance but will also help increase the agility, efficiency and resilience of financial firms.

As with other industries, Finserv customers expect personalisation

Customers are used to receiving personalised and curated content in other industries and so expect the same from their banking services. Indeed, an Accenture survey revealed that 40% of banking customers would consider switching banks to get a more personalised service. But to deliver a personalised, analytics-driven service to customers – especially across multiple channels – does bring the importance of security to the fore. Any company dealing with customers’ most sensitive personal and financial data has to meet stringent security standards. Customers need to know they can trust you.

Integrate customer data into a single view

Customer service agents in FinServ often suffer from swivelling chair syndrome. With multiple screens and different dashboards open, they switch between various applications to gain an overview of the customer before resolving their query. Moving between so many different views inevitably lowers agent productivity, increases resolution time and negatively impacts customer service. Organising customer data in one place with a single customer view will not only help stop the chair swivelling but will enable agents to provide a high-quality and timely response for customers.

Self-service solutions

Customers like to feel empowered to find answers to queries themselves. They also want to take a more active role in managing their financial lives. A robust self-service knowledge base or help centre that not only addresses common customer questions but also offers thought leadership, analysis and personalised recommendations will enable customers to make thoughtful decisions. This helps build trust and loyalty. Self-service also has the added benefit of freeing up agents’ time to deal with the more complex investigations.

Don’t forget the human element

Technology is meant to make our lives easier and while ensuring the customer has a good experience, we shouldn’t forget about the agent experience. The right tools and technologies at their fingertips will help them feel more engaged, motivated and efficient in their work. This ultimately will increase productivity.

Pressure is building in the FinServ industry. Big technology companies such as Amazon are elbowing their way into this space. CX offers a key differentiator. The time to build a modern CX that today’s consumers are looking for is now.

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