Enhance Customer Experience

Customer experience management in financial services is becoming more and more critical to success for the industry. Changing customer expectations and evolving government regulations have triggered a period of transformation for financial service providers. Digital natives, those who have grown up in the information age, are quickly becoming the majority. There is an expectation of near-instant gratification, seamless experiences, and an anticipation of needs. The pandemic-driven demand for digital services has only furthered the argument.

Improving customer experience (CX) is a top-five business priority in 2022, according to 64% of the 1,100 executives surveyed by the Harvard Business Review Analytics Services.

The importance of CX in Financial Services

The customer experience is evolving and financial services providers need to change alongside those expectations. Otherwise, they will lose customer loyalty and slowly fade into the background. 

Effective customer experience management in financial services can elicit loyalty in customers, which increases customer retention, customer lifetime value, and overall revenue as well as improves customer relationships.

Digital natives expect there to be easy-to-use fintech available to them through their financial services provider. Fintech, or financial technology, is there to simplify the services the customers utilize. As this generation of tech-savvy consumers continues to grow, so will the demand for accessible, affordable options made available through fintech and other means. 

An effective customer experience provides the consumer with what they expect. Without a good CX, customers will look towards other financial service institutions that provide them with the services and products they want. 

How Fintech can improve the customer experience

Today’s tech-savvy digitally nomadic customers want access to their financial services from wherever they are. Engaging customers through digital channels is no longer an option. In today’s technologically advanced world, there is a need for integrated and easy-to-use fintech as part of the financial services customer journey. 

It is important to understand what matters to the customers and adjust to meet their needs. Fintech is an expectation and your customer experience management initiatives should reflect this change. 

What is it, exactly, that customers want out of their financial services experience?

1. Integrated, seamless, and personalized touchpoints

“To build trust and meet customer expectations, personalization is a must-have” in today’s financial services industry, says Salesforce Senior VP of Financial Services, Rob Seaman. 

Controlling the customer experience is all about controlling the interactions customers have with your brand throughout the customer lifecycle. Mapping the customer journey and understanding each of your target personas allows you to send personalized, behavior-based messaging. These personalized touchpoints help build trust and can create a positive brand experience. 

Beyond personalization is the expectation of an integrated and seamless experience. Most institutions are using multi-channel customer service, which has worked well in the past. Unfortunately, this too is becoming obsolete. Omnichannel customer service will provide a more streamlined experience by allowing for consistency across all touchpoints. In fact, 78% of consumers expect consistency when they engage according to Salesforce’s recent State of the Connected Customer report.

2. Better self-service options & more functionality across digital channels

Back in 2016, Forrester surveyed customers and found that a majority will turn to self-service options long before they turn to a human element. That hasn’t changed over the last few years. If anything, that number has increased—due only in part to the pandemic-driven isolation of 2020 and beyond. 

Forrester found that more than half of those surveyed would abandon their online purchase if they couldn’t find a quick answer to their question. FAQs and forums were the first go-to for many. And, if a human element was necessary, they would turn to web chat, only relying on a phone call when a serious escalation was needed. 

A lot has changed over the last six years, but the demand for self-service options has only increased. The desire for near-instant gratification has drastically increased. Today’s consumer prefers to rely on digital tools for service and communication. Many of your customers may only interact with your brand across digital channels. 

Providing self-service options and more functionality across your digital channels—including cross-channel integration—is an important step in improving the customer experience. Don’t count out the human element, though. Customer experience can still be improved via relationships—and, that still includes human interaction. Customer-centric cultures are increasingly becoming the norm and should be part of your customer experience management initiatives. 

3. Transparency & trust

Big data is a large, and growing, part of the financial services industry. In order to provide the more personalized experience customers expect, more information will need to be collected. 

While there is an understanding that personal information is a necessary part of financial services, there will still be some hesitancy in providing some of that information. Consumers want to know what you plan on doing with their information and that you have the ability to protect it. 

Developing a relationship with your customers and building trust through the customer experience, will go a long way in customer loyalty.

Build & maintain an effective customer service management initiative with Forcivity

The financial services industry, which includes both commercial and retail banking as well as wealth management, is fiercely competitive. The changing landscape has only made the competition even more difficult to win. 

Customers want access to more holistic programs with integration across all digital channels. Having the right tools, like Salesforce Financial Services Cloud, to build out a better customer experience is an important piece of the puzzle. In order to drive real change and see the results you’re looking for, you need to understand how to harness those tools and put them to use for your business. 

Forcivity is dedicated to helping financial service organizations digitally transform their service operations. You can create impactful change and improve the customer experience by properly leveraging fintech. Our innovative approach can change the tide for your business and put you ahead of the competition with a customer experience that increases customer loyalty and overall revenue. 

Take your CX to the next level

Forcivity specializes in helping businesses optimize their technology to improve the overall customer experience. Let us help your financial services business transform and give exceptional service to your customers.

Develop a relationship with your customers and build trust through the customer experience. Consumers want to know what you plan on doing with their information and that you have the ability to protect it.

Providing a self-service option and more functionality across your digital channels—including cross-channel integration is important to improve customer experiences.

  1. Changing customer expectations.

  2. Evolving government regulations have triggered a period of transformation for financial service providers.

Molly McGee