How Customer Experience Impacts Every Transaction in Financial Services

By Kirsten Oelrich 2 min read

Customer engagement is the backbone of the financial services sector. Every satisfied or dissatisfied customer directly impacts the bottom line. In no other industry is the outcome impacted more deeply by a single customer interaction than the financial services industry.

Each customer interaction experience has a direct impact on the outcome of the brand-customer relationship. Regardless of who they meet or how they engage with the company, customers form a perception that guides their future decisions.

In today’s digital era, technology is playing a key role in helping financial institutions measure and improve their customer experiences. While CRM tools allow banking and insurance firms to store client data and leverage it to build stronger relationships, customer feedback solutions help companies measure the success of client experiences and report back on client health in real time.

But today’s customers are demanding. They expect nothing less than personalized, targeted, and consistent omni-channel experiences throughout their customer journey. Research suggests that a 10-second wait for a page to load causes up to 50% of the consumers to abandon their customer journey. Another study concluded that websites start to lose traffic to competitors in 250 milliseconds!

Faced with these challenges, how can you ensure that customers stay engaged with your brand and keep coming back?

Today’s consumers expect personalized, targeted, and consistent omni-channel experiences throughout their customer journey. Let’s look at the 3 areas you must focus on to attract, engage, convert, and retain the modern day consumer.

Consumers expect you to Personalize

Research indicates that most customers feel their relationship with their financial services provider is purely transactional. However, modern consumers expect more personalized experiences from all of their providers and expect to receive messages that are tailored according to their individual preferences.

Customers expect you to Anticipate

Knowing what customers want in the moment is important. But customers also expect brands to proactively predict and anticipate their future needs and make relevant recommendations. Is your brand prepared to make the best use of customer data to elevate to the next level of predictive recommendations? How prepared are you to not just collect and collate data but also to extract meaningful insights and interpret it for future customer actions?

Customers expect you to go Omni-channel

According to a survey, 75% of consumers expect a consistent experience wherever they engage. While financial institutions have made it easier for customers to engage with them across channels, they still expect a fluid, integrated, connected, and consistent omni-channel service experience. The digitally connected natives of today don’t just expect you to be present across channels, but also expect a seamless interaction across touchpoints.

Explore Additional Resources

Learn how you can select the best Digital Experience platform for your business.

Reach out to our Adobe Experience Cloud Consulting team which specializes in helping you deliver seamless, intelligent, and personalized customer experiences.

Our Certified Sitecore Experience Platform and Sitecore MVP’s specialize in helping you deliver seamless contextually personalized customer experiences.

Schedule a meeting with our team today to see how we can help you save time and money with the digital transformation initiatives.

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Over the past 20 years, we have completed thousands of digital projects globally. We have one of the largest and deepest multi-solutions digital consulting teams in the world. Our proprietary processes and years of Digital Experience expertise have earned us a 97% customer satisfaction rating with our clients ranging from Global Fortune 1000 to Mid-Market Enterprises, leading educational institutions, and Non-Profits.

DesignRush has recognized TA Digital as a top Creative Agency.

About TA Digital

TA Digital is the only global boutique agency that delivers the “best of both worlds” to clients seeking to achieve organizational success through digital transformation. Unlike smaller, regional agencies that lack the ability to scale or large organizations that succumb to a quantity-over-quality approach, we offer resource diversity while also providing meticulous attention to the details that enable strategic success.

Over the past 20 years, TA Digital has positioned clients to achieve digital maturity by focusing on data, customer-centricity and exponential return on investment; by melding exceptional user experience and data-driven methodologies with artificial intelligence and machine learning, we enable digital transformations that intelligently build upon the strategies we set into motion. We are known as a global leader that assists marketing and technology executives in understanding the digital ecosystem while identifying cultural and operational gaps within their business – ultimately ushering organizations toward a more mature model and profitable digital landscape.

Recognized in 2013, 2014, 2015, 2019, and 2020 Inc. 5000 list as one of the most successful technology companies in the United States, TA Digital is pleased also to share high-level strategic partnerships with world class digital experience platform companies like Adobe, SAP and Salesforce and possess global partnerships with industry leaders such as Sitecore, Episerver, Elastic Path, BigCommerce, AWS, Azure and Coveo.

Kirsten Oelrich

Written By

Kirsten Oelrich