Why Customer Experience is the New Currency in Financial Services

By Kirsten Oelrich 3 min read

A wave of transformation is sweeping through the financial services sector. Smartphones are replacing branch banking with online banking, insurance is shifting from the traditional wholesale business model to a retail one, and customers are sidestepping the expertise of financial professionals in favor of online engagement. The relationship between financial institutions and customers is undergoing a drastic shift and businesses must adapt to a new generation of digitally-empowered consumers.

While the rapid adoption of digital technology is empowering customers to independently manage their transactions from a digital device, personalized contact is disappearing and eroding the traditional relationships between financial institutions and customers. How can financial services firms facilitate a personalized, 1-to-1 engagement with today’s hyperconnected customers? How can they ensure that that empowered customers perceive them as more than mere storage lockers and counting houses for their assets?

The answer lies in customer experience. Financial institutions can no longer count on traditional pathways of customer engagement and they must deliver personalized omni-channel experiences that bring together self-directed services and open-channel advice. Financial services firms that can best understand and anticipate rapidly evolving behaviors and expectations of the empowered customer will lead the field in the decades ahead.

Here are 3 ways financial services organizations can deliver a balanced and effective customer centric experience:

1. Put customers at the center of every experience

Personalization has entered a new era of sophistication and financial institutions are increasingly leveraging big data analytics to deliver specific services relevant to their clients’ needs. By using business intelligence and automation software, companies must set up prompt troubleshooting mechanisms for the smallest problems. Through the power of big data analytics, financial services firms must deliver customized virtual assistance and chat support. Companies are also employing Artificial Intelligence to bring back the personal connection that is integral to customer experience.

2. Deliver a secure and transparent experience

Trust plays a big role in the financial sector and companies owe a secure and transparent experience to their customers. Ensuring the highest levels of security and transparency is top priority for organizations and they are going the extra mile to offer first-rate information security considering the sensitive nature of the services they provide. With customers demanding stringent security features around their investments amidst the looming threat of hacks and data breaches, data encryption and a layered verification processes has become the norm.

3. Orchestrate a flawless omnichannel experience

To deliver an omnichannel experience, companies are engaging with customers across a variety of platforms ranging across web, chat, email and phone. Paying bills on the go, applying for loans, transferring funds from mobile phones or tablets are all directed towards a seamless customer service experience.

Banks and financial institutions know that in this digital era, no customer can be taken for granted. They must in fact model their strategies around what a customer is looking for from them. And success will be determined by companies adopting an omnichannel strategy that seamlessly connects across multiple platforms that a customer is comfortable with, without any lag.

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.

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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