How Customer Experience Impacts Every Transaction in Financial Services

April 10, 2018

By Kirsten Oelrich

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

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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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About TA Digital

TA Digital is an innovative digital transformation agency, specializing in delivering digital experience, commerce, and marketing solutions. For nearly two decades, we have been helping traditional businesses transform and create dynamic digital cultures through disruptive strategies and agile deployment of innovative solutions. We are known as a global leader in the digital technology industry for helping marketing leaders achieve their revenue targets, create profitable, omni-channel customer and commerce experiences. TA Digital has high-level strategic partnerships with digital technology companies AdobeMicrosoftSitecoreAcquiaMarketoSAP HybrisElastic Path, IBM Watson Marketing, Coveo and Episerver. The company was named on 2013, 2014, 2015 Inc. 5000 list as one of the fastest-growing technology companies in the United States.