Why Customer Experience is the New Currency in Financial Services

By Kirsten Oelrich 3 min read

Why Customer Experience is the New Currency in Financial Services

August 31, 2018

By Kirsten Oelrich

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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Over the past 18years, 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.

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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 Commerce CloudElastic Path, IBM Watson Marketing, Coveo and Episerver. The company was named on 2013, 2014, 2015, 2019 Inc. 5000 list as one of the fastest-growing technology companies in the United States.

Kirsten Oelrich

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Kirsten Oelrich