6 Steps to Transforming Customer Experience in Financial Services

Anita Stein at Five9 explores how financial institutions can transform their customer experience (CX) by embracing cloud migration, omnichannel strategies, AI, data analytics, CRM integration, and robust security measures to stay competitive in the fast-evolving financial services landscape.

In today’s fast-paced financial services landscape, transforming customer experience is not just a goal – it’s a necessity. Gartner reveals that 86% of financial organizations are prioritizing CX as a key differentiator.

The impact is clear: customers are willing to spend 140% more with companies that offer an outstanding experience. Amid FinTech disruption, stringent security regulations, and rising customer expectations, mastering customer experience is a crucial differentiator for financial services organizations today.

Here’s how financial institutions can revolutionize their CX across six critical areas:

1. Migrate to the Cloud

Moving from on-premises infrastructure to the cloud is a significant shift that can enhance flexibility and scalability.

Many financial institutions struggle with the high costs and limited scalability of on-premises systems – 79% of CX leaders agree that using cloud technologies is essential to optimizing their contact centres.

The cloud’s scalability allows banks to handle peak times efficiently, ensuring seamless service delivery.

2. Embrace Omnichannel

Providing a seamless customer experience across multiple channels is crucial in today’s digital age. Customers expect a consistent experience – whether they contact your organization through mobile, web, or in-person.

Notably, 73% of consumers expect a seamless transition between channels. However, only 13% of consumers think their financial institutions truly meet their omnichannel expectations.

A good omnichannel strategy can provide a 30% higher lifetime value than those who use only one channel and retain and retain average of 89% of their customers while increasing year-on-year annual revenue by 9.5%.

3. Leverage AI to Personalize CX

Leveraging AI to handle routine inquiries can significantly improve efficiency and customer satisfaction. Human agents are often overwhelmed with repetitive tasks, leading to longer wait times and lower satisfaction.

AI-driven chatbots can handle up to 80% of routine customer inquiries. A large US bank deployed an Intelligent Virtual Agent to handle common customer queries such as account balances and transaction history. The outcome was a 50% decrease in call volume, improved service quality, and higher customer satisfaction

4. Harness Data Analytics and Orchestration

Data analytics can provide deep insights into customer behavior, enabling personalized experiences. Financial institutions often struggle to make sense of vast amounts of data, as 90% of CX teams in financial services are expected to deliver more with less.

By implementing a robust data orchestration strategy, a leading financial institution successfully integrated customer insights across its contact centre platforms.

This approach empowered agents to deliver tailored services, resulting in a 25% increase in customer satisfaction and a 30% improvement in resolution times.

5. Reduce Siloed Data by Integrating Your CRM

Integrating CRM systems with other data sources can create a comprehensive view of the customer, while inconsistent customer data can lead to fragmented and ineffective customer interactions.

A staggering 39% of banks struggle with inconsistent customer engagements due to poor data integration.

By unifying customer data across channels, a major global bank transformed its contact centre operations, reducing response times and improving customer satisfaction scores by over 30%.

This streamlined approach enabled agents to access complete customer histories in real time, leading to more personalized interactions and better service outcomes.

6. Prioritize Security and Compliance

Ensuring data security and compliance is paramount in the financial services industry. Balancing innovation with stringent security and compliance requirements can be challenging.

In fact, 60% of CEOs at financially successful organizations prioritize CX, but security concerns hinder innovation.

By implementing secure cloud contact centre solutions, financial institutions have reduced fraud risks and ensured compliance with PCI DSS, GDPR, DORA, and other key regulations, enhancing both security and customer trust.

This blog post has been re-published by kind permission of Five9 – View the Original Article

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Five9 provides end-to-end solutions with omnichannel routing, analytics, WFO, and AI to increase agent productivity and deliver tangible business results.

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Author: Five9
Reviewed by: Jo Robinson