The financial industry of today is worlds away from the walk-up tellers and in-person traders of 20 years ago. Digital disruptors, FinTech startups, heightened security, and economic uncertainty brought on by political tumult all combine to make the environment of today one that industry leaders must approach with care and nuance.
Read on for a preview of our latest Industry-focused insight deck, complete with original research from our 2nd annual Insight & Vision Report, an analysis of current trends, advice from top analyst firms, and recommendations for the future.
Financial Services’ North Star: Knocking CX Out of the Park
Financial services are, at their core, all about people and relationships. Rise to the cream of the crop by centering your customers and keeping their experience personal. Interactions between financial organizations and their customers will require more care and empathy following the global coronavirus pandemic of 2020, with customers more affected by uncertainty and economic hardship, they’ll be expecting their financial institutions to behave more ethically moving forward.
The fundamental objective of collecting, storing, and analyzing data is to make better decisions. Banks have a large amount of data on their customers, yet this data isn’t always leveraged to the best of its use. Using that data to provide a tailored customer experience could set institutions apart from their competitors who are slower to adopt new tech. Take for example American Express’ sophisticated fraud detection system that allows cardholders to forgo notifying the company of any upcoming travel.
“The EY Future Consumer Index shows that nearly a quarter of respondents think it will take years to regain the level of financial security they had before the crisis. This points to the challenge many businesses may face with consumers saying it will be years before they feel comfortable going to sporting events, the theater, or flying.”
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