The Need to Deliver New and Better Customer Experiences in Financial Service Institutions (FSI)

Posted by Andi on Aug 29, 2019 9:10:03 PM

Customer expectations are dynamically changing, and the financial service industry is not invulnerable to these ever-changing new demands. The expansion of social media, the utilization of big data, and the ability to find or buy nearly anything, anytime, and anywhere means that people are getting more accustomed to fast and personal experiences.

For the past years (and will continue ahead) financial service institutions or FSI are shifting their strategy to focus more on the “Customer Experience” or CX. CX can simply be defined as “how customers perceive their interactions with your company,” and it can be breakdown into these key points:

  • Usefulness: The Value Delivered
  • Usability: The ease and practicality to find and engage with the value
  • Enjoyableness: The emotional engagement that would attract people to repeatedly use them

For this, FSI must pursue customer experience initiatives to make doing business with them a whole lot easier and more enjoyable, to build and retain their trust, and to simultaneously increase efficiency. Rising to these challenges requires a strong understanding of the customers as well as their goals and preferences at every stage of the journey. Moreover, the ever-changing customer expectations, as well as the pressure of business competition will require new approaches to pretty much everything involving today’s tech-savvy costumer.

The need to deliver new and better customer experience in FSI and Banking will highly depend on these three main CX trends:

.

1. The Digitalization of Banking and Financial Services.

Traditional banking and financial services are now transforming into digitalization. As the service provider, you need to identify the critical phase of your consumer journeys that are affecting their experience negatively. This can be done by studying their transaction histories, call logs and online data to identify diverse points in the journey that are causing unwanted friction.



2. The Significance and Leverage  of Customer Data

In today’s day and age, the customer is aware that their data’s is being used, have significant value, and can spread uncontrollably. However, if you can ensure these data safety and security, they will gladly exchange them for something equally valuable: new and customized benefits. For instance, from opening a saving account to applying up for a loan, it’s frustrating for customers to fill the request form over and over again. Thus, the digital platform should be capable of unifying customer data (from the e-form, etc.) in one place and provide instant access to the data whenever the customers interact with the banking system.


3. Conversational Financial Services

Personal interaction also plays an important part in CX. Recent technological advancement has allowed chatbots to capture information across multiple points and contextualize it to offer a more personalized service. These chatbots are capable of tracking customer behaviors and anticipating their various needs.  Once your system detects and derives the interaction patterns, your chatbot can ultimately take customer experience to the next level. Chatbots also allows customers to interact and receive services anytime and anywhere.

.

Conclusion

As in any business, customer satisfaction and experience should be on the top priority of a financial service institution. Putting the customer first means fulfilling their every need and wants as well as keeping up with the latest trends which today translated as providing the most convenient digital supports and assistances. Thus, as a financial services provider, you should anticipate the ever-changing customer demands with the latest digital technology. If you require assistance and further consultation regarding the matter, you can contact us anytime. With our digital expertise we can help your FSI to further enhance your customer experience, and ultimately bring your company to the next level. For more information and a wide range of digital solution please don’t hesitate to Contact WGS.


Topics: Mobile Apps, technology, customer experience, Customer Service, digital banking, digital transformation, financial institution, fintech, Artificial Intelligence

    Newsroom Subscription

    Popular Post

    Posts by Tag

    See all