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Top 8 CX Trends Transforming the Financial Sector

The competitive landscape entrenched in constantly evolving technology and a more empowered consumer has ensured that the financial market needs to focus on customer experience

Customers that once believed in lifelong loyalty to their financial institutions are now realizing they have a choice. Whether it is shifting from banks to credit unions or finding competing banks that offer better deals – the reason being, customer experience.  

As a consequence, financial institutions have finally taken to adapting their strategies with a focus on CX.  

Customer Experience in the Financial Sector 

In order to understand how CX in the financial sector is transforming, let’s first understand CX in the sector.  

Here, customer experience refers to the sum of all experiences a customer has with an institute. Whether it is accessing the services via an app or web portal, the customer services offered, social media conversations, and more. 

In fact, financial institutions that invest in CX have a higher rate of recommendations, increased loyalty, and find it easier to cross-sell or upsell products to existing customers.  

It’s no wonder that investing in CX is an essential strategic move that is being widely observed across the financial sector. In an attempt to deliver what the customers need and stay a step ahead of their expectations, here are the top customer experience trends overtaking the industry.

Leading Customer Experience Trends 

Good customer experience doesn’t just go the extra mile. It anticipates customer needs and requirements before they even ask for it. Today, financial institutions are realizing that it isn’t just about the products they offer, but about how they offer it. Fulfilling customer needs at every stage and understanding customer experience across their journey can reveal a lot about how you can retain your customers.  

  1. Milestone Feedback
    Always remember to seek customer feedback at every key touchpoint of their journey. Send out automated surveys, understand your NPS score, and gather all the information you can.  

    Customers are always trying to talk to you, so it’s always wise to give them an easy outlet.  

    With regular feedback surveys across the customer journey or even after key interactions, you will be able to get into the granular details of things and understand just which aspect of your CX is working and which isn’t.  

  2. Live Assistance
    Research shows that going above and beyond doesn’t necessarily make as big a difference as making everything easy for customers.  

    In fact, the lack of ease in a process, whether it’s your app or even perhaps in person, is often that spurs customers to visit your competitors.  

    So, one great way to avoid that – live assistance! 

    By adding co-browsing or even video-chat, you can solve customer queries and complaints a lot quicker and easily resolve a problem to your advantage.  

    With the world going digital, it’s especially essential to have virtual CX features that make the entire process easy for your customers.  

  3. Chatbots
    Chatbots are your digital concierge. They reduce the burden on your customer service executives and often resolve minor issues with easy re-directing.  

    So, it’s no wonder that just about all businesses with a web-portal invest in these.  

    In fact, with the right programming, chatbots can help with a lot of routine tasks that people log in for. Whether it’s checking their balance, changing the address, or even perhaps applying for a credit card.  

    Chatbots can decipher text to direct customers to the most relevant resource or page, giving them a seamless experience while automatically enhancing your brand value. 

  4. Getting Proactive and Offering More
    It isn’t just about what you offer, but whether it is truly serving your customers.  

    So, while location-based offers are often a great way to segment your audience and deliver what they may want, it’s all the more important to go proactively educate your audience.  

    Tell them what is being offered and how certain offers make more sense for them.  

    By learning their advantage, customers are more likely to make smarter, more apt choices. As a consequence, they will also be happier with the services offered by your institution.  

  5. Be Everywhere 
    This is, without question, one of the most essential elements of customer experience in the digital age.  

    Customers want to be able to perform their usual tasks, whether it’s on a website, an app, or even in-person at the branch. So make it easy for them to do so using whatever means necessary.  

    Customers want to be able to perform their usual tasks, whether it’s on a website, an app, or even in-person at the branch. So make it easy for them to do so using whatever means necessary.  

    However, being everywhere isn’t just limited to the services you offer, but also to be connected. Be present across all channels to hear customer complaints and reach out. This gives you access to a goldmine of customer data (and more opportunities to identify detractors and change their minds).  

  6. Big Data and Analytics 
    Strategize to your advantage with big data and analytics.  

    The right tools won’t just get you a goldmine of information, but will also help you decipher what it means to guide you and drive business growth.  

    You already have critical customer feedback and understand the geographic segmentation of your customers. Analytics can take it a step further by identifying the core strengths and weaknesses of your business.  

    Moreover, it helps you segment customer personas to deliver a more personalized – and therefore impactful – experience at each turn.  

    This is also a great way to identify trends and patterns in customer behavior and notice critical factors that might’ve otherwise been missed, to predict and reduce customer churn.  

  7. Personalization
    The most powerful customer experiences are personal – whether it’s a customer service representative recalling your previous history or a happy birthday card and offer in the mail. 

    Every customer love to feel valued. So, show that you care. When you receive negative feedback, respond back to the customer and try to rectify the situation. Follow up with them to see if they are satisfied.  

    This personal level of attention ensures that customers know their voice matters.  

  8. Trust, Transparency, and Security 
    When you’re in the financial sector, you’re dealing with some of your customers’ most valued assets. So, it’s essential that you treat it accordingly.  

    Show customers that you are taking all the right measures to protect their assets.  

    Be transparent in your policies to inspire trust, and work to keep the customer first.  

    Customers that are happy with the services offered and have faith in the brand are also more likely to advocate for you. And as everyone knows, word of mouth is the most powerful advertising tool you can get.  

Each of these trends is becoming an essential part of the services offered. So, if you aren’t already on board, it’s time you hop on the bandwagon! 

Krause Leia
Krause content marketer and a market researcher who is on the spree to capture multiple facets of industry through creativity and innovation. Krause is a content geek who writes for market research, digital marketing, startup, and market research.

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