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Best Customer Experience Strategy for Financial Services

Published on September 25, 2021
Last modified on May 17, 2022
customer experience strategy

It is a widely acknowledged fact that customer experiences have been the key differentiating factor across all industries and more so in the financial services sector. 

A recent study indicates that 79% of banking, insurance and fintech CEOs believe customer expectations have changed over the years and now are shaped by hyper-relevant, real-time and dynamic experience encountered across the industry. 

Digital transformation has played an important role in this. Today, adopting the best customer experience strategy for financial services is critical.


Why customer experience matters

Gone are the days when customers were ready to wait and you had an upper hand. With changing times and the influx of competition, evaluating competitors is as easy as doing a Google search. The good news is customers today customers value experience over price points.


Each time a client interacts with a company, be it at an event, meeting an advisor, interacting with a customer care executive, the outcome of the interaction determines the future decisions. All these collective moments make up the overall customer experience (CX)- a major factor for business growth.

However, research from digital banking reports indicates that only 37% of financial organisations have a sound customer experience strategy in place. A few of the notable reasons that can be listed are:


  • Outdated technology

Most organizations still use old systems and tools and are unable to keep up with the newest trends in Fintech and see which options could directly improve the customer experience.


  • Lack of training 

In most fintech companies, the team members are not adequately trained to handle client interactions and bounce between channels efficiently with ease. 

Now that we know what changes as well as obstacles that can come in the way of CX, let’s explore the strategies that fintech companies need to adopt.


Customer experience strategy for finance companies

According to Deloitte, today customers prefer engaging with online and mobile platforms and want 24/7 access to information and interaction with the company. Apart from this, most customers want transparency and personalized and tailor-made solutions to meet their needs. 

Research indicates that more than 40% of financial services clients would be inclined to stay with their banks if offered personalized services. In short, personalization is directly proportional to increased customer loyalty.

Top Priority

For financial organizations to enhance their CX, there are five areas that must be prioritized:

  1. More emphasis on digital engagement for an enhanced experience.
  2. More use of real-time analytics and AI to provide a highly personalized experience.
  3. Freedom to engage with channels and time as desired by customers
  4. All sales and advisory activities to be proactive than reactive.
  5. End to end customer engagement throughout the customer journey.

Also Read: Ideas for Creating Exceptional Customer Service Experience


Final Thoughts

Research indicates that customers’ preferred form of personalization is not algorithm-curated purchase journeys or targeted ads, but human support by competent staff who know their preferences and recognize customer loyalty. 

So financial institutions must translate their personal services effectively and meaningfully into digital channels not by just using AI-based chatbots but by incorporating secure, encrypted, fully human chat that encourages connection, empathy, trust, and authenticity. 

The ability to offer individualized service to customers can distinguish small businesses from big businesses. After all, have you ever tried calling someone at Facebook or Google for your query resolution?

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