Hyper personalize the banking customer experience

The financial services industry is unique. Unlike most other industries, customers often stay with same financial institution for life. Banks, however, cannot rest on their laurels. Fintechs, emerging technologies, changing demographics, and increasing customer expectations are driving a need for new value propositions and better customer service.

In a 2019 U.S. Retail Banking Satisfaction Study, JD Powers reported that the banking industry has improved convenience and efficiency at the expense of easy interactions, providing advice, and strengthening customer relationships. Growth in customer satisfaction (CSAT) has been hampered by deteriorating phone and online-assisted customer service. JD Powers also points out that, in the near future, personalization of important customer journeys – transactional, advisory, and solving problems – will emerge as ways of elevating customer trust.

Banks must now – more than ever – make a conscious effort to delight during each exchange and each phase of the customer journey.