Top 3 financial service industry CX challenges in 2021

CX has been the main focus of companies in most industries for the last couple of years now. Covid-19 and the pandemic that the world is facing today have only enhanced the importance of CX, as companies have found themselves forced to implement digital transformations inside their organizations.

Get your infographic: The 3 CX challenges of the finance services industry

The financial service industry has also felt the impact of today’s digital experience economy. Taking into account all these factors, the challenges that the financial service industry when it comes to CX are also increasing. Customers today seem to hold all the cards and earning their loyalty is key.

According to The Financial Brand, the top two priorities in the banking sector are Digital banking transformation with 75% and Improving customer experience at 51%.

CX Challenge #1: Updating the existing technologies

Financial service businesses often find themselves using tools that are not only outdated but built using old technologies that make them inflexible and difficult to
update. It’s a problem that becomes increasingly difficult to manage as a business grows.

It’s important to consider the way employees deal with data and the way that they can take advantage of it in order to deliver a great customer experience.

CX Challenge #2: Integrating the new channels

Today, customers want to be able to get in touch with the company through the channel of their choice. Therefore, businesses in the financial services industry must be prepared to adopt an omnichannel approach.

This means that rather than working in parallel, communication channels and their supporting resources are designed and orchestrated to cooperate. Whether it’s the phone, email, live chat, social networks, apps, or one-on-one interactions, companies should build adequate strategies to make that possible.

In order for the omnichannel strategy to be effective, employees must be trained accordingly. They need to have access to the right tools and the right technology that allow them to make sure that the CX is consistent across all these channels.

CX Challenge #3: Non-actionable customer data

Financial services companies are covered with data that they capture across many touchpoints of the customer journey.

However, without a good strategy to put that data into a format that employees can properly understand and use, the data can’t be as useful as it should be.

To discover the insights hidden in that data, it needs to be accessible and meaningful. That requires finding a way to connect all the different data sources.

This is where an Experience Management Platform like Feedier, can save your day. Feedier is a fully automated platform to listen, analyse and convert feedback into actionable insights that deliver quantifiable business results.

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