Blog | Banking and Financial Services

3 Steps To Transform Financial Services Customer Experience

Follow this blueprint to financial services CX transformation. AI, process automation and data analysis help modernize legacy systems, channel communications and improve customer relationships.

NOVEMBER 07, 2021

Banks and financial institutions (FIs) can distinguish themselves from competitors by providing a transformative customer experience (CX) that strengthens consumer relationships, builds trust, streamlines operations and improves decision making with insights that lead to better business results.

Today’s banks and FIs are integrating modern technologies including artificial intelligence (AI), machine learning (ML), data analytics and automation software with existing legacy systems. By doing so, they can offer customers self-serve choices, convenience and personalization while also gathering and making better use of their data for identifying sales and service opportunities without financing an IT overhaul.

3 Steps To Transform Financial Services Customer Experience

The key to transforming CX is knowing where to modernize and how.

  1. Integrate communications channels for seamless, unbroken interaction

Merging independent communications into a platform that lets customers choose when, where and how to connect with instant access to live experts. It can also supply self-serve options for managing their accounts, applying for products or services, making payments, submitting inquiries about charges and refunds and other routine tasks.

Integrating conversational AI, interactive voice recognition, in-app messaging and self-service portals across social media, email, chat, text and other platforms helps overcome the inefficiencies of broken, separated channels. Call center agents can keep dialogue fluid and consistent without having to research and piece together conversations from multiple, unconnected sources.

3 Steps To Transform Financial Services Customer Experience

These technologies can also enable automated self-service interactions that free up call center time and resources and provide direct access to live support with agents who are equipped to handle issues faster and more effectively.

  1. Apply automation and analytics to customer service

The right data extraction platform allows banks and FIs to effectively collect and process relevant data from multiple, divergent sources with much greater speed and accuracy than manual processes. Coupled with data analytics, they can track, target and segment customer accounts in real time while gathering actionable insights for a comprehensive view of a customer’s profile.

3 Steps To Transform Financial Services Customer Experience

Automating data extraction from multiple sources saves time and costs while eliminating manual errors with collection and data entry. Easier data access coupled with AI-enabled analytics helps banks and FIs make better decision making faster — and eliminates the time and guesswork in determining the most efficient way to route communications while spotting potential issues and resolutions.

  1. Unify IT systems with transformative technologies

Integrating modern applications powered by AI and machine learning gives core legacy systems the agility to meet the demands of modern operational needs. Process automation with AI and machine learning help disparate IT systems work together in unison to integrate back-office through front-office operations with minimal manual intervention. Other benefits include removing barriers to CX including broken workflows, operational gaps and incomplete knowledge bases.

3 Steps To Transform Financial Services Customer Experience

Partnering with experts who can identify areas to modernize IT architecture gives banks and FIs the ability to adapt by making ongoing incremental investments without costly and time-consuming replacements that can cause major operational disruptions.

The path to CX transformation

Modern technologies including process automation, conversational AI, data extraction platforms and advanced analytics — combined with an expert partner’s operational experience and knowledge — are the ingredients for implementing a modern CX strategy.

3 Steps To Transform Financial Services Customer Experience

Following this blueprint for providing convenience, personalization and legacy system modernization can lay the foundation for effectively and cost efficiently achieving CX transformation with the speed and success that will inspire customer trust, confidence and retention.

To learn more on how you can reinvent customer experience, let us hear from you. We’d love to talk.

Enhance CX. Drive Growth and Reduce Costs.

Sumit Malhotra

SVP, Head of Banking & Financial Services

Sumit Malhotra

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