Why Customer Experience in the Financial Services World Cannot Afford to Ignore a Human-Centric Design Philosophy

Access the full report: September 2020

Customer service is an important differentiator for financial services organizations, especially as the differences in products on offer may not vary significantly from one organization to another, depending on the products in question. For 15% of consumers, attractive interest rates were the number one reason why they would choose to start a relationship with a bank—fewer than the 16% who prioritized a convenient branch location, according to the 2020 Future Branches Consumer Study.1

Given that so much of a financial institution’s appeal for customers is made up in their perception of convenience and service, it’s not surprising that many brands are starting to take the concept of CX more seriously. One of the challenges that can occur in the midst of these transformations is a lack of centralized leadership or standards for how CX initiatives can be prioritized. Even in the event that a CX team is in place, establishing metrics for measuring satisfaction is only one aspect of measuring improvements. Human-centered design challenges organizations to deliver experiences that are based on more than just efficiency Building a brand identity that is memorable for its ability to emphasize the personal can be an even greater and more rewarding challenge.

What do customers really care about? Sometimes it’s about peace of mind after a lost or stolen credit card. Sometimes it’s just about getting someone on the phone that matters for members. A big focus is to concept an experience that ensures that members feel they are taken care of. Understanding human behaviors from a design perspective is a huge challenge. Barriers to performance in this area can include the need to develop qualitative feedback or patterns of behavior into actionable insights, something that technology is increasingly able to handle.

Within our upcoming report from Future Digital Finance, we will be underlining the strategies that your peers are using to develop their own human centered experiences. This includes establishing strategies for attaching metrics to positive design choices, investments in supporting technology, and the articulation of a philosophy and framework for high CX achievement.

Access the full report: September 2020



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