Providing the Right Service and Tools for Your Digital Customer
Brought to you by WBR Insights
Today’s banking environment is primarily digital, with 42% of customers preferring a mobile banking experience over desktop and in-branch when given a choice, according to The 2019 Future Branches Consumer Study.1 In order for financial organizations to meet their customers with the level of convenience they expect, a host of new and developing tools are coming into play that have the potential to elevate digital CX to an exponential degree. These tools include both foundational investments in mobile apps, personalization, and payment tools, as well as more advanced technologies that push the boundaries of what is exclusive to a brick and mortar experience, versus deliverable on a digital platform.
Proliferation of choice and flexibility thanks to online banking and financial apps means that brands have more competition than ever, and much of that competition is based on the premise of enhanced convenience. A formal customer experience management strategy that can identify the needs of the consumer and then coordinate across the business to meet those needs through technology and process management is in place among 61% of respondents. As CX grows as a differentiator, establishing a formal strategy is likely to grow in priority to ensure that the organization remains relevant despite changing customer expectations.
Digital transformations, geared towards advancing the data infrastructure and technological capability of the organization, are only fully realized for 7% of respondents. At this point, it’s far more likely for an organization to be only part of the way through the process of modernizing, with 52% of respondents falling squarely in the middle of their own digital transformations.
This installment of WBR Insights’ Future Digital Finance research series will examine where brands are in a journey to develop the right services and tools including voice assisted “conversational banking”, AI and ML integration, and augmented or virtual reality elements that can bring more convenience and a tangible connection to digital customers.
Featuring insights into how these technologies are being prioritized, the report will also touch on how respondents envision their CX strategies developing in relation to their technology investments. Voice of the Customer initiatives, centralization into a CX group, and the development of metrics that can move the needle internally will have their own part to play in the creation of customer experience that is truly cutting-edge.
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