Digital Trends and Technologies Transforming CX in Banking and Finance

Recently I discovered this informative and insightful blog by Chris Woodard on how digital trends and tech are impacting the customer experience in the banking and finance industries. I felt it was too good not to share so I hope you find it insightful.


The financial services sector is in for a challenge. By 2020, it’s estimated that digital natives will make up half of the world’s population. These digital natives will not just comprise the new workforce, they will also define the new breed of customers for financial services companies.

The taste of this new class of customers clashes with the traditional mode of service that dominates the finance sector. They grew up in a completely digital environment. They have no attachment to legacy systems that banks and finance companies have been holding onto for years, despite the wave of new technologies in business and communications.

A 2017 report by Accenture indicated that 71% of financial services consumers are open to using “entirely computer-generated support for banking services.” Clearly, the majority of consumers are ready to go fully digital.

This prospect presents a problem for legacy system-loving companies, and adequately coping with the situation means decisively acting now. It’s no longer enough to automate customer support through a healthy knowledge base or canned responses to web live chat. What’s needed now is to design customer support and the whole customer experience to suit and enhance an increasingly digital customer journey. At the very least, integrating your voice communication tools and your customer records, like Salesforce Cisco phone integration for example, would allow your customer service teams to streamline the way they provide service by ensuring conversation data is captured at each customer touchpoint.

Transforming the whole customer experience from traditional to digital takes a lot of time and work to complete, but gradual changes can still have an impact on CX. Financial services providers can start their transformation by injecting these trends and technologies into their CX strategy:


The first point of customer service contact for most finance consumers is not social media, the phone, or email. It’s actually self-service. More than 80% of consumers choose using a web or mobile self-service app against talking to a customer service rep on the phone. You shouldn’t expect your phone-facing team to be on the front line of customer service. Customers only turn to their phones when they want to escalate their concerns. Even then, having a CTI solution in place like Salesforce-Cisco phone integration makes sure that each customer interaction is recorded in your CRM.

Self-service is preferred by financial services consumers because it gives them more control. That is, self-service means customers dictate when and where they will interact with their provider. It also lets consumers have more freedom over their financial activities without disruptive ads or not-so-subtle suggestions from CS reps. As customers demand to become more independent of their providers, financial services companies also become more compelled to provide better self-service options via native web apps and automated CS technologies.

Chatbots and virtual assistants

The demand for faster, more efficient services has eventually led to this: 85% of customer interactions will be automated by 2020, according to Gartner. Chatbots and smart assistants are finding their way in various verticals, serving various purposes from customer support, marketing, and sales. These robots, powered by artificial intelligence, are used by the biggest banks in the world like JPMorgan Chase, Wells Fargo, HSBC (Hong Kong) and SEB (Sweden).

Chatbots enable banks and financial service companies to deliver efficient, personalized and responsive service to customers at a minimum cost. Chatbots are available 24/7, and are capable of matching customer queries quickly to solutions. Some are also programmed to take in leads, and the most advanced ones can make personalized recommendations based on previous interactions, customer data, and other factors.

Detractors of chatbot technology say that these tools lack the empathy of human CS reps. While that is true, we should also recognize that chatbots improve on this aspect over time. Machine learning algorithms help these virtual assistants learn more about the art of human conversation from experience. With such capabilities, chatbots prove to be sufficient in handling basic customer service queries, pleasing consumers with their efficiency and effectiveness.

Omnichannel service

These days, consumers interact with their financial services providers in a multitude of touchpoints–from online, to the branch, and even on mobile. Omnichannel service means connecting all these touchpoints to create a seamless, consistent and pleasant experience for customers. Put another way, it means letting customers move from one touchpoint to another without feeling a disruption or disconnection.

Crafting an omnichannel experience for customers isn’t a new trend. As early as 2014, a Forrester survey already established omnichannel banking as one of the top five concerns of finance professionals for business app transformation. Yet, many banks and finance companies still lag in this area, owing to unsustainable organizational and operational divisions between marketing, sales and customer support.

Banks that want to overcome this problem must change their mindset from product-centric to customer-centric. Putting the customer at the core of their CX question will enable them to see touchpoints more clearly and accurately anticipate the consumers’ needs in every interaction. Another crucial aspect to this is unifying data among teams and platforms, easing the flow of information across channels to ensure that customer interactions aren’t broken when they shift activities from say, making a sales inquiry to addressing a product problem.

Going omnichannel pays off not just in increasing customer satisfaction, but can directly result in higher revenues. The world’s top banks derive 50% of their sales from digital channels, proving the importance of digitization for success in the finance sector.

Digital integrations

An omnichannel experience isn’t possible without integration. All the platforms used to interact with customers and manage their data and transactions should be linked to ensure the smoothest workflow and the highest quality service. The key here is connecting digital apps used to serve finance consumers with physical bank locations and customer communication platforms.

Digital integrations have been implemented in the financial services sector, but only a minority of customers (16%) are satisfied with the digital experience provided by their banks. The problem here is, again, that data about customers isn’t shared across segments in the organization. Each team may be doing well on its own, but the stiff siloing of operations affects the overall experience of the customer.

The solution to this is easing the flow of information via digital integrations. Various software and apps are now capable of integrating disparate systems, letting finance companies mix software vendors if they want to. For instance, a CTI solution like Salesforce Cisco phone integration connects voice communication tools to computers, streamlining many tasks for sales and customer support. There are also specific apps that target syncing chat channels or even emails with local banking software.

Infusing CX with new financial technologies

With AI and more mobile technology comes more opportunities to customize CX and make it more enjoyable, pleasant and safer for consumers.

Some technologies that financial services companies can explore are:

  1. Biometric-based customer ID – Banks and finance companies can now opt to use biometrics technology instead of the username-password combination for customer entry and verification into their systems. Various options are available such as fingerprint, iris, retina and voice recognition. Besides being more secure, these technologies are more efficient and easier to use for consumers.

  2. Robo-advisors – Similar to chatbots, these virtual advisers are powered by machine learning and are viable substitutes for human investment managers. They are usually used to analyze risks and aid consumers in portfolio management.