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CX in the Financial Services Industry

Customer Experience (CX) is becoming a major differentiator when it comes to consumer buying patterns across all industries. Traditionally, financial services have been slow to adopt digital CX and have been product led in their strategies, but with the rise of the challenger bank, putting more pressure on the high street and Artificial Intelligence (AI) playing a significant part in how insurance brokers are servicing their clients, we have seen CX become important as ever in the FinServ industry.

 

 

As data concerns have increased with the introduction of GDPR and Brexit, being able to aggregate different channels into one platform becomes imperative. Knowing where your company and client information is being stored gives you peace of mind that you are compliant with all regulations, and in the financial sector, this is a must. On the flip side, this can lead to siloed systems; being able to consolidate these into the same platform is a huge benefit, having a fully managed service enables you to have one point of contact which in turn creates a different offer and stance on the Financial Services market, enabling a better customer experience and more fluid proposition.

In recent years, the challenger banks such as Monzo and Starling are becoming more prevalent. Previously, where these banks were considered secondary banks to the high street, they are now being used by consumers as their primary source of banking. This is down to the ease of use and ultimately the customer experience being offered. Having the ability to start a web chat, initiate a telephone call or even leave a review all from one app is becoming the norm and the high street is racing to keep up with bringing that omni-channel experience. Offering different touch points to their customers, is now a must as opposed to a ‘nice to have’ as consumer buying patterns have changed and are now much more CX centric – the challenger bank is a prime example of this and in time, is only going to become the industry norm.

 

 

AI is being widely talked about across all industries; although it isn’t fully there in terms of its full capabilities (mainly due to the infrastructure restraints), we have seen a big uptake of AI in the Financial Services industry which is helping to reduce the competency curve of employees dealing with complex product sets. Chat bots and automation are offering a faster way to decide which product/service should be offered to a particular customer and AI is being used as a tool to enable a better customer experience and to assist employees in making the most informed decision for their clients. Self service automation such as insurance renewals is prominent and is gaining intelligence, allowing customers to be safe in the knowledge that they are making the right decision with minimal human interaction. Being able to integrate AI with your other systems is not only improving CX but also UX (User Experience), helping to attract the best talent and retain employees.

As further information and data is added to the AI in the contact centre, the customer experience improves allowing you to align the correct technology to the right workflow. AI is not a stand-alone product; it is integrated into the contact centre along with other media streams to allow for a true omni-channel experience and offer the customer the best interaction depending on product/need. It’s all about offering a personalised service to customers through a media channel of their choice, whether that is voice, email or webchat – we ensure that this is all delivered from a central platform hosted in UK data centres.

 

 

It is reported that by 2020 customer experience will be the decider in consumer buying patterns rather than price, and I think that is now becoming more apparent. With consumer choice being so vast in banking, insurance and finance – we need to stay ahead of the curve and ensure that we are offering our customers the best experience possible.

Partnering with Timico enables you to leverage ours and our partner’s best of breed technologies, providing you with the platforms to service your customers and employees. It gives you the capability to offer a true omni-channel experience which will not only attract new customers, but also retain your existing ones.

Josh Bowles

Solution Sales Specialist

Feb 20, 2020

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