COVID-19 Rapid Relief: The Future of Financial Services – 4 Key CX Strategies

COVID-19 Rapid Relief:
The Future of Financial Services -
4 Key CX Strategies

Dennis Weikle, PPT Solutions

Introduction

In light of COVID-19’s growing impact on today’s experience economy, the current state of customer experience is at a critical crossroads. While every industry is being affected by the pandemic, the financial services industry faces a unique set of consequences. The COVID-19 crisis has forced banking, credit card services and consumer finance organizations to respond to an abrupt shift in customers’ needs and increasing levels of anxiety. There are several key strategies financial brands need to consider as they strive to remain a step ahead of ever-evolving customer expectations – both now and in the post-COVID-19 era.

COVID-19 Rapid Relief:
The Future of Financial Services -
4 Key CX Strategies

Dennis Weikle, PPT Solutions

Introduction

In light of COVID-19’s growing impact on today’s experience economy, the current state of customer experience is at a critical crossroads. While every industry is being affected by the pandemic, the financial services industry faces a unique set of consequences. The COVID-19 crisis has forced banking, credit card services and consumer finance organizations to respond to an abrupt shift in customers’ needs and increasing levels of anxiety. There are several key strategies financial brands need to consider as they strive to remain a step ahead of ever-evolving customer expectations – both now and in the post-COVID-19 era.

1. Embracing the Cloud

There’s no denying it. Cloud adoption was on the rise pre-COVID-19 and has now become a necessity to support today’s consumer. Customer experience leaders in the finance sector are required to embrace the cloud more than ever. This surge in adoption is accelerating as leaders gain a greater understanding of the cloud’s benefits and its enterprise advantages. Institutions are delivering unique competitive advantages within their innovation, customization, security efforts and, most importantly, navigating today’s unique challenges – delivering employee remote access capabilities. In a research paper recently published by PwC, it was estimated that public cloud will become the dominant infrastructure model across the financial sector by the end of 2020. While a one-size-fits-all approach may not be suitable for the diverse needs of cloud computing in financial services, the right hybrid of multi-cloud infrastructures ensures organizations are able to comply with and create new robustness in data protection, data privacy and, most critically in the day and age of COVID-19, business continuity (including accelerated robust work-at-home transitions) and disaster recovery.

2. Artificial Intelligence (AI) and Robotics

Leading financial services and technology companies are using robotics and AI to address key pressure points, reduce costs and mitigate risks. According to a 2020 report published by Gartner, AI and Robotic Process Automation (RPA) in the coming decade will optimize or transform nearly every activity in finance. While RPA and AI have become more mainstream as customers’ digital experience expectations shifted, the COVID-19 crisis has forced financial organizations to fast-track innovation and hybrid human/machine service delivery to meet increased customer demand for service.

3. Seamless Omnichannel Experiences

Providing a truly seamless multi-device and touchpoint experience requires integration between digital and physical channels. The growth of consumer-driven digital touchpoints has made traditional financial institutions-defined channels a choice, not a mandate, thereby requiring organizations to redefine channel management. Providing integrated omnichannel experiences allows for a more robust collection of individual behavior data and the ability to further build tailored and personalized experiences across the customer journey. The impact of COVID-19 accentuates the consumer’s need and desire for more personal and seamless omnichannel digital experiences.

4. Proactive Communication

During this time of uncertainty and panic, consumers have greater expectations from brands to offer security and guidance. More than ever, proactive, consistent and continual communication is essential for financial services companies. In a recently published Gartner article discussing the customer experience impact of COVID-19, it was noted how critically important it is for brands to take proactive steps to address customer concerns and demonstrate true customer-centricity. While the short-term result is less customer anxiety, the future impact will be greater customer trust and increased loyalty. In a recent survey conducted by FIS Global, almost two-thirds (63%) of customers say they would consider switching bank providers if communications don’t meet their expectations. This is especially important today as the world faces uncertain times within every aspect of their daily lives. For financial services companies, it’s more important than ever to remain top-of-mind with your customers to ensure you regain top-of-wallet status when the pandemic impact diminishes and consumer spending begins its recovery.

The “new normal” of customer experience will require financial institutions to explore new means and methods of delivering more omnichannel experiences as customers’ needs change during and post-COVID-19. This period will serve as a redefining period for customer experience and how companies communicate to consumers. Adoption of cloud-based solutions supporting new IT and operational models and expanding customer intelligence capabilities will be increasingly critical in serving today and tomorrow’s customer in the face of COVID-19. As a partner to many of the world’s leading brands, PPT Solutions understands the complex challenges banking and financial services companies face today and can bring that expertise to you.

Sources:
https://www.pwc.com/gx/en/industries/financial-services/publications/financial-services-technology-2020-and-beyond-embracing-disruption.html
https://emtemp.gcom.cloud/ngw/globalassets/en/finance/documents/trends/10-trends-finance-future.pdf
https://www.fisglobal.com/-/media/fisglobal/files/pdf/white-paper/customer-communications-white-paper.pdf
https://www.gartner.com/smarterwithgartner/embrace-proactive-customer-experience-in-the-midst-of-covid-19/

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