CX as a Differentiator in the Financial Services Market

CX as a Differentiator in the Financial Services Market

Financial Services Industry Insights

The financial services industry is in the early stages of a dramatic transformation. Emerging competitors, including VC funded fintechs and tech giants like Apple and Google, are threatening market share and upending the business models that have underpinned the industry for the last 300 years.

This report serves to highlight how today’s customer expects to engage on their terms and in the channel of their choosing. Where this need is not met, customers are significantly more likely to rate their experience as a negative one, and this means customers seek out alternatives.

  • 57% of clients that had a poor customer care experience have taken their business to another brand
  • 90% prefer to resolve their issues via phone and/or in person
  • 31% value quickness and ease of process in the customer experience

Today my clients are finding it increasingly challenging to drive standout experiences that create customer loyalty.

What was ‘acceptable’ even a few years ago is no longer good enough. Financial institutions need to fundamentally rethink not just the business models they employ, but the mindset they adopt in order to meet today’s customer needs.

I'm of the opinion that today, technology alone is not enough. Looking forward, companies that succeed in the face of change will be those who are best able to realize a customer-centric strategy— enabled by technology, processes and partnerships—that re-frames how we think about customer interaction.

Feel free to contact me anytime. I’d love to connect and hear your thoughts on the findings of this report.

Jeff Clapper
Senior Vice President Strategy & Transformation
VXI Global