The customer experience is more important than ever

The customer experience (CX) is one of the biggest factors impacting the success of today’s financial institutions. It’s also one of the biggest challenges banks face amid many uncertainties that make it difficult to keep up with consumers’ digital communication preferences.

The last few years have seen a dramatic rise in digital-first banking as the global pandemic drove the need for contactless experiences. While financial institutions were forced to invest in omni-channel banking and digital experiences, many are now considering where to direct future spend because of employee turnover, volatility in the market, inflation and the threat of a recession.

Addressing all these internal and external pressures has some institutions considering a reduction in resources supporting digital-first communications without realizing that doing so will negatively impact the customer experience and, ultimately, the institution’s bottom line. Whether paying bills or applying for a loan, consumers are more accustomed than ever to digitally enabled experiences. When they encounter friction or frustration in any type of interaction with their bank, they will look for alternatives. And with so many to choose from, the likelihood of customer attrition is high.

Personalization in banking is important, but it looks different today

With more banking being conducted online or on a mobile device, the way consumers interact with personal bankers has changed. But the expectation for a personal banking experience has not. Today’s consumers are still looking for banking products and services that can be customized to their financial needs now and in the future. From payment notifications to investment opportunities, consumers want to receive communications from their bank that are more relevant to them personally. And they want less friction in the exchange of these services.

 

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