digital trends

Digital Trends and Technologies Transforming CX in Banking and Finance

This new customer group is not a fan of the traditional service model that dominates the financial sector. They were raised in a digital world. They are not attached to the legacy systems that banks or finance companies have held onto for many years, despite all of the new technology and digital trends in communications and business.

Accenture’s 2017 survey found that 71% of financial service consumers would be open to “entirely computer generated support for banking services.” The majority of customers are willing to go completely digital, it is clear.

This is a serious problem for legacy-loving businesses. It’s important to act now in order to deal with this situation. It is no longer sufficient to automate customer service through a healthy knowledgebase or canned responses via web chat. It is essential to redesign customer service and the customer experience to meet and enhance an ever-changing customer journey. Integrating voice communication tools with customer records, such as Salesforce Cisco phone integration, would help customer service teams streamline their service delivery by ensuring that conversation data is recorded at every customer touchpoint.

Although it takes time and effort to transform the customer experience from traditional to online, gradual changes can still make a difference to CX. These digital trends and technologies can be incorporated into the CX strategy of financial services providers.


For most consumers of finance, the first point of contact is not via social media, email, or phone. Self-service is the best option. Over 80% of consumers prefer to use a mobile or web self-service app over talking to customer service representatives on the phone. Your phone-facing staff should not be the first line of customer support. Customers will only call their phones to raise their concerns. Salesforce-Cisco phone integration is a CTI solution that ensures every customer interaction is recorded in your CRM.

Financial services customers prefer self-service because they have more control. Self-service allows customers to choose when and where they want to interact with their provider. This allows consumers to have greater control over their finances without the need for intrusive ads or subliminally suggested CS representatives. Financial services companies are also more likely to offer better self-service options through native web apps and automated CS technology.

Chatbots and virtual assistants

Gartner predicts that 85% of customer interactions by 2020 will be automated due to the demand for more efficient and faster services. Chatbots and smart assistants have been gaining popularity in a variety of verticals. They serve a range of purposes, including customer support, marketing, sales, and customer service. These robots are powered by artificial intelligence and are used by some of the largest banks around the globe, including JPMorgan Chase, Wells Fargo (Hong Kong), HSBC (Hong Kong), and SEB (Sweden).

Chatbots allow banks and financial services companies to provide efficient, personal and responsive customer service at minimal cost. Chatbots can be reached 24/7 and match customer queries with solutions. They can also be programmed to accept leads and make personalized recommendations based upon customer data and previous interactions.

Chatbot critics claim that chatbot technology lacks empathy and CS reps. This is true, but we must also acknowledge that chatbots are improving on this aspect. These virtual assistants are able to learn from their experience more about human conversation through machine learning algorithms. Chatbots are able to handle basic customer service inquiries and can be praised by consumers for their efficiency as well as effectiveness.

Omnichannel service

Consumers interact with financial service providers through a variety of channels, including online, branch and mobile. To create seamless, consistent and enjoyable customer experiences, Omnichannel service is about connecting all touchpoints. It means customers can move seamlessly from one touchpoint or another without experiencing disruptions.

It’s not a new trend to create an omnichannel customer experience. In 2014, Forrester found that omnichannel banking was one of the top five priorities for finance professionals in business app transformation. Many banks and financial companies are still behind in this area due to inefficient organizational and operational divisions that exist between sales, marketing, and customer support.

This problem can be solved by banks that shift their focus from customer-centric to product-centric. By placing the customer at their core, banks will be able to better understand and anticipate consumers’ needs through every interaction. Unifying data across platforms and teams is another important aspect of this. This will allow customers to interact with each other seamlessly, regardless of whether they are contacting a customer for a problem or making a sales inquiry.

Omnichannel can lead to higher revenue and customer satisfaction. Digital channels account for 50% of the top 50 banks in the world, which is a testament to the importance of digitization in the financial sector.

Digital integration

Integration is essential for an omnichannel experience. To ensure seamless workflows and high quality services, all platforms that interact with customers or manage their data and transactions must be connected. This is where the key lies in connecting digital apps that serve finance customers with physical banks and customer communication platforms.

Although digital integrations have been implemented within the financial sector, only 16 percent of customers are happy with the digital experience offered by their banks. This is because data about customers is not shared between segments within the organization. Although each team may be performing well, the rigid siloing and separation of operations can negatively impact the overall customer experience.

This is solved by digital integrations, which allow for easier information flow. Different software and apps can now integrate disparate systems. This allows finance companies to mix software vendors. Salesforce Cisco phone integration, for example, connects voice communication tools with computers. This streamlines many tasks, including customer service and sales. You can also target specific apps to sync chat channels, emails, or local banking software.

Combining CX and new financial technologies

With AI and mobile technology, there are more options to personalize CX and make it more pleasant, enjoyable and safer for consumers moving into digital trends and similar areas.

There are some technologies that financial service companies can look into:

Biometric-based customer identification – Banks, finance companies and other organizations can now choose to use biometrics technology as an alternative to the username-password combination. This allows customers to enter and verify their accounts. There are many options available, including voice recognition, fingerprint, retina, and retina. These technologies are not only more secure but also more efficient and more user-friendly.

Robo-advisors: These virtual advisors are similar to chatbots and can be used as a substitute for human investment managers. These virtual advisers are used to help consumers manage their portfolios and analyze risk.

Internet of Things – With the internet connecting everything, financial transactions will become easier and more mobile. Your wearable can check your account. You can even do it while driving. All that is possible with IoT digital trends.

Banking-as a-Service

The digital banking experience is being dominated by technology companies, and traditional banks would be better off learning from them. They can either copy them or build their own. Or, they can partner with companies that offer BaaS/BaaP.

Working with APIs or BaaS banks will bring about concrete changes in how consumers and business customers bank.

Consumers will find one advantage in that all accounts can now be accessed through one app. This makes it easier to make transactions. Because data is stored in the cloud, managing individual accounts can be done from any device. Individuals will receive personalized advice about portfolio, stocks, or other financial products.

B2B customers are even more benefited by the digitalization in finance, which results in savings on infrastructure and administrative costs.

Banks can partner with digital platforms who have digital trends as a focus to keep up with customers and offer them the modern, mobile experience that is becoming the norm in the digital age. While this may require some investment, it will pay off over the long-term.

Financial service providers must change gears quickly to avoid losing touch with customers and falling behind with digital trends. These technologies and trends are intended to bring about a new age in financial services that can better serve mobile and digitally-savvy customers. However, banks and financial companies cannot do without their human agents and customer service lines.

It is essential to have a wide range of touch points to build long-lasting, productive relationships with customers. The overall CX is still impacted by phone calls, live conversations and meetings with customers, particularly as these interactions involve human representatives of the company. The digital experiences are essentially a continuation of the personal connections that finance companies have with their customers.