Financial services businesses focus on CX

Issued by ITWeb
Johannesburg, Oct 8, 2019

A recent report by Gartner, dubbed: "The 5 Digital Transformation Identities of Financial Services", revealed that a third of CIOs in the financial services sector cited digital as their top business priority this year, a figure 8% higher than in 2018.

Traditionally, with financial services organisations, interactions were largely driven by the customer. When, for example, a client approached them to take out a bond, or make an investment, they would approach the bank, and the bank would respond to their query.

"Today, things are different," says Angela Mace, CRM and Events director at ITWeb. "Customers want a more personal experience, and expect these entities to anticipate their needs at the important junctures, and doing this can make sure that financial institutions retain a customer for life."

She says forward-thinking businesses are using the data they have on their customers to target them more effectively with intent-based responses, to offer them the customer experience (CX) they are looking for. "Financial services businesses with good CX strategies can pinpoint and react to these important times in their customers' lives, and offer them services that are relevant to their evolving needs."

[SIDEBAR]According to Mace, any individual's relationship with their bank, for example, grows over time. "It might begin by opening their first savings account as a student, and then a current account as they enter the workplace and their financial needs grow, and so forth. Banks who are able to anticipate these needs will build deeper relationships with their clients."

"This is where using technology can help banks to improve decision-making, and target customers more effectively. Understanding your customer can help financial entities offer them solutions tailored to their specific needs," she explains.

It can also help reduce errors, because, particularly where their money is concerned, customers have a zero tolerance for errors, and will up and leave to join the competition after a negative experience. "CX technology can help them increase customer satisfaction, and lower the risk of any errors occurring."

At the ITWeb CX Summit 2019, to be held on 15 October at The Forum in Bryanston, expert speakers will discuss the technologies and strategies that will help financial services businesses keep their customers coming back, by building strong relationships, and anticipating their needs, says Mace.

"Customers today are more tech savvy than ever and financial services businesses need to enhance their offerings to engage the digital customer, and stand out in a world filled with similar products and services. Join us to learn about real world solutions that are changing and shaping the way South Africa's leading organisations are approaching CX," she concludes.