6 CX Predictions for Banking in 2019
Coming out of 2018, there’s no question that banks are feeling the heat. A recent study from Bain & Company found that 54% of respondents trusts at least one tech company more than banks in general. Getting your customers bought in and keeping them loyal is harder than ever, and banks will need do whatever it takes to differentiate on experience as they move into 2019.
The secret sauce? Meeting your customers where they are, and ensuring that each interaction, either digital or physical, provides a consistent experience. By meeting customers where they are in their journey, leveraging new digital platforms, and analyzing data from multiple sources, Banks are primed to win over customers and could keep them loyal for a lifetime.
Here are our 6 experience predictions for Banking & Financial Services in 2019:
- Brands will prioritize texting, in-app and social channels for millennial feedback: Often times, brands experience low customer feedback response when emailing millennials. Because this demographic conducts most of their banking on mobile devices, brands will focus their feedback approach based on preferred channel and demographic in order to gain important insight into customer experience.
- Customer support representatives will make a comeback: Consumers have expressed increasing frustration with the lack of human interaction when it comes to customer support, especially in those transactions requiring specialized advice and guidance. While the drive to digitization will continue, it will be complemented by the use of human agents for those more complex interactions.
- Millenials are no longer the only demographic to win over: The recent census showed that 55+ age group is the fastest growing adult demographic in the US and the only one expected to grow over the next dozen years. In addition, Gen X’s share of national wealth will grow faster than any other generational segment, making them an attractive target for financial services firms. Since consumers under 55 are reportedly more satisfied than respondents aged 55+ across all sectors, FS firms will need to make sure their customer experience efforts understand the specific needs of the older generations as well as Millenials
- The era of instant gratification will only get more demanding: With the projected progression of offerings like Amazon Prime and same-day delivery, companies will continue to battle ongoing consumer demands for quicker response times and more immediate solutions to their complaints and questions.
- Finding experience symbiosis will be a priority (CX = EX): In 2019, companies will begin to value and reward their employees as much as their customers. This year, companies will start to understand that they are unable to provide customers with an exceptional experience without first ensuring their employees are content in their roles. Companies will recognize the importance of empowering their employees, both with feedback from customers and with the information needed to excel in their positions. This shift will have lasting impact on their overall brand perception from both employees and customers.
- The importance of AI will continue to rise. Financial institutions have access to tremendous amounts of data—both transactional and experiential. Determining how to use this information in a way that is helpful to customers without being intrusive is critical, particularly given the existing disruption in areas such as lending, risk assessment and wealth management. In 2019, the industry will continue its focus on creating artificial intelligence-enabled solutions that safeguard customer data while using it to better their experience with the brand.
Want to know where 2019 will take the entire experience management space? Watch 5 CX Predictions for 2019 webinar on demand to dig into our predictions for how companies can best innovate on experience and stay ahead of the curve this year.