Monday, October 21, 2019
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3 Customer-Driven Insights From CXFS 2019

Liz Alton
October 04, 2019

3 minute read

CXFS 2019 brought together senior leaders and industry experts to discuss the latest trends in financial services customer service. This year’s agenda was rich with familiar themes in the CX world, as financial services leaders explored the importance of a customer-centric focus and offered tactical panels and tracks on the Future of AI in Financial Services and the Ins and Outs of FS Experience Design. Here’s a closer look at some of the timeliest takeaways.

Retail has raised the bar for financial services customers

Big names in retail, including Amazon, Apple, and Netflix have changed consumer expectations, and that’s shaped the way financial services organizations are now approaching their CX design. In a panel hosted by Oracle‘s Vice President for CX Banking Product Development Michel Van Woudenberg, experts from five organizations (including Vanguard and Bank of America) looked at “How Retail Is Raising the Bar on Customer Expectations, And Why You Need to Care!”

Ultimately, panelists agreed that today’s financial services brands must be customer focused, and several changes are underway to this effect. Technology is changing the way banks access customer data and deliver experiences. There’s also been an evolution in some how some financial brands offer their services, moving toward an ecosystem model. This panel underscored a key CXFS theme: Innovation’s happening, and it’s being largely driven by customers.

User experience design affects the entire customer journey

One element of an effective CX is meeting customers on the channels they want to use. User experience design and user interface design are an important part of digital design conversations. As financial brands develop their digital CX, it’s important to think about the ways that experience will continue to evolve for new mediums. One trend financial services organizations are working to address is that users are adapting to a pageless world using conversation interfaces like Alexa, Siri, and Google Assistant. Creating a plan for financial services experiences beyond the screen is a key focus for the next two or three years.

Van Woudenberg noted that there’s a significant directional focus on the end-user UX for both bank employees and customers. CXFS sessions explained that effective experience design incorporates the voice of the customer early and often, and brings that input into the conception and design phases of any new technology or experience.

“UX is not about UI, but about the end-to-end customer journey,” says Van Woudenberg.

To build a strong financial services CX, start with the data

Another theme explored throughout the conference is the critical role of data. As financial services organizations find ways to break data out of silos and leverage CX software that creates a holistic 360-view of the customer, innovation and experience design start with data.

“Data, experience, and intelligence must be connected across all functions—marketing, sales, service—in order to succeed. For banks, this is a hard thing to accept since they always thought they had the most data about customers. But the data outside the bank available about its customers is much richer, much more intent rich, much more descriptive of the needs of that customer than anything the banks have about their customers,” says Van Woudenberg.

CXFS highlighted important CX trends reshaping the way financial services organizations of all kinds approach the customer journey. Successful brands are harnessing data, redesigning their CX, and thinking beyond computers and smartphones.

Liz Alton
Liz Alton
Liz Alton is a writer and content strategist specializing in B2B technology, digital marketing, and the customer experience. Her clients include creative agencies, Fortune 500 brands, and venture-backed startups.
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