Monday, October 21, 2019
Trends

What Financial Services CX Teaches Us About Anticipating Customer Needs

Liz Alton
October 03, 2019

3 minute read

This is a preview of the ebook “Moments That Matter: A New Customer Experience Roadmap for Financial Services“.

Today’s finserv CX is evolving to showcase the power of anticipating customer needs. In Gartner’s “The 5 Digital Transformation Identities of Financial Services” report, researchers note that “One-third of financial services CIOs identified digital as their top business priority 2019, up by more than 8% from last year.”

Historically, banks and other financial institutions reacted when customers came to them looking for finances during a major life event. Whether they were seeking a mortgage to purchase a house or seeking advice on paying for a child’s education, the consumer started the conversation and funders would respond. But today’s consumers expect a personal CX, and anticipating their needs at the big “moments that matter” can solidify relationships.

CX technology turns data into intent-based responses

What if your brand could use the data you have about customers to better target them with intent-based responses? Using the data that financial service providers collect today, financial service CX strategies can discover and react to “moments that matter.” From marriage to retirement and everything in between, consumers are often seeking information that’s relevant to their experience.

When Bank of Guam established a multi-channel platform that offered a 360-degree view across their lines of service, it became easier to integrate predictive analytics to better respond to customers’ needs. Across the financial services community, machine learning and predictive analytics are being used to identify and respond to customer needs when they occur.

Deepening relationships with data-driven upsells

Relationships with banks tend to progress over time. A customer might begin by opening a checking and savings account package, and then as their financial needs grow and change, the relationship deepens.

Better customer information isn’t just about acquiring new customers—it’s about more effectively meeting the needs of existing customers. For example, BAC Credomatic, a regional private bank in Central America, automated and reduced the amount of forms on its website for process simplification and better customer experience.

Understanding a customer’s total picture can also aid in better recommendations. Imagine a customer applies for a credit card. If your data shows they travel frequently, for example, you could potentially upsell them to a credit card with travel rewards that has an annual fee that makes it more profitable for your brand. When upsells and cross-sells are aligned with a customer’s needs, they’re more likely to accept your recommendations, creating a win-win situation for both of you.

Reducing errors to improve customer retention

Today’s customers are busy, and they have a lower tolerance for negative experiences. And when an error occurs where a customer’s money is concerned, many will go running to the competition. By leveraging technology to improve decision making, financial services brands can not only lower their compliance risk, but they can increase customer satisfaction. In one example highlighted by CMSWire, a credit union created an executive dashboard to make the tracking and approval of CX-related incentives for their team painless. They now “automate the entire incentive program with automated emails that provide a link directly to the respective team’s incentives” and ultimately pass to HR for processing.

CX technology can help financial service CX strategies focus on anticipating customers’ needs. Whether you’re incentivizing your team to bring the human touch to moments that matter, or using data to identify opportunities for deeper engagement, targeting your financial services CX to your customers’ biggest concerns at any moment builds a stronger relationship and brings them back to your brand again and again.

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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