Top 5 Customer Experience Trends for 2023 and Beyond
By Jim Marous, Co-Publisher of The Financial Brand, CEO of the Digital Banking Report, and host of the Banking Transformed podcast
Financial institutions can no longer use the excuse of the pandemic when delivering less-than-desirable customer experiences. Today’s consumer knows what is possible with the combination of data, advanced insights, modern technology and expanded communication channels. More than ever, customer service is both a differentiator and growth accelerator.
Two thirds of consumers say most companies they do business with need to improve their customer experience, according to research from Broadridge. That sobering finding should make CX improvement a top priority for executive leadership in every industry.
To support experience initiatives in banking, financial institutions need to eliminate silos and accelerate digital transformation to enable a shift in focus from customer communications to customer experiences.
Today, a great customer experience goes beyond not making errors. Consumers increasingly judge their financial institution on such qualities as ease of engagement, responsiveness, empathy and transparency. Excelling in these areas will help financial institutions acquire new customers and grow relationships. Falling short in any of these areas can result in diminished trust and loyalty or the loss of a long-tenured relationship.
To achieve great CX, bank and credit union executives must engage all levels of the organization to focus on improving experiences at every touchpoint, across the entire customer journey. Changes must begin at the operational level, rethinking existing processes while working on user experiences.