Customer relationships begin with trust. Whether you’re a bank, asset management firm, credit card
company, payment provider, insurance carrier, or financial information service, trust is a prerequisite for
any interaction — especially digital. The financial services (FS) industry has invested heavily in robust
security and established proven leadership in protecting high-value customer data. But managing
cybersecurity risk is just one component of online business success.
When customers entrust your organization with their sensitive financial and personal information, not only do they expect you to keep it safe, but they also demand the same fast, convenient online experiences they’ve become accustomed to on the web and mobile devices. For today’s FS organizations to stay competitive and grow revenue, digital security and customer experience (CX) can no longer be mutually exclusive.
Customer experience isn’t just a nice-to-have; it’s a business imperative. Customer experience leaders grow revenue faster than CX laggards, drive higher brand preference, and can charge more for the same products.
What Does Your Digital Transformation Look Like?
The years that followed the global economic crisis did not create a climate for innovation in the financial industry. North American companies pulled back on new digital initiatives to focus on getting business back on track. As a result, the financial industry lagged on improving online experiences — compared to other industries such as commerce — and businesses and consumers developed low expectations for CX.
Digital transformation has sparked a dramatic shift not only in the way customers bank and invest, but also how financial organizations interact with customers, compete for market share, and attract and retain talented employees. In 2018, Nielsen Scarborough reported that the number of Internet users who banked online on a smartphone increased from 39.93 million in 2013 to 86.04 million in 2017 (an increase of 115.48%). Those numbers have climbed with the widespread adoption of mobile devices and even the most conservative clients now embracing technology. As forces inside and outside of financial organizations demand the agility and access that cloud adoption and CX-focus drive, the push toward digital maturity can no longer wait.
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