Financial services organisations are facing an entirely new set of customer experience (CX) challenges. Many are grappling with a hybrid return to work, an uncertain economy and an increasingly challenging regulatory compliance landscape. What’s more, if customers don’t get the experience they want with your financial services firm, they’re savvy enough to find a better alternative.
In our new white paper, Four CX Trends That Will Shape Financial Services in 2023 and Beyond, CallMiner dives into some of the most important CX trends and strategies for organisations to implement when it comes to their customer and employee experience (EX). The good news? There’s never been a greater abundance of customer feedback – provided organisations have the right tools to listen effectively.
Trend 1: Rising customer vulnerability
With the combined forces of the Covid-19 pandemic and consequences of rising interest rates, customer vulnerability continues to increase. Financial services organisations, in particular, must pay attention to this trend. Government regulators, including the Financial Conduct Authority (FCA) in the UK, have placed increased scrutiny on firms who are not meeting the needs of this population.
Vulnerability can represent a wide variety of challenges — including financial or health concerns, or even a lack of digital accessibility to certain products and services. Fair and equitable treatment of vulnerable customers is the top CX challenge for financial services organisations, according to the CallMiner CX Landscape Report.
Many organisations struggle with this because they rely on manual monitoring techniques, such as customer support agents’ disposition codes, to track vulnerability. Many vulnerable customers are not forthright about their circumstances and may mask them behind language that isn’t obvious to every customer support representative.
Trend 2: Global compliance regulations get more complex
The global regulatory landscape for financial services organisations is complex, with a higher level of scrutiny than ever on these firms’ business practices. In the US, state-by-state regulations vary, making it harder for organisations to apply a consistent compliance strategy across the board. Meanwhile, in the UK, Ireland and South Africa, consumer protections continue to increase, along with the pressures on financial firms to respond in lockstep with these changes.
Beyond vulnerability, managing customer complaints and agent process adherence are also critical concerns for financial institutions — particularly those in debt collections settings. However, the same CallMiner report cited above shows that a shocking 94% of financial services firms still do manual analysis of customer data to some extent. That leaves a huge margin for error when it comes to compliance — putting organisations at risk of potential fines and reputational damage.
Trend 3: Firms recognise the importance of EX to CX
EX has had its moment in the sun, especially in light of trends like hybrid work and ongoing economic challenges. Organisations realise that retaining great workers is critical to maintaining momentum and reducing the cost of recruiting new talent. Particularly in high-turnover sectors like customer support, managers and supervisors are doubling down on EX. In fact, 99% of the organisations CallMiner surveyed believe CX and EX are linked.
Fortunately, many of the same AI-powered technologies organisations use to improve productivity can be used to actively listen to employees’ concerns 24/7. By leveraging unsolicited employee feedback, HR leaders can make marked improvements to EX initiatives that help employees feel valued and recognised for their contributions.
Trend 4: Data is widely available, but isn’t driving decision making
The last few years of rapid digital transformation have led to an explosion of customer data ready for analysis. However, possessing this data isn’t enough to make effective decisions. Despite the wealth of data, 64% of financial services organisations agree that they are unable to make data-driven decisions about CX. A staggering 70% deal with incomplete sources of data.
Traditional metrics like Net Promoter Score (NPS) or customer satisfaction (CSAT) scores only consider solicited customer feedback. While solicited feedback is valuable, it often only measures positive or negative customer interactions — missing out on an entire middle ground of feedback. This dynamic does not capture the nuance that happens in an actual customer conversation, instead boiling interactions down to numerical scores or positive, negative or neutral sentiment
Taking action on these trends to drive business improvement
CallMiner’s new financial services report dives into real-world strategies and tactics organisations can take to fully understand customer feedback via conversation intelligence, and apply it to transforming their business. This feedback can impact business operations beyond customer support alone, expanding to areas like product development, sales, marketing and more. To learn more about how to effectively take action on these critical trends for years to come, download the report today.
CallMiner is the global leader in conversation analytics to drive business performance improvement. Powered by artificial intelligence and machine learning, CallMiner delivers the industry’s most comprehensive platform to analyse omnichannel customer interactions at scale, allowing organisations to interpret sentiment and identify patterns to reveal deep understanding from every conversation. By connecting the dots between insights and action, CallMiner allows companies to identify areas of opportunity to drive business improvement, growth and transformational change more effectively than ever before. CallMiner is trusted by the world’s leading organisations across retail, financial services, healthcare, insurance, travel, hospitality and more. To learn more, visit callminer.com, read the CallMiner blog, or follow us on Twitter, LinkedIn and Facebook.
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