CX Insights: Banking on Good Customer Service

There is unprecedented  potential for customer experience innovation in the banking industry today. Mid-size and large banks are partnering with fintech start-ups and making massive investments to transform their digital banking capabilities. This week in CX Insights we take a look at tech trends that have the potential to revolutionize CX in the banking industry.

Will 2017 be the year financial services improve their UX?
Last year was a great year for business UX design, and the banking industry will hopefully catch up in 2017. While most of the industry is focusing on conversational UX improvements like chatbots and virtual assistants, Mark Lusted asserts that improvements such as customer-led experience design, failure mapping and increased adoption of prototyping tools are likely to take the banking UX design by storm.

Mobile: the banking industry’s biggest ultimatum
Apps and mobile experiences are no longer “nice to have.” Instead, Tim Brown argues that the mobile capabilities of mid-size and large banks will largely influence their success. Customers want to engage with businesses on their own terms, at any time. If a customer’s bank is not have the capabilities to engage with customers anywhere at any time, the customer is more likely to switch banks.

Seven Big Changes Coming To The Banking Industry
The Forbes Financial Council predicts 7 major changes will radically change the banking industry in the next five years. One of their most interesting predictions is that partnerships between banks and fintech start-ups will not only be more common, but also that these partnerships will pressure banks to be more consumer-oriented.

The Threat (And Opportunities) Facing Banks Today
Banks used to be the bedrock of our society, but Victor Milligan writes that the bedrock is changing. A Forrester survey found that only 50% of bank customers are willing to keep their existing level of business with their bank. Milligan argues that banks should try to stop the migration of customers to other banks by leveraging the extraordinary amount of data and opportunity they already possess.

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