Top 3 customer experience (CX) trends for banking in 2023

Customer experience (CX) management is the defining competitive differentiator in today’s banking industry, infact for good reasons: financial institutions that invest in customer experience have higher referral rates, higher share of portfolio, and are more likely to increase cross-selling of products and services to their customers.

From Consulting C3 (MST Group), we help our clients to increase profit ranges in such a demanding market as the financial one.

The challenges we have identified in the short term are as follows:

  1. Focus on the human connection: Optimizing processes through digitalization puts at risk customer satisfaction in interactions with their bank. Although it is true that digital options improve the experience of a certain group of users, financial institutions should not forget the need for the human touch to positively impact customer satisfaction. The most appropriate communication channel to provide personal touch is the contact centers through which the human to human interaction is developed. During more than 30 years of experience in that sector, we have helped our clients to improve their satisfaction indicators, accompanying them in the processes of continuous improvement and to design based on a Customer Centric methodology.
  • Big data in the customer experience: Customer intelligence combines technology, accumulated and ordered customer information and artificial intelligence. Information management and data interpretation is one of the greatest assets for making decisions about processes, products and communication channels to engage with customers. Customer intelligence allows financial institutions to anticipate needs and be able to predict the future behavior of their customers. From Consulting C3 (MST Group), we develop both the technology and the consulting support to guide our clients in the decision making process and in the investment of resources oriented to CX.
  • Hyper-personalization: It has been noted over the years, in the Customer Experience trends, how hyper-personalization can also benefit banks. Thanks to tools like big data, the aim is to offer customers products based on their interests, through prior analysis and the use of predictive techniques. This approach makes it possible to increase the well-being of their customers. The analysis of correctly ordered and correlated data makes it possible to target each customer in a specific way. As well as to take action not only reactively but also to anticipate needs based on the socio-cultural characteristics identified. In summary, to create customized solutions that provides value for that particular client.

From Consulting C3 (MST Group), we have helped our clients to obtain important improvements in the main indicators such as NPS (Net promoter score), valuation of service excellence, loyalty, increase in turnover, cross-selling and recommendation (cost savings in marketing actions).

Consulting C3 (MST Group), provides the tools and the methodology to impact the quality indicators and the business ratios of our clients in the banking sector. This is possible through the projects of perceived quality and quality assessment issued. Hence, we give to our clients a roadmap with high impact actions verifiable in short periods of time. Finally, banking services should be geared towards improving people’s lives and, to this end, institutions should be open to active, permanent and high-value listening to their demands. Therefore, to know and understand the behavior and needs of their customers will generate, in the short and medium term, a competitive advantage in an increasingly demanding market.

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