6 Steps to Transforming Customer Experience in Financial Services

In today’s fast-paced financial services landscape, transforming customer experience (CX) is not just a goal — it’s a necessity. Gartner reveals that 86% of financial organisations are prioritising customer experience (CX) as a key differentiator. The impact is clear: customers are willing to spend 140% more with companies that offer an outstanding experience. Amid FinTech disruption, stringent security regulations, and rising customer expectations, mastering customer experience is a crucial differentiator for financial services organisations today.

Here’s how financial institutions can revolutionise their CX across six critical areas:

1. Migrate to the Cloud

Moving from on-premises infrastructure to the cloud is a significant shift that can enhance flexibility and scalability. Many financial institutions struggle with the high costs and limited scalability of on-premises systems – 79% of CX leaders agree that using cloud technologies is essential to optimising their contact centres. The cloud’s scalability allows banks to handle peak times efficiently, ensuring seamless service delivery.

2. Embrace Omnichannel

Providing a seamless customer experience across multiple channels is crucial in today’s digital age.  Customers expect a consistent experience – whether they contact your organisation through mobile, web, or in-person. Notably, 73% of consumers expect a seamless transition between channels. However, only 13% of consumers think their financial institutions truly meet their omnichannel expectations.  

A good omnichannel strategy can provide a 30% higher lifetime value than those who use only one channel and retain and retain average of 89% of their customers while increasing year-on-year annual revenue by 9.5%

3. Leverage AI to Personalise CX 

Leveraging AI to handle routine inquiries can significantly improve efficiency and customer satisfaction. Human agents are often overwhelmed with repetitive tasks, leading to longer wait times and lower satisfaction. AI-driven chatbots can handle up to 80% of routine customer inquiries. A large US Bank deployed an Intelligent Virtual Agent to handle common customer queries such as account balances and transaction history. The outcome was a 50% decrease in call volume, improved service quality, and higher customer satisfaction  

4. Harness Data Analytics and Orchestration

Data analytics can provide deep insights into customer behaviour, enabling personalised experiences. Financial institutions often struggle to make sense of vast amounts of data, as 90% of CX teams in financial services are expected to deliver more with less. By implementing a robust data orchestration strategy, a leading financial institution successfully integrated customer insights across its contact centre platforms. This approach empowered agents to deliver tailored services, resulting in a 25% increase in customer satisfaction and a 30% improvement in resolution times.

5. Reduce Siloed Data by Integrating Your CRM 

Integrating CRM systems with other data sources can create a comprehensive view of the customer, while inconsistent customer data can lead to fragmented and ineffective customer interactions. A staggering 39% of banks struggle with inconsistent customer engagements due to poor data integration. By unifying customer data across channels, a major global bank transformed its contact centre operations, reducing response times and improving customer satisfaction scores by over 30%. This streamlined approach enabled agents to access complete customer histories in real time, leading to more personalised interactions and better service outcomes. 

6. Prioritise Security and Compliance

Ensuring data security and compliance is paramount in the financial services industry. Balancing innovation with stringent security and compliance requirements can be challenging. In fact, 60% of CEOs at financially successful organisations prioritise CX, but security concerns hinder innovation. By implementing Five9’s secure cloud contact centre solutions, financial institutions have reduced fraud risks and ensured compliance with PCI DSS, GDPR, DORA, and other key regulations, enhancing both security and customer trust. 

Why Five9 Could Be the Right Solution for You

Five9 offers a comprehensive cloud-based contact centre platform that excels in enhancing customer experience and agent productivity. With its robust Five9 Genius AI capabilities, we can help you automate routine tasks and allow agents to focus on more complex issues. Our omnichannel support ensures seamless customer interactions across various platforms, while our integration with popular CRM systems like Salesforce and Zendesk provides a unified view of customer data. Our focus on security and compliance makes us a trusted choice for financial institutions looking to innovate without compromising on reliability, security, and scalability 

Visit our Financial Services Hub now to find out more about how to transform your FinServ CX with Five9.