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TechnoVision 2022: Financial services move to enhanced CX

TechnoVision 2022: Financial services move to enhanced CX

It’s no secret that the financial services industry continues to face accelerated rapid change and transformative trends, including the evolution of ecosystem businesses, heightened customer expectations around digital interaction, low-touch real-time transactions, and digital assets and currencies.

The challenge is: how to get ahead of the evolution with an effective game plan.

TechnoVision 2022: Financial Services – Being Like Water is Capgemini’s annual guide to technology-enabled innovation and transformation.

TechnoVision 2022

Investment is shifting toward enhanced customer experience (CX), not only in front-end customer channels but also in all ecosystems that support a frictionless and personal-emotive relationship as financial services increasingly become embedded in all walks of life of a customer, enmeshed with multiple products and services.

This experience is not limited to customers but also includes interactions with employees and partners.

Financial services organisations are subject to strict compliance regulations and security concerns that make the application rejuvenation journey long and complex.

Automation of internal processes and customer interactions is the increasingly preferred way to answer client expectations quickly and cost efficiently.

Managing the data generated by the ever increasing interactions is more important than ever – especially for retail banks and insurers looking to transform the way they communicate with their customers.

Rewards and loyalty programs have started gaining importance as banks look to improve customer engagement and retention, in an attempt to compete with FinTechs, Big Techs, and centralised digital exchanges.

Each data element has potential that needs to be realised. A platform on which each data element is free to be used in its own way and meaningful insights can be visualised is the need of the hour.

Artificial intelligence (AI) and machine learning (ML) is enabling conversational chatbots and voice assistants, making them capable, emphatic partners.

AI-enabled, emotional insights interactions within organisations include chatbots, digital assistants, facial recognition, and biometric scanners.

Unleash the power of machine learning on all the data points gathered through this emerging “internet of behaviour,” and the ingredients are at hand to create a truly frictionless, low-touch experience – one that seems to sense the intent, and the emotions of the consumer or the employee even before they express it themselves.

Customers expect fast, hyper-relevant service and real-time response to their needs. Delays in service and response may erode long-term confidence.

Financial institutions (FIs) need to acquire and integrate real-time data capture and analysis capabilities with their CX offerings.

Personalised credit offers can be integrated with e-commerce companies taking into consideration credit risk assessment and customer behaviour.

Cash to digital payments, frictionless CX with increased use of biometrics, and lifestyle priority changes (such as a focus on savings and safer investments, or on riskier cryptocurrencies with new players such as Coinbase, Kraken) are a few examples.

Key Trends

  • Financial institutions can no longer rely solely on automated responses and are moving toward offering a mix of human and AI interaction, such as through training their chatbots to assess sentiments and enabling real-time interaction coupled with automated customer journeys.
  • Technologies like predictive analytics, AI, and machine learning enable financial institutions to deliver targeted offers tailored to individual customers. The availability of real-time usage data (e.g., search history) pertaining to each customer helps build a unified customer profile, ensuring that insights are driven out of every interaction, thus opening up new opportunities for FIs to maximise their appeal.
  • Automation is helping realise new use cases for FIs in the form of expedited customer onboarding, self-service options, AI-enabled virtual assistants, etc. that not only smoothen the customer experience directly, but also help cut down the back-end processing time to free up resources and ultimately deliver a better experience to customers.
  • As the diminishing demand for visiting physical branches renders conventional layouts obsolete, FIs are redesigning their branches to adapt to the new roles they play for their customers and cater to new expectations. A future oriented branch may now include humanised consultation  services, automated self-service facilities, community spaces, and more to deliver the desired experience for each customer.

The TechnoVision report covers technology trends and their implications for financial services firms in six containers exploring the whole gamut of innovation from different perspectives, or the “what” – ranging from user experience and collaboration, via data and process automation, all the way to infrastructure and applications.

A seventh container covers the “how” – design principles to leverage these technologies to create a transformational impact.

 

The post TechnoVision 2022: Financial services move to enhanced CX appeared first on Payments Cards & Mobile.

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