Innovative Digital Experiences in Financial Services: Three Research-Based Strategies
Tags: Research, Financial Services, Customer Experience

Innovative Digital Experiences in Financial Services: Three Research-Based Strategies Appnovation Follow Jul 6 · 3 min read

By Allison Humphries, VP Strategy, Appnovation

Customer experience (CX) has quickly become the most important differentiator for brands — a priority that is gaining more significance as customer expectations evolve.

While many leading financial services (FS) providers have adopted customer-centric practices in recent years, the acceleration of digital-first behaviors has shed light on the gaps that still remain within FS customer experiences.

A recent research study conducted by Appnovation examined the evolving expectations of financial services providers in both the US and Canada, specifically in relation to their digital experiences. Below are three insight-driven strategies that will help FS brands secure an experience-led competitive advantage and earn customer satisfaction and loyalty.

1. Bring flexibility and continuity to everyday interactions

Multi-channel engagement has long been an important way to connect with customers. Looking at 2021 and beyond, we’re seeing a greater need to move beyond multi-channel engagement to more seamless omnichannel experiences that provide a continuous thread throughout the channel mix.

According to our study, 68% of respondents cited ‘the ability to pick up where they left off across devices’ as either important or a critical deal breaker when it comes to their FS interactions. Whether through an app, live chat, in-branch, or by phone, FS customers crave an experience that provides them with the flexibility to choose where and in which way they interact with their financial services providers without needing to repeat previously completed information or tasks.

Mapping the right moments and data across the end-to-end customer journey coupled with scalable technology that enables personalization, automation and continuity across new channels are essential to creating a seamless experience.

2. Create a stronger connection with your brand

Our research revealed that ‘connection to brand’ is one of the most important considerations when choosing an FS provider — second only to a ‘sense of security’ and followed closely by ‘competitive pricing’ and ‘customer support’.

To foster a more meaningful connection with your brand, start by empathizing with your customers. Ensure your organization has a clearly defined brand purpose that aligns well with your customers’ values — essentially standing for something that matters as much to your organization as it matters to your customers. Then you can use your purpose as an anchor point to shape their overall experience with your brand. The goal is to ensure that FS customers consistently feel the brand through relatable brand messages and an ownable set of brand behaviours that move beyond simply selling, to both selling and serving in a much more personal manner.

3. Shift to data-enriched experiences

The importance of data has never been greater. Enabling a shared view of your customers; data-driven decisions; personalization; and ongoing experimentation through data are foundational to any customer-focused FS experience.

With only 1 in 4 customers citing their FS experiences as being excellent, there is a lot of room for improvement, but to do so requires the right balance of evidence and insight.

Most organizations have a substantial amount of data, but data is only as valuable as the story it tells — an imperative that many organizations are challenged with today. Through an effective data strategy that takes business goals and the end to end customer journey into consideration, FS providers will benefit from real-time insight about their business and their customers — helping them to identify the most critical gaps in their current experience while setting them up to adapt more easily to ongoing shifts in the Financial Services landscape.

Final thought

With experience being the key differentiator for brands, FS providers who choose to focus on their customers will inevitably see increased customer satisfaction; increased customer retention; more personalized cross-sell and up-sell opportunities; and foster a more meaningful connection with their brand.

For more insight into today’s expectations in the Financial Services industry, check out the full consumer research report.