Financial services organizations today are focused on building accessible, seamless and secure customer experiences. The rise of digital banks, payment platforms and fintech disruptors has created an innovative and competitive customer landscape — challengers are coming from all sides. Maintaining customer mindshare, reducing the cost to serve, and driving agility through accelerated digital transformation and customer experience (CX) are key to sustained growth. And many banks have made significant progress. Retail banks that excel in developing and applying customer insights while also driving digital transformation grow 3.2 times faster than their industry peers, according to Forrester research.
For insurance companies that are also facing rising competition, CX is an opportunity to provide empathy, listening and understanding to customers with whom they might not interact frequently. Some 70% of consumers worldwide say a company is only as good as its service, and that being listened to and understood is the most important factor in a service interaction. But for insurers, gaining insights to optimize products or processes, increase retention and conversion rates, and find opportunities for efficiency is also top of mind.