Digital Transformation and the CX in the Financial Services Industry
Digital Transformation
Digital Transformation and the CX in the Financial Services Industry
Teleperformance · 03.14.2022

 

A new white paper by Harvard Business Review Analytic Services outlines how financial services firms will need to continue building out and coordinating digital delivery channels to keep pace with consumers’ rising expectations.

The pandemic presented the need for consumers to rely on technology, prompting many financial institutions to accelerate their digital transformation efforts. Hence, a new digital reality has emerged as the world takes the road to recovery after COVID-19. In the financial services industry, digital capabilities have become pivotal to meet and address the changing expectations and needs of consumers.

Digital is here, and it’s here to stay. For financial services firms, the importance of digital adoption has never been evident, and so is the need to ensure optimal customer experience. As consumers acquaint themselves with what digital could do for them, their wants and expectations continue to rise—they expect frictionless digital experiences and state-of-the art digital capabilities from organizations they do business with.


How then, did financial institutions overcome the challenges of keeping their customers happy while exploring the opportunities in today’s digital climate? Harvard Business Review Analytic Services explored key learnings from industry experts and financial services firms that navigated the changing landscape in the industry:


Empowering customers through self-service and more contactless customer engagement
According to Harvard Business Review Analytic Services, today’s consumers expect to self-serve. Mastercard understood the importance of empowering its customers by boosting its self-service capabilities, implementing AI technologies, natural language understanding capabilities, and robotic process automation to automate its processes for a more efficient, contactless customer engagement. 


Enhancing digital delivery channels for a seamless customer experience
Financial institutions need to keep track of where their consumers are going. With online digital transactions becoming the norm, digital delivery channels need to be seamless—the ability for customers to switch from chat to voice to other digital channels with ease is no longer an option, but an expectation. The cloud plays a key role, too—Harvard Business Review Analytic Services stated that as financial services firms scale their operations quickly, there’s the growing need to migrate their information systems to the cloud.


Prioritizing cybersecurity and data integrity throughout digital transformation agendas
Managing the increase in fraud incidents became a major challenge that surrounded the financial services industry, according to Harvard Business Review Analytic Services. Financial services firms must always keep in mind that customers continue to set high expectations when it comes to their finances’ security and safety, especially in the digital spaces. So, it is imperative for firms to ensure that their digital operations remain secure against cyberthreats—while striking the right balance between implementing airtight security protocols and providing great customer experiences.


At the end of the (digital) day, it’s still about the customer experience
Harvard Business Review Analytic Services stated that reliability, resilience, and speed are critical capabilities in a world where business conditions can change overnight. Chime, a financial technology company, addressed its customers’ changing needs by boosting its product features through investing in self-service capabilities and introducing 24/7 customer telephone support. Having digital capabilities can truly aid financial services firms on their quest to meet the changing expectations of consumers, and a big part of achieving it in full is keeping customers engaged and happy.


Teleperformance is a global leader in digitally integrated business services, with a strong experience in the financial services industry. Our high-tech, high-touch approach blends the best digital tools with the human touch to help you navigate the challenges of digital transformation—safely and securely—while taking your customers’ digital experiences to new heights.


Download the latest white paper “Digital Transformation and the CX: Challenges and Opportunities for the Financial Services Industry from Harvard Business Review Analytic Services today!

 

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