3 ways financial services brands can hone their CX

September 26, 2019 | 3 minute read
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Moments that matter—it’s the idea that your customers have large, life-defining moments that shape how they interact with your brand. Whether they’re graduating from college and buying a first home or getting married and thinking about their long-term financial health, financial services brands have the opportunity to offer their customers relevant experiences.

Here are 3 ways that brands are adapting their approach to customer experience to forge better relationships, with a preview of insights from the ebook, “Moments That Matter: A New Customer Experience Roadmap for Financial Services.

Leveraging AI and machine learning

One of the biggest challenges for financial services firms in today’s age of big data is finding the actionable insights amid the information. CX technology incorporates machine learning and predictive analytics to identify the trends or patterns that could suggest a moment that matters. For example, consider a bank customer who’s approaching retirement. Perhaps they reassess their life insurance, get a payoff mortgage on their balance, and set up a meeting with an advisor to settle their finances. Understanding the signals and being prepared with services, products, and advice related to retirement wows customers and helps close deals.

As one analyst writes for Towards Data Science, “Since AI deals with semantic meaning, meta-level knowledge and answers that are either exact or optimal, it can provide more sophisticated control of all needed problem-solving strategies.” Imagine what putting that expertise into play for your business could help you achieve in turning your customer data into a CX asset.

Connecting customer data to actionable marketing

Financial services brands are investing in CX technology that helps them achieve more than a holistic 360-degree view of the customer. It’s what that information reveals that’s truly important. For example, consider a consumer on the verge of buying their first house. Perhaps the bank notes that they open an account called “down payment” and start saving aggressively. Then they’re browsing on your website to look at mortgages.

By proactively gathering that information, the customer’s advisor or local bank branch manager could reach out to offer personal assistance, or the content that’s served up could become very targeted. Identifying these moments that matter, and then responding with actionable marketing, opens a world of possibilities for building better relationships.

Adding a human component to the moments that matter conversations

All the data you’re gathering matters not only in terms of feeding it into your algorithm — in fact, one of the most effective actions you can take is to use the information you find to improve the experience your human team delivers. A study conducted by LendEDU found that “traditional advisors are nearly two times more prevalent amongst millennials than robo-advisors.” In a world where consumers want personal interactions, digital interactions often fall short. Brands that find ways to embed this intelligence into their brand–customer relationships are better positioned to attract and retain customers.

Consumers want to be recognized as individuals who matter to your business. When you create a CX that’s built around the moments that matter, two things happen. The first is that you create a customer experience flow that feels relevant, informed, and like you value the relationships you have with your customers. Second, you increase the chances of gaining conversions and earning deeper business with customers. When the moments that matter to your customers matter to you as well, you gain their trust, their loyalty, and their continuing business.

To learn more about honing customer experience strategies within the financial services industry, read the ebook, “Moments That Matter: A New Customer Experience Roadmap for Financial Services.

This content was originally published on SmarterCX by Oracle. It has been adapted for the Oracle Customer Experience blog.

Liz Alton

Liz Alton is a writer and content strategist specializing in B2B technology, digital marketing, and the customer experience. Her clients include creative agencies, Fortune 500 brands, and venture-backed startups.


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